Market Size of Oil Storage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil Storage Market Analysis
The oil storage market is expected to grow at a CAGR of over 2% during the forecast period of 2020 - 2025. 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.
- The decline in crude oil prices increases the demand for storing oil in huge quantities. Greater discretionary income for consumer spending can further stimulate the economy, thus driving the demand for the oil storage market during the forecast period.
- Technological development, investment in development of storage facilities, and new pipelines for improving the storage capacity of tanks are expected to create immense opportunities for major players operating in the market.
- North America is expected to the largest market during the forecast period, owing to the capacity additions and the number of crude storage facilities, mainly from the United States.
