Analysis of oil demand in energy storage industry

What is the size of the global oil storage market?

The global oil storage market had an estimated size of 1,649.5 MCM in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 4.98% from 2022 to 2030.

What is the growth rate of oil storage market?

Oil storage market from the floating roof product segment is slated to exhibit around 4% growth rate through 2030. The growing requirement for robust storage solutions for medium and low flash point petroleum is a prominent factor driving product demand.

Will oil storage market expand in 2021?

Oil Storage Market size exceeded 790 million cubic meters capacity in 2021 and is projected to expand at over 3.5% CAGR from 2022 to 2030. Rising execution of capital projects to boost crude oil processing capacity will expedite industry expansion.

Which region will hold the most oil storage market share by 2030?

Asia Pacific is anticipated to hold more than 43% of the global oil storage market share by 2030. The growing emphasis on crude oil stockpiling for commercial and emergency applications, to meet the burgeoning petroleum demand, will foster regional industry share.

How is the oil storage market structured?

The oil storage market is structured with the presence of experienced and multinational players. It is consolidated with industry participants investing in research and development activities to manufacture technologically advanced storage tanks. Oil storage tank owners are required to operate in strict compliance with the regulations.

What drives the Asia Pacific oil storage market?

The oil storage market in the Asia Pacific region is driven by the growing oil and gas demand from major economies, including China and India, and rising investments in offshore and onshore operations. The market is consolidated with the presence of experienced and multinational players.