Global Oil Storage Tank Service Market Overview:
As per MRFR analysis, the Oil Storage Tank Service Market Size was estimated at 58.55 (USD Billion) in 2022.The Oil Storage Tank Service Market Industry is expected to grow from 60.6(USD Billion) in 2023 to 82.6902 (USD Billion) by 2032. The Oil Storage Tank Service Market CAGR (growth rate) is expected to be around 3.51% during the forecast period (2024 - 2032).
Key Oil Storage Tank Service Market Trends Highlighted
The Global Oil Storage Tank Service Market is expected to grow in the coming years, driven by factors such as increasing demand for oil storage capacity, growing crude oil production, and a rise in the number of oil and gas exploration and production projects. Key market trends include the adoption of advanced technologies like IoT and remote monitoring systems, increasing demand for efficient and cost-effective storage solutions, and a shift towards sustainable and environmentally friendly storage practices. Opportunities for growth lie in the expansion of oil and gas infrastructure, particularly in emerging markets, the development of new storage technologies, and the adoption of digitalization and automation in tank management systems.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Oil Storage Tank Service Market Drivers
Growing Demand for Oil and Gas Storage
The global oil and gas industry is projected to experience significant growth in the coming years, driven by increasing energy demand from both developed and developing economies. This growth in demand is expected to lead to a corresponding increase in the need for oil and gas storage facilities, including oil storage tanks. Oil storage tanks are essential for storing crude oil and refined petroleum products, such as gasoline, diesel, and jet fuel.As the global oil and gas industry expands, the demand for oil storage tanks is also expected to increase, creating a favorable market outlook for the Global Oil Storage Tank Service Market Industry.
Increasing Adoption of Renewable Energy Sources
The growing adoption of renewable energy sources, such as solar and wind power, is also expected to drive the growth of the Global Oil Storage Tank Service Market Industry. As the world transitions to a cleaner energy mix, the demand for oil is expected to decline in the long term. However, oil storage tanks will still be required to store strategic reserves of oil and to manage seasonal fluctuations in demand. Additionally, oil storage tanks can be repurposed to store renewable fuels, such as biofuels and hydrogen, which are gaining traction as alternatives to fossil fuels.
Technological Advancements in Oil Storage Tank Services
The Global Oil Storage Tank Service Market Industry is also benefiting from technological advancements that are improving the efficiency and safety of oil storage operations. These advancements include the adoption of remote monitoring systems, predictive maintenance technologies, and automated inventory management systems. These technologies help oil storage operators to reduce costs, improve safety, and optimize their operations. Additionally, the development of new materials and coatings for oil storage tanks is enhancing their durability and corrosion resistance, which is further driving the growth of the market.
Oil Storage Tank Service Market Segment Insights:
Oil Storage Tank Service Market Service Type Insights
The Global Oil Storage Tank Service Market is segmented by Service Type into Inspection and Repair, Cleaning and Maintenance, Emergency Response, and Monitoring and Control. The Inspection and Repair segment is expected to hold the largest market share in 2023 at USD 33.538 billion and is projected to continue to grow at a significant rate throughout the forecast period. This growth is primarily attributed to the increasing demand for regular inspections and repairs of oil storage tanks to ensure their safety and compliance with regulatory standards. The Cleaning and Maintenance segment is expected to experience steady growth over the forecast period, driven by the need for regular cleaning and maintenance of oil storage tanks to prevent corrosion, contamination, and other issues, reaching USD 12.894 billion in 2023. The Emergency Response segment is expected to witness moderate growth, as it is primarily driven by emergency situations such as oil spills or leaks, with a value of USD 3.542 billion in 2023. The Monitoring and Control segment is expected to experience significant growth due to the increasing adoption of advanced monitoring and control systems to improve the efficiency and safety of oil storage operations, projected to be USD 10.627 billion in 2023. Overall, the Global Oil Storage Tank Service Market is expected to grow steadily over the forecast period, driven by increasing demand for regular inspections, cleaning, maintenance, and monitoring of oil storage tanks to ensure their safety, compliance, and efficiency.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Oil Storage Tank Service Market Storage Tank Type Insights
The Global Oil Storage Tank Service Market is segmented by Storage Tank Type into Above-Ground Storage Tanks (ASTs), Underground Storage Tanks (USTs), Floating Roof Tanks, and Fixed Roof Tanks. Among these, Above-Ground Storage Tanks (ASTs) held the largest market share in 2023, accounting for over 60% of the Global Oil Storage Tank Service Market revenue. ASTs are widely used in the oil and gas industry for storing crude oil and refined products at refineries, terminals, and distribution centers. Their elevated design provides easy access for maintenance and inspection, making them a preferred choice for above-ground storage applications.Underground Storage Tanks (USTs), on the other hand, are buried underground and are primarily used for storing petroleum products at gas stations, airports, and commercial facilities. USTs offer protection from weather elements and potential accidents, ensuring the safe and secure storage of fuels. Floating Roof Tanks are designed with a floating roof that rises and falls with the liquid level, minimizing vapor loss and emissions. They are commonly used in large-scale storage facilities and terminals for storing crude oil and refined products.Fixed Roof Tanks, as the name suggests, have a fixed roof and are typically used for storing non-volatile products such as heating oil and diesel. They are less expensive to construct compared to Floating Roof Tanks but have higher vapor loss potential.
