ALBANY, New York, July 6, 2020 /PRNewswire/ -- The booming construction industry and industrial segments in developing and under-developed economies may result in increased consumption of diesel in the near future. Furthermore, the blossoming automobile sector will escalate the demand for gasoline and diesel. In addition, the aviation sector may bolster the demand for aviation turbine fuel. All these factors may help in accelerating the growth of the oil storage market.
According to the report published by Transparency Market Research (TMR), the global oil storage market is anticipated to display a healthy CAGR of 4.78% in terms of volume for the period from 2019 to 2027. The oil storage market was valued at 1581 million cubic meters in terms of volume in the year 2018. With the given expansion rate, TMR analysts predict that the global oil storage market may achieve a volume of 2407 million cubic meters by 2027.
Based on reserve type, the commercial petroleum reserves are anticipated to grow at a rapid pace across the forecast period
The Middle East and Africa may serve as a key growth contributor for the oil storage market across the forecast period; Iran, UAE, Qatar, Saudi Arabia, Oman, and Nigeria are vital countries for growth contribution
North America emerged as the second-largest growth contributor in 2018 and will continue to display the same growth rate from 2019 to 2027
Asia Pacific is also a vital growth contributor for the oil storage market and may expand at a CAGR of 8.25% from 2019 to 2027; China, Japan Singapore, and South Korea are leading countries in Asia Pacific in terms of volume storage
Explore 112 pages of in-depth research, incisive insights, and detailed country-level projections. Analyze and discover the latest developments in the Oil Storage Market (Storage Type: Open Top Tanks, Fixed Roof Tanks, Floating Roof Tanks, and Others; Product Type: Crude Oil, Gasoline, Aviation Fuel, and Middle Distillates; Reserve Type: Strategic Petroleum Reserve and Commercial Petroleum Reserve) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/pressrelease/oil-storage-market.htm
Oil Storage Market: Growth-Inducing Factors
The oil storage market may cover considerable growth under its wings because of the frequent changes in prices of crude oil.
When the prices of crude oil fall, storing oil is an essential factor for future use
Maximum storage of oil when the crude prices are low results in high savings; therefore, this factor may bring tremendous growth opportunities for the oil storage market
For instance, India saved ₹5,000 crores in foreign exchange taking advantage of the low priced crude oil during the COVID-19 lockdown; thus, oil storage plays an important role during such situations
The players in the oil storage market are in constant pursuit of obtaining the top position in terms of choice for oil storage. These players are consistently involved in activities like mergers, acquisitions, joint ventures, collaborations, and partnerships to strengthen their position in the oil storage market. This aspect also helps these companies to expand their existing infrastructure for crude oil storage, eventually leading to the growth of the oil storage market.
Key participants in the oil storage market are Kinder Morgan Inc., NuStar Energy L.P, Horizon Terminals Ltd., CIM-CCMP Group, Ghanzafar Group, Magellan Midstream Partners L.P., Sunoco Logistics Partners L.P., CLH Group, International-Matex Tank Terminals, Inc., Vitol Tank Terminals International B.V., Royal Vopak N.V., and Buckeye Partners L.P.
The global oil storage market is segmented on the basis of the following parameters:
By Storage Type
Open Top Tanks
Fixed Roof Tanks
Floating Roof Tanks
Other Storage Facilities
By Product Type
By Reserve Type
Strategic Petroleum Reserve
Commercial Petroleum Reserve
Middle East and Africa
South & Central America
Explore Transparency Market Research's award-winning coverage of the global Energy & Natural Resources Industry,
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Pumped Storage for Gas Turbines Market - Based on types of sizes, the pumped storage for gas turbines market can be divided into large storage pumps, small storage pumps, and micro storage pumps. Large storage pumps have the capacity of more than 30 megawatts (MW). Small storage pumps have the capacity of less than 10 megawatts (MW). Micro storage pumps have the capacity of less than 100 kilowatts (KW). Pumped storage for gas turbines is also used in hydro power generation.
Floating Storage and Regasification Unit Market - The floating storage and regasification unit market is segmented based on heating types, application, and region. Floating storage and regasification unit market is segmented based on heating into types such as open looped, closed-roofed, IFV, and floating. IFV is intermediate fluid vaporization type of floating storage and regasification unit.
Dry Interim Storage Market for Spent Nuclear Fuel (SNF) - Rise in demand for uninterrupted and low-cost electricity across the globe is resulting in the construction of nuclear power plants. This provides immense potential for the dry interim storage market. Increase in demand for power infrastructure in residential, commercial, and industrial segments and rise in environmental concerns are driving the market around the globe.
Hydrogen Storage Market - Based on application, the hydrogen storage market can be classified into stationary power, portable power, and transportation. The stationary power segment comprises power generation, thermal systems, and energy systems.
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