Oil Storage Market Size, Emerging Trends, Forecasts, and Analysis 2021-2026
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Oil storage market.
It was estimated prior to this unanticipated outbreak Oil storage market will reach CAGR of 3.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Oil Storage Market Insights
Oil storage market is likely to witness a steady CAGR of 3.1% during the forecast period. Rising global energy demand and increasing adoption of new technologies are contributing to the surge in demand for oil storage systems, which in turn, is driving the market.
Market Share Analysis
Oil Storage Market Share: By Product Type
Based on product type, the oil storage market is segmented as fixed roof, floating roof, spherical, and Others. The floating roof segment is estimated to grow with the highest CAGR during the forecast period owing to increasing demand for low & medium flash point hydrocarbon related products.
Oil Storage Market Share: By Reserve Type
Based on the reserve type, the oil storage market is segmented as strategic reserve and commercial reserve. The commercial reserve segment is estimated to grow with the highest CAGR during the forecast period, driven by incessant soaring petroleum product demand on account of increasing urbanization.
Oil Storage Market Share: By Region
In terms of regions, North America is estimated to be the largest market for oil storage during the forecast period. Government and authority’s positive outlook towards expansion of oil refining capabilities in the United States drives the oil storage market in the region. Europe and Asia-Pacific are also likely to offer substantial growth opportunities during the forecast period.