Middle East oil storage market size is set to witness significant growth on account of surging energy demand coupled with growing efforts toward fulfilling emergency supply. Volatile geopolitical situation and fluctuations in short time supply of crude oil are few of the key underlying factors favoring industry growth. In addition, steady increase in crude production from UAE, Saudi Arabia and Kuwait will further proliferate the business landscape. For instance, as per the BP Energy Outlook 2018, oil production in United Arab Emirates witnessed a growth rate of 2.1% per annum between 2007 and 2017.
Get more details on this report - Request Free Sample PDF
UAE oil storage market will witness significant growth on account of growing investments in midstream and downstream infrastructure to maintain reliability in crude supply pertaining to emergency requirement. For instance, in February 2019, ADNOC (Abu Dhabi National Oil Company) signed an agreement with SKEC (SK Engineering & Construction company limited) to build the world’s largest underground oil storage facility in the Emirate of Fujairah with a capacity of 42 million barrels.
Strategic oil storage market account for the dominant market share owing to steady efforts by respective government to expand their existing facilities. Volatile oil prices will further lead the regulators to develop new storage facilities in order to cater the emergency oil supply which will drive the industry outlook.
Gasoline oil storage market is anticipated to witness robust growth on account of increasing demand for petrol & diesel in transportation & automotive industry. In addition, growing industrialization across Middle East along with rapid increase in the development of new refining facilities will positively influence the industry dynamics over the forecast timeline.
Surging investments toward the exploration & production of new oil reserves to cater the soaring energy requirement will accelerate the industry growth over the forecast period. In addition, growing concerns & increasing investments toward expansion of new & existing oil storage facilities on account of volatile oil & gas prices will further propel the industry statistics over the forecast timeframe. For instance, in February 2020, BPGIC (Brooge petroleum & gas investment co.) signed a land lease agreement with Fujairah oil terminal to expand its oil storage facility to cater the burgeoning demand for crude oil.
Easy maintenance, high reliability and ease of operation are some of the key underlying characteristics driving the floating roof oil storage market gro wth. Moreover, the demand for medium & low flash point liquified products is witnessing significant gains, thereby augmenting the industry outlook. In addition, the ability to offer minimal losses and volatile organic compound emissions will further strengthen the product adoption over the forecast timeframe.
Eminent players across the market comprise of Vopak, Elixir, Roth industries, Ergil, Tianjin Anson International Company, Abu Dhabi National Oil Company (ADNOC), Qaisoon Trailers Industries FZC FZE, Gulf Specialized Works, ARABIAN CONSULTING ENGINEERING CENTER (ACEC) and Vitol amongst others.