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The oil storage market has experienced robust growth, expanding from <$9.98 billion in 2023 to <$10.5 billion in 2024, with a compound annual growth rate (CAGR) of 5.2%. This growth is linked to expansion in emerging markets, increased investments in oil and gas exploration in developing countries, and a rise in oil and gas exports. The market is expected to continue expanding, projecting a size of <$13.15 billion in 2028, with a CAGR of 5.8%. Factors contributing to this growth include government support, increasing urbanization, a thriving petrochemical industry, and rising consumption of crude oil products. Key trends in the forecast period involve leveraging the Internet of Things (IoT), increased investments, and ongoing product innovations.

The oil storage market is set to grow due to increased demand for crude oil supply. Oil storage is vital for holding crude oil, petroleum, and other oil products for subsequent distribution. The rising demand for crude oil is driven by higher consumption of crude oil products such as petroleum, oil, and gas. The International Energy Agency (IEA) projects India’s natural gas consumption to reach 25 billion cubic meters with a 9% annual growth by 2024. Additionally, the Indian Brand Equity Foundation (IBEF) anticipates a 50% growth in oil demand in India by 2030 compared to a 7% global demand growth. This rising energy demand is expected to drive the oil storage market, with market sizes in 2023, 2024, and 2028 providing crucial insights into industry trends.

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What Are The Key Trends That Influence Oil Storage Market Share Analysis?

In the oil storage market, companies are focusing on product innovations to strengthen their market position. For example, in September 2022, Axiom Equipment Group, a Canada-based industrial equipment supplier, introduced the Mega tank fuel storage solution with capacities of 1000L, 2000L, and 3000L. The Mega tank features double-walled construction, bi-directional forklift pockets, lifting brackets, a removable inner tank, an extra-large compartment, and the ability to dispense fuel to three pieces of equipment simultaneously, which reduces downtime and enhances cost-efficiency.

Which Market Players Are Driving Growth In The Oil Storage Market?

Major companies operating in the market are TechnipFMC PLC, Petrofac Limited, John Wood Group Plc, Aker Solutions ASA, Allseas Group SA,Equinor ASA, Schlumberger Ltd., Acteon Group Ltd, DNV GL, AF Gruppen ASA, Reliance Industries Limited, Cairn Oil and Gas, Essar Offshore Subsea Limited, Afcons Infrastructure Limited, Seamec Ltd, China Offshore Oil Engineering Corporation, Shanghai Salvage Company, China Oilfield Services Limited, Shanghai Zhenhua Heavy Industries Company, Boskalis Subsea Services, Augean North Sea Services, Veolia Environmental Services, ASCO Group, Gazprom, Rosneft, LUKOIL, NOVATEK, Sovcomflot, ExxonMobil Corporation, Baker Hughes Company, Halliburton Offshore Services Inc., Weatherford International PLC, Tetra Technologies Inc., Allnorth Consultants, Petrogas Group, R.J. MacIsaac Construction Ltd, Petrobras, OceanPact, Subsea 7, TechnipFMC, Ocyan, Oceaneering, Norwell Engineering, Aries Marine, Gulfstream Services, Decom Engineering, Environment Quality Services, The Sparrows Group, Southey Contracting, Sasol, Alduco Engineering Services

How Is The Global Oil Storage Market Segmented?

The oil storage market covered in this report is segmented –

1) By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs
2) By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)
3) By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials

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The Oil Storage Global Market Report 2024 provides an overview of the oil storagemarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The oil storage market forecast analyzes oil storage market size, oil storage market share, leading competitor and their market positions.

The Table Of Content For The Oil Storage Market Include

1. Oil Storage Market Executive Summary
2. Oil Storage Market Segments
3. Oil Storage Market Size And Template Market Growth Rate
4.  Key Oil Storage Market Trends
5. Major Oil Storage Market Drivers
……
25. Key Mergers And Acquisitions In The Oil Storage Market
26. Top Oil Storage Companies
27. Oil Storage Market Opportunities And Strategies
28. Oil Storage Market, Conclusions And Recommendations
29. Appendix

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