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Oil Storage Global Market Report 2024 To 2033 | e NOV Inc., Chemie Tech, Shawcor Ltd, CST Industries, PermianLide (Permian Tank), McDermott International Ltd
Oil Storage Market Share
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According to The Business Research Company's, The oil storage market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to emerging markets growth, rise in investment for oil and gas exploration in developing countries, surge in oil and gas exports.
The oil storage market size is expected to see strong growth in the next few years. It will grow to $13.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to government support, rising urbanization, growing petrochemical industry, increasing consumption of crude oil products. Major trends in the forecast period include focusing on using the internet of things (iot), increasing investments, and product innovations.
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Market Drivers and Trends:
The increase in the demand for crude oil supply is expected to propel the growth of the oil storage market. Oil storage is used for storing crude oil, petroleum, and other oil products that are further supplied to end-users. The increase in demand for crude oil supply is due to an increase in consumption of crude oil products like petroleum, oil, and gas. As the oil consumption grows, it will increase the demand of crude oil supply and there will be a significant need for oil storage. For instance, according to the International Energy Agency (IEA), consumption of natural gas in India is expected to reach 25 billion cubic meters with an annual growth of 9% by 2024, and also, according to the Indian Brand Equity Foundation (IBEF), oil demand in India is expected to grow by 50% by 2030 compared to 7% growth for global demand. Therefore, the increase in the energy of crude oil supply is expected to drive the oil storage market.
Companies in the oil storage market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in September 2022, Axiom Equipment Group, a Canada-based Industrial equipment supplier, launched the Mega tank fuel storage tank with 1000L, 2000L, and 3000L capacity options. Built double-walled with bi-directional forklift pockets and lifting brackets, a removable inner tank, an extra-large compartment area, and the ability to dispense fuel to three pieces of equipment simultaneously, the Mega tank will help reduce the risks of downtime while becoming more cost-efficient operationally.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Monaghan Mushrooms Ltd, Monterey Mushrooms Inc, Giorgio Fresh Co, South Mill Champs, Costa Group Holdings Limited, Bonduelle Group, Greenyard NV, Scelta Mushroom BV, Drinkwater Mushrooms Ltd, Fresh Lawn Mushroom Pvt. Ltd, Chenab Impex Pvt. Ltd, Nuvedo Labs Pvt Ltd, Shanghai Finc Bio-Tech Inc, Fujian Junyuan Food Co Ltd, White Prince Mushrooms, Agro Dutch Industries Ltd, Kawayo Green Farm, Weikfiield Foods Pvt Ltd, Okechamp SA, CMP Mushrooms, Hughes Group, Nasza Chata, Carleton Mushroom Farms Ltd, Enviro Mushroom Farm Inc, F & A Veggy-Symphony, Highline Mushrooms, Phillips Mushroom Farms, Mushroom King Farm, Kitchen Pride Mushroom Farms, Corporacion Euro Caribe Andina, Brasil Global Trade, Shitakeiroscia Family Brazilian Farm, Natural Cogumelos, Ting Industria E Comercio Ltda, Mn Propolis Industria Comercio E Exportacao Ltda, Alejandro Varela, DF NATURAL, Huerta Dona Elvira, Amoro farm, Kinoko Mushroom Farms, Champignon Farm, Tekoa Farms, Eco Fresh, Below Farm, Kinoko Farms, Highveld Mushrooms, African Mushroom Growers, Medallion Mushrooms, Country Mushrooms Ltd, Denny Mushroom, Mushroom Guru, Mushroom Network, Soko Mushrooms
Oil Storage Market 2024 Key Insights:
• The oil storage market size is expected to see strong growth in the next few years. It will grow to $13.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Rising Crude Oil Demand Fuels Growth In The Oil Storage Market
• Axiom Equipment Group Introduces Innovative Mega Tank Fuel Storage Solutions For Operational Efficiency
• North America was the largest region in the oil storage market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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