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Strategic Overview of the Oil Storage Market | 2024
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In the report, Transparency Market Research has estimated that in 2014 the market stood at 1,337 million cubic meter based on volume, which is expected to reach the value of 2,027 million cubic meter by end of 2024, expanding at a steady CAGR of 4.73%.
Geographically, the Middle East and Africa holds a dominating position in the global market owing to the contribution of countries such as Nigeria, Qatar, Oman, UAE, Iran, and Saudi Arabia. This region is expected to grow with a healthy CAGR of 7.91% between 2014 and 2024.
Demand for Steady Supply of Oil and Petroleum boosts the Market
Decline in crude oil prices is one of the prominent factors resulting in growth of the global oil storage market. The unpredictable variations in global rates of natural gases and crude oil are motivating numerous vendors to own high qualities of petroleum fuel and reserve them at storage facilities. This practice allows them to sell their stored fuel when the prices increases, which enables them to relish high profits. Furthermore, as changing prices of crude oil affects various product prices such as lubricants and gasoline, this trend of supplying crude oil at the period of high profit is being followed by numerous vendors. The other trend that has garnered significant traction to the global oil and gas storage is the increase in adoption of alternative fuels for cleaner and greener shipping. Emergence of Liquefied Natural Gas (LNG) powered marine containers due to increasing LNG projects is expected to expand the oil storage market further.
Increasing Inventory Cost Could Hamper Market Growth of Oil Storage
Various national and international regulations have resulted in decline in the exploration and production activities of crude oil. These regulations are further supported by several environmental organizations. Such regulations aimed at reducing activities related to fossil fuels is resulting in decrease in production investment in this market. Furthermore, reduced consumption of fossil fuels and increasing inventory have remained key concerns for the vendors.
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All these trends could hamper the growth of the overall oil storage market. Nevertheless, expansion of the strategic petroleum reserves segment due to increasing investments is expected to help the market grow at a positive rate over the forecast period. Furthermore, factors such as high degree of product containment, increase in import or distribution type facilities, and the growth in need for mega refining hub are most likely to bolster the global oil storage market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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