SIJORI Oil Storage Fee Rental Market Valuation USD 1.9 billion by 2032
SIJORI Oil Storage Fee Rental Market projected to grow at a CAGR of 3.9% from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, May 17, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the SIJORI oil storage fee rental market size was valued at $1.3 billion in 2022, and is projected to reach $1.9 billion by 2032, growing at a CAGR of 3.9% from 2023 to 2032.
Oil storage fee rental indicates the rental business of oil storage tanks which is highly used in the oil & gas industry and food industry. Oil storage tanks are used in the transportation business, construction, marine, manufacturing and mining.
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The SIJORI oil storage fee rental market analysis is across Singapore, Johor and Riau. The Singapore oil storage fee rental market is projected to grow at the highest CAGR during the forecast period, and accounted for a major SIJORI oil storage fee rental market share in 2022.
Key players operating in the SIJORI oil storage fee rental market include, PSA International, Royal Vopak, Singapore Petroleum Company Limited., HORIZON TERMINALS, Jurong Port Universal Terminal Pte. Ltd., Feoso Group, VTTI., Oiltanking GmbH, Sinopec Kantons Holdings Limited, PT Pertamina(Persero) and Dialog Group Berhad.
International import and export, such as oil products and crude oil, also encourage the involvement of oil producing companies in oil storage services, in turn, driving the SIJORI oil storage fee rental market growth.
Every business requires different capacity of tanks as per their usage; Oil storage tanks are vital infrastructure in the oil industry, providing a means to store and distribute oil efficiently and serve as a buffer to balance supply and demand fluctuations, allowing for continuous oil availability to meet various energy needs.
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They are containers designed to store large quantities of oil or petroleum products for various purposes, such as supply, distribution, or refining.
Oil storage tanks play a crucial role in the oil storage fee rental industry by providing a means to store oil in bulk, ensuring a steady supply for commercial and industrial applications.
Oil storage tanks offer flexibility, supply management, and risk mitigation benefits to the oil industry and help to ensure a stable supply of oil, support efficient operations, and provide a safeguard during emergencies and market fluctuations which boosts the SIJORI oil storage fee rental market size in near future.
Oil storage fee rental market forecast, oil storage facilities are highly used in oil & gas, import and export of oil services and other industries.
Rise in demand for gasoline and other oil products across the globe may act as the major driving factor for the market.
Rising demand for oil storage in government projects may create the SIJORI oil storage fee rental market opportunities in near future.
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Several services are provided by oil storage terminal to oil producers which boots the oil storage fee rental market trends in coming years.
The oil storage tank rental business involves providing temporary storage solutions for companies in need of additional storage capacity for oil or petroleum products.
The key aspects of this business are tank inventory, maintenance and safety, pricing and contracts, logistics and transportation.
On the basis of rental rates, the monthly segment emerged as the leader in 2022 and is anticipated to be the largest markets during the forecast period.
On the basis of capacity, the above 9000-GAL segment emerged as the leader in 2022 and is anticipated to be the largest markets during the forecast period.
On the basis of tank location, above ground outdoor storage tanks segment registered the highest market share and is projected to maintain the same during the forecast period.
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On the basis of fuel type, the crude oil segment registered the highest market share and is projected to maintain the same during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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