Storage Tanks

Storage Tanks Global Market Outlook

MARKET OVERVIEW

Global Market Size: $32.51 Billion (2023 F)

CAGR (2022–2029F): 4.4 percent

Global Oil Storage Terminal Market Size (2025 F)

• The global oil storage terminal market size was $31.14 billion for 2022. The market size is projected to grow at a CAGR of 4.4% for the period 2022 – 2029 and expected to reach a market size of $42.13 billion by 2029

• The growth in storage tank terminal market is expected to remain strong & healthy for the upcoming years, owing to high demand from Energy, Oil and Petroleum industries following the Russia Ukraine conflict, energy crisis in Europe and the shift towards green energy

Trends and Innovations Adopted in Bulk Storage

Innovations/ New Technologies

• Software & IoT: The advent of advanced software & IoT has enabled cost reduction by offering real time monitoring, advanced analytics, predictive maintenance, asset inter connectivity and edge computing. This translates into lowering redundancy & providing optimum operations, thus reduce costs.

• Automation: Integration and automation of operations enable level monitoring, multi spot temperature measurements, safety & compliance that can be remotely monitored & the cargo contained within.

• Robots & Drones: Inspections are generally performed manually inside confined space; where the assets need to be shutdown to ensure the inspector’s safety. Koole Terminals has partnered with Falcker and began a pilot of autonomous drone checks. To understand and recognize leaks of liquid products that Koole terminals store and transships. The drone will capture images and will compare them using a cutting edge artificial intelligence software, thereby constantly making the drone smarter

• Energy efficient LED lighting: As technology develops, explosion-proof lighting fixtures has transitioned from traditional halogen, HPSL to LED lighting, with outstanding efficiency. The LED offer good sustainability levels helping companies to meet their zero-emissions long-term goals, meet annual energy targets and comply with regulations

Market Trends

• With explosion-proof lighting fixtures becoming a necessity for hazardous storage terminal locations, Clear Lighting offers Ex flexible strip lighting that handles hazardous products with complex processes. This is suitable for terminal loading unloading jetty, stairs, ladders, load racks, docks, pump room, water treatment system and emergency escape routes

• Adoption of hydrostatic monitoring system for continuous leak-detection in underground fuel tanks.

Drivers

• Commercial growth of reliable renewable energy resources

• Rising demands for cost effective storage systems due to the increase in refineries, growing industrialization, and replacement of aging storage tanks.

• Continued positive investment climate petrochemical industry

• Increase in demand for vital products like energy and food