Stratview Research releases a new insightful report on the Oil Storage Market, that makes efforts at providing deep insights into numerous factors that are vital to the growth of this industry.

Market Insights

According to the present report, the Oil Storage market was estimated at USD 12.0 billion in 2021 and is likely to grow at a CAGR of 4.2% during 2022-2027 to reach USD 15.3 billion by 2027. 

What is Oil Storage?

Oil storage is the setup using tanks and terminals to store produced oil above or below the ground.

Market Segments' Analysis

Based on product type, the 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.

Based on reserve type, the market is segmented into strategic reserves and commercial reserves. 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.

In terms of regions, North America is estimated to be the largest market during the forecast period. The government and authority’s positive outlook toward the expansion of oil refining capabilities in the United States drives the market in the region. Europe and Asia-Pacific are also likely to offer substantial growth opportunities during the forecast period. 

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