Oil storage refers to tanks or terminals (a group of tanks) used to store produced oil above or below ground. Also, oil storage is a part of the midstream sector of the oil industry. Increasing demand for high storage capacities, rising oil production, and decreasing crude oil prices are the major factors that are expected to drive the market during the forecast period. Furthermore, increasing government initiatives towards the emission of greenhouse gases and for the storage of oil to protect the national economy during energy crises are some of the factors expected to drive the growth of the market. However, high investment and maintenance cost is a key factor restraining the growth of global oil storage market.
MARKET DYNAMICS
The market is driven by the low crude oil prices, growth in need for mega refining hub, import or distribution type facilities, and high degree of product containment. Initiatives, such as strategic petroleum reserve for stockpiling large volumes of oil have enabled the government of the developed and the developing countries to protect the supply from price hike and stock out incident. However, decline on production and exploration activities, and rising inventory cost are expected to impede the market growth.
MARKET SCOPE
The ?Global Oil Storage Tank Service Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the oil storage tank service market with detailed market segmentation by fuel type, tank design and material. The global oil storage tank service market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading oil storage tank service market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
1. By Fuel Type: The market is segmented into aviation fuel, gasoline, crude oil, middle distillates.
2. By Tank Design: The market is segmented into open top, fixed roof, and floating roof.
3. By Material: The market is segmented into steel, carbon steel, and fiberglass reinforced plastic.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2018 to 2028 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The oil storage tank service market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the oil storage tank service market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the oil storage tank service market in these regions.
IMPACT OF COVID 19
Countries that are net exporters of oil are experiencing an unprecedented double blow; a global economic contraction driven by the COVID-19 pandemic and an oil market collapse with the benchmark price for United States crude oil, the West Texas Intermediate, briefly going negative for the first time in history (in April 2020). The present crisis is happening in the wider context of a structural decline in the market for fossil fuels, driven by a commitment towards decarbonisation by a number of countries as well as the wider technological changes that are gradually making renewable energies the preferred energy option
MARKET PLAYERS
The report covers vital developments in the oil storage tank service market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the oil storage tank service market are anticipated to have lucrative growth opportunities in the future with the rising demand for oil storage tank service in the global market. Below mentioned is the list of a few companies engaged in the oil storage tank service market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the oil storage tank service market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- China Oil HBP Group
- John Wood Group PLC
- MISTRAS Group, Inc
- NCH Corporation
- Oil Field Warehouse & Services Limited
- Petroleum Sarawak Berhad
- SP Nanibame
- SUEZ Group
- System Kikou Co., Ltd
- Veolia Environnement S.A.