Global Tank Cleaning Service Market to grow substantially over 2020-2027

February 10, 2021

According to a latest research report titled ‘Global Tank Cleaning Service Market Size study, by Type (Manual Cleaning Service, and Automated Cleaning Service), By Applications (Crude Oil Tanks, Refinery Tanks, Commercial Tank and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global tank cleaning service industry is expected register an appreciable growth rate through 2027.

As per the findings of the report, surging crude oil production and subsequent rise in use of transportation tank for importing and exporting oil across various nations serves a major growth impetus for global tank cleaning service industry. To put this context, worldwide oil production averaged 80.6 million barrels/day in 2019. Besides, growing inclination among petrochemical industries and tank terminals towards automated solutions instead of manual tank cleaning is augmenting the industry growth.

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As per the regional analysis, Asia Pacific, Europe, North America, and Latin America are the key contributors to the overall tank cleaning service market remuneration. Asia Pacific is expected to lead the industry growth over the projected timeline, largely driven by robust growth of petroleum and refinery industry in the region.

India will emerge as a major growth propeller for the tank cleaning service industry as it touted to become one of the world’s largest contributors to non-OCED (Organization of the Petroleum Exporting Countries) oil consumption and production, as cited by India Brand Equity Foundation (IBEF). In fact, oil imports in the nation grew drastically to USD 87.37 billion in 2017-2018 from USD 70.72 billion in 2016-17, helping it retain the position of the world’s third-largest oil user in 2017. Speaking of the production aspect, India’s oil refining capacity, in 2019, was 238.6 million tons, heralding it as the second largest refiner in Asia.

Industry experts cite that North America tank cleaning service market size is expected to grow significantly in the forthcoming years with United States at the forefront, creditable to upsurge in the number of exploration and extraction activities in the nation’s abundant shale reserves. This can be ascribed to the initiation of several new projects, persistent oil demand and its high prices.

Speaking of the competitive landscape, HTS Environmental Services, Thompson Industrial Services, LLC, System Kikou Co., Ltd., SWS Environmental Services, Inc., ARKOIL Technologies, Evergreen North America Industrial Services, Inc., Tradebe Refinery Services, Clean Harbors, Inc., National Tank Services, and Dulsco are the top contenders in global tank cleaning service market sphere.

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