December 17, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Asia Pacific Oil Storage Tank Service Market Size, Industry Analysis Report, Country Outlook (China, India, Indonesia, Malaysia, Singapore, Thailand, South Korea, Japan, Australia), Competitive Market Share & Forecast, 2019 – 2025’, Asia Pacific oil storage tank service market is anticipated to surpass USD 210 million by the year 2025.
Asia Pacific oil storage tank service market is propelled by factors such as increasing crude oil production, shifting focus towards advanced automated systems, and introduction of several online technologies including drones, guided robots, and corrosion detecting equipment.
Rising demand of oil storage service across midstream and downstream segments owing to increasing investment towards the expansion of refining capacity will further aid the industry trends. In addition, establishment of technologically advanced facilities offering high efficiency and corrosion resistance is favoring the market demand across these sectors.
Furthermore, retrieving oil prices has substantially backed the expansion and upgradation of various tank depots, farms, and terminals, thereby augmenting the industry outlook. Advancement in technology is further leading to inflow of investment towards development of cleaning and smart monitoring devices that enhance the service safety index proliferate the APAC oil storage tank service market.
Considering the regional landscape, China oil storage tank service market is presumed to register accelerated expansion over the forecast timeline, owing to the need to scale-up existing refining capacity. Regular inspection of storage depots by authorities is necessary to ensure quality standards of high value crude oil. The report states that the rising demand for hydrocarbons in the country has compelled periodic assessment of the current oil storage facilities, resulting in adoption of tank cleaning service.
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Moreover, oil storage tank service market in Singapore is anticipated to register a growth rate of 6% over the analysis time period, owing to rising net crude import and developed refining infrastructure. As per the study, the net crude oil import in Singapore increased from 46,324.2 ktoe in 2011 to 57,954.2 ktoe in 2017.
Some of the vendors that operate in APAC oil storage tank service market are Veolia, John Wood Group PLC, Matrix Service, SP Nanibame, MISTRAS Group, Inc., and Zaopin Technologies among others.
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