Albany, New York, September 17, 2018: Significant reductions in oil prices starting in 2016, led to the supply of crude oil exceeding the demand worldwide. Consequently, the excessive oil production has driven up the demand for oil storage facilities. Revenues from the oil storage market are estimated to grow at a modest CAGR of 4.73% through 2024. Each of these insights have been taken from the report titled “Oil Storage Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 – 2024” added recently to the huge repository of Market Research Reports Search Engine (MRRSE).
Countries such as Nigeria, Oman, UAE, and Saudi Arabia in the Middle East and Africa regions are expected to continue their hold over major market share that can be attributed to their rising rate of oil production and declining prices. The advent of shale in oil production has led to a significant rise of the demand for the oil storage market in North America.
While the growth of commercial oil reserves has shown improvement through fluctuation oil prices and expansion of storage capabilities, strategic government oil reserves are growing at a significantly slower rate owing to prohibitively large investment requirements by government. This is a key factor that constrains the growth of the oil storage market.
Key market players are focusing on value-adding and logistical services in addition to oil storage in order to gain competitive advantages.
Oil Storage Market – Report Overview
This report provides comprehensive analysis and predictions on the oil storage market on a global and regional level in terms of volume (Million Cubic Meter) during the forecast period 2016 – 2024. A detailed analysis and forecast for social, economic and other aspects of the market has been extracted in the report.
The report contains a detailed, insightful study on the oil storage market. In addition, readers can better understand the prevailing competition between new and established players owing to the use of Porter’s Five Forces model. The report also includes an extensive study of market attractiveness, where applications are appraised on aspects such as general attractiveness, growth rate, and market size.
Oil Storage Market – Research Approach
The report has been compiled with the help of comprehensive interviews and insightful discussions with a vast number of industry experts and opinion leaders. Primary research forms the majority of the report inputs, to provide readers with accurate and factual data on the oil storage market. This has been complemented and validated with a significant amount of secondary research.
Leading and emerging players of the oil storage market have been assessed in detail here. Data sources such as annual reports, press releases, and other relevant documents have been studied in order to help readers achieve a clearer understanding on the dynamics between competing players and other factors influencing the oil storage market. This approach of research has been found to be extremely effective in gaining reliable insights on market data, industry players, and untapped opportunities for business.
Browse Full Global Oil Storage Market Report with TOC : https://www.mrrse.com/oil-storage-market
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