Oil Storage market forecast 2023-2032 - major trends, lucrative segments and fastest growing regions

As per The Business Research Company's Oil Storage Opportunities And Strategies Market Report 2023, The global oil storage market reached a value of nearly $9,411.5 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.8% since 2017. The market is expected to grow from $9,411.5 million in 2022 to $11,936.9 million in 2027 at a rate of 4.9%. The market is then expected to grow at a CAGR of 5.9% from 2027 and reach $15,878.0 million in 2032.

Government support is expected to drive the growth of the oil storage market going forward. The governments of various countries are supporting the oil and gas sector to produce new solutions to better serve the industry. For example, in May 2023, Organization of the Petroleum Exporting Countries (OPEC) producer Iraq awarded a project to a Chinese firm to build its largest crude oil depot for export with a capacity of around 3.2 million barrels. The China Petroleum Pipeline Engineering Company (CPP) will build the storage facility. The facility will comprise seven large storage tankers, including four tankers for heavy crude and four for light crude. Further, in April 2022, India joined other major consumers to release 5 million barrels of oil from its strategic petroleum reserves in November to contain inflationary pressures the government was "committed to supporting initiatives for releases from strategic petroleum reserves. Therefore, the government support will increase the demand for oil and gas industry thereby increasing the demand for oil storage market.

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Companies in the oil storage market are focusing on using the Internet of Things (IoT) to identify and track tank levels for a variety of liquids, including gas, with battery-powered sensors. The IoT is a system of internet-connected objects that can collect and transfer data over a wireless network without human intervention. Many companies operating in the industry are increasingly partnering with companies offering IoT software. For example, in December 2022, Repos Energy, an India-based energy technology company, launched the IoT-enabled DATUM fuel storage device, which it plans to market to transporters, fleet owners and other bulk consumers of diesel.

Opportunities -The top opportunities in the oil storage market segmented by product design will arise in the fixed roof tank segment, which will gain $1,254.0 million of global annual sales by 2027. The top growth potential in the oil storage market segmented by type will arise in the crude oil segment, which will gain $1,340.6 million of global annual sales by 2027. The top opportunities in the oil storage market segmented by materials will arise in the carbon steel segment, which will gain $2,088.5 million of global annual sales by 2027. The oil storage market size will gain the most in the USA at $779.2 million.

Oil Storage Market Segmentation:
The Oil Storage market is segmented

By Product Design -
The oil storage market is segmented by product design into:
a) Open Top Tank
b) Fixed Roof Tank
c) Floating Roof Tank
d) Other Designs

By Type-
The oil storage market is segmented by type into:
a) Crude Oil
b) Gasoline
c) Aviation Fuel
d) Naphtha
e) Diesel
f) Kerosene
g) Liquefied Petroleum Gas.

By Materials -
The oil storage market is segmented by materials into:
a) Steel
b) Carbon Steel
c) Fiberglass Reinforced Plastic
d) Other Materials

Major players in the Oil Storage market include NOV Inc., Chemie Tech, Shawcor Ltd, CST Industries, PermianLide (Permian Tank)

The regions covered in the global Oil Storage market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Oil Storage Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Oil Storage Market Report Table Of Content

1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
…………………………………………….
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Oil Storage Market, Conclusions And Recommendations
22. Appendix

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