Oil Storage Tank Service Market Application Insights
The Global Oil Storage Tank Service Market segmentation by Application includes Oil and Gas, Chemicals and Petrochemicals, Water and Wastewater, and Industrial and Manufacturing. Among these, the Oil and Gas segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. This dominance can be attributed to the massive utilization of oil storage tanks for storing crude oil, refined products, and natural gas, along with the expansion of the oil and gas industry worldwide. The Chemicals and Petrochemicals segment is anticipated to exhibit significant growth over the forecast period.The rising production and consumption of chemicals and petrochemicals, coupled with the stringent regulations governing the storage of hazardous and flammable substances, are driving the demand for specialized oil storage tanks in this industry. The Water and Wastewater segment is expected to witness steady growth due to the increasing need for efficient water storage and treatment solutions. Oil storage tanks play a crucial role in storing water and wastewater, ensuring a reliable and safe supply of water for various applications. The Industrial and Manufacturing segment holds a notable market share and is expected to maintain its position over the forecast period.Oil storage tanks are widely used in various industrial and manufacturing processes, such as storing raw materials, finished goods, and waste products. The growing manufacturing sector, particularly in emerging economies, is driving the demand for oil storage tanks in this segment.
Oil Storage Tank Service Market Contract Type Insights
The Global Oil Storage Tank Service Market is segmented based on contract type into one-time services, scheduled contracts, and emergency contracts. Among these, scheduled contracts are expected to hold the largest market share in the coming years due to the increasing demand for regular maintenance and inspection services to ensure the optimal performance and safety of oil storage tanks. The demand for emergency contracts is also expected to grow significantly as companies prioritize risk mitigation and preparedness measures. One-time services, which involve specific or ad-hoc maintenance or repair tasks, are also expected to contribute to the overall market growth.The Global Oil Storage Tank Service Market revenue from scheduled contracts is projected to reach USD 25.46 billion by 2024, showcasing the significant growth potential of this segment.
Oil Storage Tank Service Market Tank Capacity Insights
The Tank Capacity segment plays a crucial role in shaping the Global Oil Storage Tank Service Market. In 2023, the Large (Over 100,000 Gallons) tank capacity segment dominated the market, accounting for a revenue share of around 45%. This dominance is attributed to the increasing demand for large-scale storage facilities by oil and gas industries, particularly in regions with high production and consumption rates. The Medium (10,000 - 100,000 Gallons) tank capacity segment is projected to experience steady growth over the forecast period, owing to its versatility and suitability for various applications, including commercial and industrial purposes.The Small (Less than 10,000 Gallons) tank capacity segment is anticipated to witness a moderate growth rate, primarily driven by residential and small-scale commercial applications. Overall, the Tank Capacity segment offers significant growth opportunities for market participants. The increasing demand for efficient and reliable oil storage solutions, coupled with the expanding oil and gas industry, is expected to drive the growth of this segment in the coming years.
Oil Storage Tank Service Market Regional Insights
The regional market for Oil Storage Tank Service Market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023, owing to the presence of a large number of oil and gas companies in the region. Europe is expected to be the second-largest market, followed by APAC. The APAC region is expected to witness the highest growth rate over the forecast period, owing to the increasing demand for oil and gas in the region. The market is driven by the increasing demand for oil and gas, as well as the need for efficient and reliable storage solutions.The growth of the market is also supported by the increasing adoption of automation and digitalization in the oil and gas industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Oil Storage Tank Service Market Key Players And Competitive Insights:
Major players in the Oil Storage Tank Service Market industry are focusing on expanding their global presence through strategic partnerships, acquisitions, and joint ventures. Leading Oil Storage Tank Service Market players are investing heavily in research and development (R&D) to develop innovative products and solutions that meet the evolving needs of customers. The Oil Storage Tank Service Market development is driven by factors such as increasing demand for storage capacity, growing emphasis on safety and environmental regulations, and technological advancements. The Oil Storage Tank Service Market Competitive Landscape is characterized by both global and regional players offering a wide range of services, including tank inspection, cleaning, repair, and maintenance.A leading player in the Oil Storage Tank Service Market is NOV. The company offers a comprehensive range of services for oil storage tanks, including inspection, cleaning, repair, and maintenance. NOV has a strong global presence and serves customers in various industries, including oil and gas, petrochemical, and power generation. The company's commitment to safety and environmental compliance sets it apart in the market.A notable competitor in the Oil Storage Tank Service Market is the Tanknology. The company specializes in tank inspection and testing services and utilizes advanced technologies to provide accurate and reliable results. Tanknology has a team of experienced professionals and follows strict quality control measures to ensure the highest standards of service. The company's focus on innovation and customer satisfaction has helped it gain a strong reputation in the market.
