Selbyville, Delaware, Nov. 05, 2019 (GLOBE NEWSWIRE) --
The Asia Pacific Oil Storage Tank Service Market is anticipated to exceed USD 210 million by 2025, as reported in the latest study by Global Market Insights, Inc. Adoption of stringent regulatory mandates to avoid collateral damage will positively influence the demand for the services pertaining to maintenance and cleaning of oil storage tanks.
Increasing investments to provide substantial protection from extreme conditions in order to avoid various technical losses will surge the Asia Pacific oil storage tank service market. Technically advanced facilities owing to their high corrosion resistivity and efficiency are significantly gaining acceptance across the midstream and downstream sector. Soaring demand for high value crude oil has compelled the authorities to regularly inspect the storage depots thereby, enhancing the tank cleaning service adoption.
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Introduction of stringent mandates to avoid potential hazards will propel the Asia Pacific oil storage tank services market growth. In addition, growing concerns towards energy security and environment protection will further expand the industry outlook over the forecast period. For instance, Government of India has established oil industry safety directorate (OISD) which is responsible for formulating self-regulatory measures towards enhancing the terminal safety.
Some major findings of the Asia Pacific oil storage tank service market report include:
- The demand for oil storage service is surging across midstream and downstream sector due to rise in investment toward the expansion of refining capacity.
- Surging crude oil production coupled with recovering oil prices has significantly favored the upgradation and expansion of various tank farms, depots and terminals.
- Shifting focus toward the advanced automated systems is anticipated to drive the industry growth.
- Major players operating in the Asia Pacific oil storage tank services market include John Wood Group, MISTRAS Group, and Zaopin Technologies, etc.
- Companies have introduced digitally integrated solutions for monitoring & diagnosis of the tanks so as to gain a competitive edge in the industry.
- The government authorities have introduced various amendments pertaining to inspection, cleaning and maintenance of existing storage facilities.
Singapore oil storage tank service industry is projected to witness growth over 6% by 2025. The increasing net crude import along with significant refining infrastructure has positively influenced the demand for storage facilities and its associated services. For instance, according to the Energy Market Authority of Singapore, the total crude oil imported in Singapore has reached 57,954.2 ktoe in 2017 from 46,324.2 ktoe in 2011. In addition, rising trade flows with exclusive strategic measures to develop the existing reserve capacity will accelerate oil storage tank service market over the forecast period.
Browse key industry insights spread across 160 pages with 25 market data tables & 30 figures & charts from the report, “Asia Pacific Oil Storage Tank Services Market Size, Industry Analysis Report, Country Outlook (China, India, Indonesia, Malaysia, Singapore, Thailand, South Korea, Japan, Australia), Competitive Market Share & Forecast, 2019 – 2025”in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/asia-pacific-oil-storage-tank-service-market
Increasing investments towards the development of smart monitoring and cleaning devices to enhance the service safety index will proliferate the oil storage tank service market across Asia Pacific. Furthermore, the introduction of various economical service packages comprising of both manual and automated systems will drive the industry outlook over the forecast period.
Demand to boost the existing refining capacity in order to effectively cater the growing population will drive the China oil storage tank service market. Increasing demand for hydrocarbons in the country has necessitated for periodic assessment of existing oil storage facilities which will positively influence the regional industry growth. Furthermore, the introduction of several online technologies including guided robots, drones, and corrosion detecting equipment will stimulate the business outlook over the forecast timeframe.
The key industry players including John Wood Group PLC, Veolia, SP Nanibame, Matrix Service, Zaopin Technologies, MISTRAS Group, Inc are building robust networks to make the service available for the entire oil & gas industry. The end users of the oil storage tank services are midstream oil storage companies, depots, terminals, and downstream companies. The services are usually rendered based on competitive prices and technology used in the inspection and cleaning of tanks. Moreover, the integration of digital monitoring systems to enhance the value proposition for the end consumer has created a favorable business outlook.
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https://www.gminsights.com/industry-analysis/oil-storage-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.