With the emergence and long-term Impact of COVID-19, Global Oil Storage Terminal Market to reach USD 43.95 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Oil Storage Terminal Market points towards a potential rise to USD 43.95 Billion by 2030. Oil storage terminals, also known as oil terminals or tank farms, are facilities used for the storage of various types of oil and petroleum products. They serve as vital infrastructure in the oil industry and play a crucial role in ensuring a stable supply of oil to meet demand.
Oil storage terminals are typically located near major ports, refineries, or production areas to facilitate the efficient transportation, storage, and distribution of oil. These terminals consist of several storage tanks, which can vary in size and capacity, depending on the specific terminal and its intended purpose. The Oil Storage Terminal market is expanding because of factors such as increasing demand energy, rising demand for various crude oil derived products.
Geographically, the global Oil Storage Terminal market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the rising oil demand, rising government support for the development of oil reserves. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising oil demand, and rising demand for petroleum-based products, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.
The global Oil Storage Terminal market is highly competitive owing to the presence of several key players such as Royal Vopak Belco Manufacturing Containment Solutions, Inc. Vitol Oiltanking GmbH CST Industries, Inc. LF Manufacturing Red Ewald Superior Tank Co., Inc. Puma Energy, and others.
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Global Oil Storage Terminal Market Size study & Forecast, by Type (Strategic Reserve, Commercial Reserve) by Tank Type (Fixed Roof, Floating Roof, Bullet Tank, Spherical Tank), by Product (Diesel, Petrol, Aviation Fuel, Crude Oil, Kerosene, Others) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Oil Storage Terminal Market is anticipated to grow with a healthy growth rate of more than 4.4% over the forecast period 2023-2030.
- In the Type segment, Strategic Reserve emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the rising oil demand, rising government support for the development of oil reserves.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
- Strategic Reserve
- Commercial Reserve
By Tank Type:
- Fixed Roof
- Floating Roof
- Bullet Tank
- Spherical Tank
- Aviation Fuel
- Crude Oil
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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