Key Companies in the Oil Storage Tank Service Market Include:
- Worley
- Jacobs Engineering
- Wood
- KBR
- Bechtel
- Saipem
- McDermott International
- Fluor
- Amec Foster Wheeler
- SNCLavalin
- Aker Solutions
- Jacobs Engineering Group
- TechnipFMC
Oil Storage Tank Service Market Industry Developments
The global oil storage tank service market is anticipated to witness steady growth in the coming years, driven by increasing demand for efficient and reliable oil storage solutions. Strategic investments in oil and gas infrastructure, particularly in emerging economies, are contributing to the market's expansion. The rising adoption of advanced technologies, such as remote monitoring and predictive maintenance, is further enhancing the efficiency and safety of oil storage operations.Recent developments in the market include the growing trend towards digitalization and automation, which is enabling real-time monitoring and optimization of storage facilities. Additionally, the increasing focus on sustainability is leading to the development of eco-friendly storage solutions, such as double-walled tanks and floating roof tanks, which minimize emissions and environmental impact.
Oil Storage Tank Service Market Segmentation Insights
- Oil Storage Tank Service Market Service Type Outlook
- Inspection and Repair
- Cleaning and Maintenance
- Emergency Response
- Monitoring and Control
- Oil Storage Tank Service Market Storage Tank Type Outlook
- Above-Ground Storage Tanks (ASTs)
- Underground Storage Tanks (USTs)
- Floating Roof Tanks
- Fixed Roof Tanks
- Oil Storage Tank Service Market Application Outlook
- Oil and Gas
- Chemicals and Petrochemicals
- Water and Wastewater
- Industrial and Manufacturing
- Oil Storage Tank Service Market Contract Type Outlook
- One-Time Services
- Scheduled Contracts
- Emergency Contracts
- Oil Storage Tank Service Market Tank Capacity Outlook
- Small (Less than 10,000 Gallons)
- Medium (10,000 - 100,000 Gallons)
- Large (Over 100,000 Gallons)
- Oil Storage Tank Service Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
58.55(USD Billion) |
| Market Size 2023 |
60.6(USD Billion) |
| Market Size 2032 |
82.6902(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.51% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Worley, Jacobs Engineering, Wood, KBR, Bechtel, Saipem, McDermott International, Fluor, Amec Foster Wheeler, SNCLavalin, Aker Solutions, Jacobs Engineering Group, TechnipFMC |
| Segments Covered |
Service Type, Storage Tank Type, Application, Contract Type, Tank Capacity, Regional |
| Key Market Opportunities |
Growing demand for oil storage Technological advancements Rising investments in oil and gas infrastructure Increasing focus on safety and compliance Expanding e-commerce and online shopping |
| Key Market Dynamics |
Rising oil demand infrastructure development, stringent environmental regulations technological advancements increased storage capacity. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Oil Storage Tank Service Market is valued at approximately USD 60.6 billion in 2023.
The Global Oil Storage Tank Service Market is projected to grow at a CAGR of 3.51% from 2024 to 2032.
North America is expected to hold the largest market share in the Global Oil Storage Tank Service Market throughout the forecast period.
Key applications of Oil Storage Tank Services include inspection, maintenance, repair, and cleaning of oil storage tanks.
Key competitors in the Global Oil Storage Tank Service Market include Baker Hughes, Schlumberger, Halliburton, and Weatherford International.
The Global Oil Storage Tank Service Market is expected to reach a valuation of approximately USD 82.69 billion by 2032.
The Asia Pacific region is projected to witness the fastest growth in the Global Oil Storage Tank Service Market during the forecast period.
Major factors driving the growth of the Global Oil Storage Tank Service Market include increasing demand for oil and gas, rising environmental concerns, and stringent government regulations.
Challenges faced by the Global Oil Storage Tank Service Market include volatile oil prices, technological advancements, and competition from alternative energy sources.
Opportunities for growth in the Global Oil Storage Tank Service Market include the expansion of the oil and gas industry, increasing demand for storage capacity, and technological innovations.
