North America Oil Storage Market Analysis

North America Oil Storage Market Analysis

The floating roof oil storage market will exceed 115 million cubic meter capacity by 2034. These tanks are becoming more prevalent owing to their capability to minimize evaporation losses and decrease environmental emissions. Moreover, they are increasingly utilized for storing volatile liquids like crude oil and refined petroleum products. Advancements in seals and materials have further improved their operational efficiency while ensuring better compliance with environmental regulations.
 

The North America oil storage market from crude oil segment size will grow at a CAGR of over 2% by 2034. Crude oil storage continues to be a crucial segment driven by fluctuations in production and the increasing demand for refined product storage. The need for storage of refined products such as gasoline, diesel and jet fuel are rising as infrastructure upgrades aim to boost capacity. These upgrades are also incorporating advanced monitoring technologies to enhance safety and efficiency, while ensuring compliance with stricter environmental and operational standards across the oil storage industry.
 

U.S. oil storage market is set to reach over 180 million cubic meter by 2034. The country continues to be a dominant force in the oil storage market, driven by its strong production from shale reserves and expanding export activities. Additionally, the growth of strategic petroleum reserves and private storage facilities is focused on managing the rising output and mitigating market fluctuations, thereby enhancing the overall market dynamics across the country. Additionally, regulatory pressures to comply with environmental standards are encouraging the adoption of more efficient, environmentally friendly storage solutions, enhancing safety and operational performance.
 

The Canada oil storage market is experiencing steady growth, driven by the country's significant oil production, particularly from the oil sands in Alberta. As a major oil exporter, Canada requires extensive storage infrastructure to manage both domestic supply and exports, particularly to the U.S. and overseas markets. The expansion of pipeline networks and the rising demand for crude and refined product storage have led to investments in new storage facilities and the upgrading of existing ones.