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SAN FRANCISCO , June 21, 2022 /PRNewswire/ -- The global oil storage market volume is expected to reach 2,292 MCM by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.98% from 2022 to 2030. A rise in oil & gas production along with the growing demand for crude oil in several end-use markets is likely to drive the market growth over the forecast period. A fixed roof oil storage tank is the most commonly used tank in North America for storage purposes of petroleum products and crude oil. These tanks are easy to construct and an economical option in comparison to the other tank designs. The floating roof tank is likely to witness the fastest growth rate over the forecast period due to fabrication developments and can be used in combination with the fixed roof oil storage tanks. Strategic Petroleum Reserve (SPR) is an emergency storage reserve.
Key Industry Insights & Findings from the report:
Get more Industry Insights from full market research report, "Oil Storage Market Size, Share & Trends Analysis Report By Application (Aviation Fuel, Middle Distillates, Crude Oil, Gasoline), By Product (Open Top, Fixed Roof, Floating Roof), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Oil Storage Market Growth & Trends
To ensure energy security coupled with the increasing population and demand for petroleum products, several countries are actively involved in developing strategic petroleum reserves. Oil production has witnessed significant growth along with the rising downstream potential. This has urged the government and the oil companies to upgrade their inventories and infrastructure to store large quantities of crude oil and other petroleum products, which are anticipated to increase the SPR facilities. North America is a major oil-producing and consuming region in the world, with the U.S. accounting for a significant share. Oil storage in Canada and the U.S. has evolved rapidly to accommodate the increased output of crude oil and related products.
Grand View Research has segmented the global oil storage market based on application, product, and region:
Oil Storage Market - Application Outlook (Volume, MCM, 2019 - 2030)
Oil Storage Market - Product Outlook (Volume, MCM, 2019 - 2030)
Oil Storage Market - Regional Outlook (Volume, MCM, 2019 - 2030)
List of Key Players of Oil Storage Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Conventional Energy Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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