The fuel storage tank market is set to grow steadily,
driven by rising energy demands, technological advancements, and a
shift towards clean energy. Supportive government policies will
further propel the market.
NEWARK, Del., April 18, 2024 /PRNewswire/ -- From a market
valuation of US$ 15.3 billion in
2024, the global fuel storage tank market size will reach
US$ 24.2 billion by 2034. The
market growth is anticipated at a sluggish to moderate pace,
equalling a CAGR of 4.7%.
Download the Sample PDF report to explore key market
insights and trends:
https://www.futuremarketinsights.com/reports/sample/rep-gb-19504
The growing technological infrastructure enlarges opportunities
for leading fuel storage tank manufacturers. Innovation is
accelerated, assisting the fuel storage tank market growth.
Consumer demand will shift toward green and renewable energy
resources. This factor progresses the fuel storage tank market size
as new market prospects will likely become available to explore.
Furthermore, the demand for clean energy storage tanks will surge,
driving the market.
The fuel storage tank market growth will be driven due to the
increasing demand for fuel and energy resources. The population
will increase the urbanization. It will not only surge the energy
requirement but also create growth prospects for the allied
markets.
Government policies might be a crucial factor in the fuel
storage tank market. It is anticipated that regulatory policies
will be made to assist leading fuel storage tank manufacturers in
producing clean energy storage tanks. Hence, this drives the
subject market.
Report Scope
Attributes
|
Details
|
Estimated Market
Size in 2024
|
US$ 15.3
billion
|
Projected Market
Valuation in 2034
|
US$ 24.2
billion
|
Value-based CAGR
2024 to 2034
|
4.7 %
|
Forecast
Period
|
2024 to 2034
|
Historical Data
Available for
|
2019 to 2023
|
Market
Analysis
|
Value in US$
billion
|
Key Market Segments
Covered
|
By Tank
Type:
- Above Ground
- Underground
- Mobile Tanks
By Material Type:
- Steel
- Fiberglass
- Carbon Steel
- Stainless Steel
- Aluminum
- Others
By Tank Capacity:
- Less than 1,000 Gallons
- 1,001 to 10,000 Gallons
- Above 10,001 Gallons
By End Use:
- Oil & Gas
- Power Plants
- Chemical
- Mining
- Transportation & Logistics
- Agriculture
- Military & Defense
- Commercial
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
|
Key Countries
Profiled
|
- The United States
- Canada
- Mexico
- Brazil
- Chile
- China
- Japan
- South Korea
- India
|
- ASEAN
- ANZ
- Germany
- Italy
- France
- The United Kingdom
- Spain
- BENELUX
- NORDICS
|
- Russia
- Poland
- Hungary
- Balkan & Baltics
- KSA
- GCC Countries
- Türkiye
- South Africa
- Other African Union
|
Key Coverage of Fuel
Storage Tank Market Report
|
- Future Trends in the Fuel Storage Tank
Market, Demand for fuel storage tanks in developing economies, and
Fuel Storage Tank Market Size and Forecast.
- Fuel Storage Tank Market Segmentation and
Untapped Markets for Fuel Storage Tanks.
- Mergers and Acquisitions in the Fuel Storage
Tank Industry.
- Investment Strategies for the Fuel Storage
Tank Market and Strategies for new entrants to succeed in the Fuel
Storage Tank Market.
- Exit Strategies for Investments in the Fuel
Storage Tank Market
|
Key Takeaways from the Market Study
- China and India will progress equally at a CAGR of 6.5%.
However, the size of the Chinese market is far larger than that of
the Indian market.
- The robust technological infrastructure in the United States of America will assist the
fuel storage tank market to progress at a CAGR of 3.5%.
- Above-ground fuel storage tanks are used the highest due to
their safety and maintenance convenience. The market segment will
hold 60% of the market space in 2024.
- The growing oil and gas industry is an important market segment
and will likely hold 35% of the market space by 2024.
"Lack of skilled labor and extensive capital investment are
two factors creating challenges for the fuel storage tank market
growth," says Nikhil Kaitwade (Associate Vice
President at Future Market Insights, Inc.).
Competitive Landscape
Leading fuel storage tank manufacturers often occupy substantial
market space in the competitive landscape. Their market occupancy
determines the cluttered market space. Also, their expansion
strategies, including acquisitions, mergers, collaborations,
strategic alliances, and partnerships, help them gain more space
The following key market developments have been observed
recently:-
- In September 2020, Granby
Industries introduced an oil de-aerator, the OPTIFUEL. The new
product contained a proprietary fusible link oil safety device.
This product launch allowed the organization to embark on its
market position firmly.
- In February 2024, Bermuda
Electric Light Company Limited (BELCO) partnered with Northlands
Primary School. This is a CSR initiative from the organization to
support the Odyssey Program.
Purchase now and gain full access to
the Fuel Storage Tank Industry report, featuring comprehensive
Market Forecast, Company Share Analysis, Competition Intelligence,
DROT Analysis, Market Dynamics and Challenges, and Strategic Growth
Initiatives.
More Valuable Insights Available
Future Market Insights offers an unbiased fuel storage tank
market analysis, providing historical data from 2019 to 2023 and
forecast statistics from 2024 to 2034.
The subject market is segmented by Tank Type (Above Ground,
Underground, and Mobile Tanks), By Material Type (Steel,
Fiberglass, Carbon Steel, Stainless Steel, Aluminum, and Others),
By Tank Capacity (Less than 1,000 Gallons, 1,001 to 10,000 Gallons,
and Above 10,001 Gallons), and By End Use (Oil & Gas, Power
Plants, Chemical, Mining, Transportation & Logistics,
Agriculture, Military & Defense, Commercial, and
Others).
About the Industrial Automation Domain at Future Market
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Future Market Insights' industrial automation team offers expert
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landscape, profit margin, and research development efforts.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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