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North America Oil Storage Market Trends

Report ID: GMI5716
Published Date: Dec 2024
Report Format: PDF

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North America Oil Storage Market Trends

The growing focus on energy security and the need for strategic reserves, especially in light of supply chain disruptions and environmental concerns, is influencing investments in oil storage facilities. With the ongoing transition toward cleaner energy sources, oil storage companies are also exploring more efficient and environmentally friendly storage solutions. This includes upgrading existing storage facilities to meet stricter regulatory standards and adopting advanced technologies such as automated inventory management and remote monitoring systems. Furthermore, there is a rising interest in developing offshore oil storage facilities, driven by the need to store excess crude and refined products in more geographically strategic locations.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The North America oil storage industry was recorded at a capacity of 166.2 million cubic meters in 2024 and is estimated to grow at a 2.4% CAGR from 2025 to 2034, driven by increasing demand for oil storage due to fluctuating production and consumption patterns.

The floating roof oil storage market is expected to exceed 115 million cubic meters by 2034, owing to their ability to minimize evaporation losses and reduce environmental emissions.

The U.S. market is projected to reach over 180 million cubic meters by 2034, driven by strong shale reserve production and expanding export activities.

Key players in the industry include Ascent Industries, CST Industries, Ergil, Fisher Tank, LF Manufacturing, NOV, Roth Industries, Royal Vopak, Shawcor, Snyder Industries, Superior Tank, T Bailey, and Waterford Tank.