Asia Pacific Oil Storage Tank Service Market

Favorable government regulations to propel Asia Pacific oil storage tank service market size

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Strict regulatory norms and mandates to prevent collateral damage will drive Asia Pacific oil storage tank service market share over the next few years. The midstream and the downstream sectors have increasingly been demanding for oil storage services owing to the higher investments in the expansion of refining capacity. There has been a steady improvement in crude oil prices that has led to an increase in crude oil production. This has majorly influenced the expansion and up-gradation of numerous depots, terminals and tank farms.Few players involved in the Asia Pacific (APAC) oil storage tank service industry involve MISTRAS Group, Zaopin Technologies and John Wood Group among others. These firms have created digitally-integrated solutions to monitor and diagnose those tanks to be able to secure a competitive edge over other companies within the market.

Oil storage tank services are seemingly being supported by the government authorities as they have introduced multiple amendments that relate to cleaning, maintenance and inspection of the already existing storage facilities. APAC oil storage tank service industry size has been expected to surpass USD 210 million by the year 2025. There has been a rise in the investments in order to offer major protection and security against extreme conditions to prevent multiple technical losses.

The midstream and downstream sectors have increasingly accepted and adopted facilities equipped with high technologies. This is due to their properties of high efficiency and corrosion resistivity. Booming demand for crude oil of high value has coerced the authorities to ensure regular inspection of the storage depots, supporting the adoption of tank cleaning services and fueling APAC oil storage tank service market trends.

The passing of strict mandates that could help in the prevention of potential hazards will drive the growth of the regional service providers. Moreover, there has been an increase in the concerns pertaining to environment protection and energy security. The Indian government has reportedly introduced oil industry safety directorate (OISD) that has been given the duty to formulate self-regulatory measures that would help improve the terminal safety.

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Singapore oil storage tank service market share is slated to register more than 6% growth up to 2025. This has been primarily attributed to the rise in the net crude import coupled with the major refining infrastructure. The trends have impacted the demand for storage facilities as well as other related services. As per the Energy Market Authority of Singapore, the total amount of crude oil that had been imported in Singapore reportedly reached 57, 964.2 ktoe in the year 2017 from 46,324.2 ktoe back in 2011.

Moreover, the help of exclusive strategic measures to help develop the already existing reserve capacity has induced a rise in the trade flow, which in turn will fuel oil storage tank service market share in the forecast timeframe.

China oil storage tank service market forecast will observe significant growth prospects owing to the rising demand to fuel the existing refining capacity to be able to efficiently cater to the growing population. The country has a high demand for hydrocarbons that have forced periodic assessment of the oil storage facilities already existing. Additionally, the launch of number of online technologies that also includes drones, corrosion detecting equipment and guided robots will help influence the business outlook.

Author Name : Riya Yadav