The fuel storage tank market is set to grow steadily, driven by rising energy demands, technological advancements, and a shift towards clean energy. Supportive government policies will further propel the market.
NEWARK, Del., April 18, 2024 /PRNewswire/ — From a market valuation of US$ 15.3 billion in 2024, the global fuel storage tank market size will reach US$ 24.2 billion by 2034. The market growth is anticipated at a sluggish to moderate pace, equalling a CAGR of 4.7%.
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The growing technological infrastructure enlarges opportunities for leading fuel storage tank manufacturers. Innovation is accelerated, assisting the fuel storage tank market growth.
Consumer demand will shift toward green and renewable energy resources. This factor progresses the fuel storage tank market size as new market prospects will likely become available to explore. Furthermore, the demand for clean energy storage tanks will surge, driving the market.
The fuel storage tank market growth will be driven due to the increasing demand for fuel and energy resources. The population will increase the urbanization. It will not only surge the energy requirement but also create growth prospects for the allied markets.
Government policies might be a crucial factor in the fuel storage tank market. It is anticipated that regulatory policies will be made to assist leading fuel storage tank manufacturers in producing clean energy storage tanks. Hence, this drives the subject market.
Report Scope
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Attributes |
Details |
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Estimated Market Size in 2024 |
US$ 15.3 billion |
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Projected Market Valuation in 2034 |
US$ 24.2 billion |
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Value-based CAGR 2024 to 2034 |
4.7 % |
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Forecast Period |
2024 to 2034 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
Value in US$ billion |
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Key Market Segments Covered |
By Tank Type:
By Material Type:
By Tank Capacity:
By End Use:
By Region:
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Key Countries Profiled |
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Key Coverage of Fuel Storage Tank Market Report |
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Key Takeaways from the Market Study
- China and India will progress equally at a CAGR of 6.5%. However, the size of the Chinese market is far larger than that of the Indian market.
- The robust technological infrastructure in the United States of America will assist the fuel storage tank market to progress at a CAGR of 3.5%.
- Above-ground fuel storage tanks are used the highest due to their safety and maintenance convenience. The market segment will hold 60% of the market space in 2024.
- The growing oil and gas industry is an important market segment and will likely hold 35% of the market space by 2024.
“Lack of skilled labor and extensive capital investment are two factors creating challenges for the fuel storage tank market growth,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Leading fuel storage tank manufacturers often occupy substantial market space in the competitive landscape. Their market occupancy determines the cluttered market space. Also, their expansion strategies, including acquisitions, mergers, collaborations, strategic alliances, and partnerships, help them gain more space The following key market developments have been observed recently:-
- In September 2020, Granby Industries introduced an oil de-aerator, the OPTIFUEL. The new product contained a proprietary fusible link oil safety device. This product launch allowed the organization to embark on its market position firmly.
- In February 2024, Bermuda Electric Light Company Limited (BELCO) partnered with Northlands Primary School. This is a CSR initiative from the organization to support the Odyssey Program.
Purchase now and gain full access to the Fuel Storage Tank Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
More Valuable Insights Available
Future Market Insights offers an unbiased fuel storage tank market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The subject market is segmented by Tank Type (Above Ground, Underground, and Mobile Tanks), By Material Type (Steel, Fiberglass, Carbon Steel, Stainless Steel, Aluminum, and Others), By Tank Capacity (Less than 1,000 Gallons, 1,001 to 10,000 Gallons, and Above 10,001 Gallons), and By End Use (Oil & Gas, Power Plants, Chemical, Mining, Transportation & Logistics, Agriculture, Military & Defense, Commercial, and Others).
About the Industrial Automation Domain at Future Market Insights
Future Market Insights’ industrial automation team offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has lucidly analyzed the industry in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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