The global Oil Storage Market size is projected to account for 2550.8 Million Cubic Meters (MCM) by 2027. The market is anticipated to register 5.3% CAGR from 2020 to 2027, according to a new report by Million Insights. The rise in the application for oil and gas has led to an increased demand for storage facilities. The increasing presence of petroleum reservoir has resulted in stockpiling, which in turn, has attributed to the growth of the market.
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Market Synopsis of Oil Storage Market:
COVID-19 has further attributed to the demand for oil storage as the pandemic has resulted in high supply and low demand for crude oil. For example, as stated by the U.S. Energy Information Administration, the United States has 64% utilization of its storage capacity as of June 2020. The oil storage facilities have witnessed considerable growth across the world in 2020 compared to the last few years.
However, stringent regulations pertaining to the storage of oil is estimated to hamper market growth. Various regulations across the world restrict the high storage of oil and ensure free-trade. Control of Pollution Regulations, 2001, in England is one such legislation where European countries are required to adhere to its norms.
Middle East & Africa accounted for the highest share in the oil storagemarket owing to the presence of a large number of oil-reservoir and increasing production. Asia Pacific held the second-largest share in the market in 2019, owing to increasing demand from countries such as India and China. However, with the rise penetration of electrical vehicles, the demand for oil storage is estimated to register a significant decline over the forecast duration.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Oil Storage: Market Variables, Trends & Scope
Chapter 4 Oil Storage: Product Estimates & Trend Analysis
Chapter 5 Oil Storage: Application Estimates & Trend Analysis
Chapter 6 Oil Storage: End-use Estimates & Trend Analysis
Chapter 7 Oil Storage: Industrial End-use Estimates & Trend Analysis
Chapter 8 Oil Storage: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Oil Storage: Manufacturers Company Profiles
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