Global Fuel Storage Tank Market to Advance at a CAGR of 4.7% Through 2034, Reaching USD 24.2 Billion, Amid Rapid Shift Towards Renewable Energy

The development of renewable energy infrastructure in the United States is driving the growth of the fuel storage tank market. With a highly competitive landscape, the U.S. fuel storage tank market is projected to grow at a CAGR of 3.5%.

NEWARK, Del, Sept. 09, 2024 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI), from a market valuation of USD 15.3 Billion in 2024, the global fuel storage tank market size will reach USD 24.2 Billion by 2034. The market growth is anticipated at a sluggish to moderate pace, equalling a CAGR of 4.7%.

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 are anticipated to play a crucial role in the fuel storage tank market, including LNG storage tanks. Regulatory changes are expected to support leading manufacturers in producing clean energy storage solutions, thereby driving market growth.

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,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Country-wise Analysis

Countries	Forecasted CAGR
The United States of America	3.5%
The United Kingdom	4.7%
Japan	4.9%
China	6.5%
India	6.5%

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.

Key Players:

• Granby Industries
• Haase Tank GmbH
• Meridian Manufacturing Inc.
• Western Global
• Belco
• Fuel Total Systems
• Textron
• C&E Plastics Inc.
• Air Liquide
• GEI Works
• Cryolor
• Sabre Manufacturing
• Enduraplas
• CST Industries
• Sintex
• Other

Explore the Full Report for Comprehensive Insights! https://www.futuremarketinsights.com/reports/fuel-storage-tank-market

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).

Fuel Storage Tank Market Segmentation Analysis:

By Tank Type:

• Above Ground
• Underground
• Mobile Tanks

By Material Type:

• Steel
• Fiberglass
• Carbon Steel
• Stainless Steel
• Aluminum
• Others

By Tank Capacity:

• Less than 1,000 Gallons
• 1,001 to 10,000 Gallons
• Above 10,001 Gallons

By End Use:

• Oil & Gas
• Power Plants
• Chemical
• Mining
• Transportation & Logistics
• Agriculture
• Military & Defense
• Commercial
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa

Browse FMI’s Fuel Storage Tank Market Report Coverage from Different Publication: https://www.prnewswire.com/news-releases/global-fuel-storage-tank-market-to-advance-at-a-cagr-of-4-7-through-2034–reaching-us-24-2-billion–future-market-insights-inc-302120833.html

French Translation:

Selon un Future Market Insights (FMI), à partir d’une valorisation boursière de 15,3 milliards USD en 2024, la taille du marché mondial des réservoirs de stockage de carburant atteindra 24,2 milliards USD d’ici 2034. La croissance du marché devrait se faire à un rythme lent à modéré, soit un TCAC de 4,7 %.

L’infrastructure technologique croissante élargit les opportunités pour les principaux fabricants de réservoirs de stockage de carburant. L’innovation est accélérée, ce qui contribue à la croissance du marché des réservoirs de stockage de carburant.

La demande des consommateurs se tournera vers les ressources énergétiques vertes et renouvelables. Ce facteur fait progresser la taille du marché des réservoirs de stockage de carburant, car de nouvelles perspectives de marché deviendront probablement disponibles à explorer. De plus, la demande de réservoirs de stockage d’énergie propre augmentera, stimulant le marché.

La croissance du marché des réservoirs de stockage de carburant sera stimulée par la demande croissante de carburant et de ressources énergétiques. La population augmentera l’urbanisation. Cela permettra non seulement d’augmenter les besoins en énergie, mais aussi de créer des perspectives de croissance pour les marchés alliés.

Les politiques gouvernementales devraient jouer un rôle crucial sur le marché des réservoirs de stockage de carburant, y compris les réservoirs de stockage de GNL. Les changements réglementaires devraient aider les principaux fabricants à produire des solutions de stockage d’énergie propre, stimulant ainsi la croissance du marché.

Principaux points à retenir de l’étude de marché :

·        La Chine et l’Inde progresseront à égalité avec un TCAC de 6,5 %. Cependant, la taille du marché chinois est beaucoup plus grande que celle du marché indien.

·        L’infrastructure technologique robuste aux États-Unis d’Amérique aidera le marché des réservoirs de stockage de carburant à progresser à un TCAC de 3,5 %.

·        Les réservoirs de stockage de carburant hors sol sont les plus utilisés en raison de leur sécurité et de leur facilité d’entretien. Ce segment de marché détiendra 60 % de l’espace de marché en 2024.

·        L’industrie pétrolière et gazière en pleine croissance est un segment de marché important et détiendra probablement 35 % de l’espace de marché d’ici 2024.

« Le manque de main-d’œuvre qualifiée et les investissements en capital importants sont deux facteurs qui créent des défis pour la croissance du marché des réservoirs de stockage de carburant », estime Nikhil Kaitwade, vice-président associé chez Future Market Insights (FMI).

Analyse par pays

Pays	TCAC prévu
États-Unis d’Amérique	3.5%
Le Royaume-Uni	4.7%
Japon	4.9%
Chine	6.5%
Inde	6.5%

Paysage concurrentiel :

Les principaux fabricants de réservoirs de stockage de carburant occupent souvent une place de marché importante dans le paysage concurrentiel. L’occupation du marché détermine l’encombrement de l’espace de marché. De plus, leurs stratégies d’expansion, y compris les acquisitions, les fusions, les collaborations, les alliances stratégiques et les partenariats, les aident à gagner plus d’espace Les développements clés du marché suivants ont été observés récemment : –

·        En septembre 2020, Granby Industries a lancé un désaérateur d’huile, l’OPTIFUEL. Le nouveau produit contenait un dispositif exclusif de sécurité de l’huile à fusible. Ce lancement de produit a permis à l’organisation de se positionner fermement sur le marché.

·        En février 2024, Bermuda Electric Light Company Limited (BELCO) s’est associée à l’école primaire Northlands. Il s’agit d’une initiative de RSE de l’organisation pour soutenir le programme Odyssey.

Acteurs clés :

·        Granby Industries

·        Haase Tank GmbH

·        Meridian Manufacturing Inc.

·        Ouest mondial

·        Belco

·        Systèmes de carburant total

·        Textron

·        Plastiques C&E Inc.

·        Air Liquide

·        GEI Travaux

·        Cryolor

·        Fabrication de Sabre

·        Enduraplas

·        CST Industries

·        Sintex

·        Autre

D’autres informations précieuses disponibles :

Future Market Insights propose une analyse impartiale du marché des réservoirs de stockage de carburant, fournissant des données historiques de 2019 à 2023 et des statistiques prévisionnelles de 2024 à 2034.

Le marché visé est segmenté par type de réservoir (réservoirs hors sol, souterrains et mobiles), par type de matériau (acier, fibre de verre, acier au carbone, acier inoxydable, aluminium et autres), par capacité de réservoir (moins de 1 000 gallons, 1 001 à 10 000 gallons et plus de 10 001 gallons) et par utilisation finale (pétrole et gaz, centrales électriques, produits chimiques, mines, transport et logistique, agriculture, etc.). Militaire et défense, commercial et autres.

Analyse de la segmentation du marché des réservoirs de stockage de carburant :

Par type de réservoir :

·        Au-dessus du sol

·        Souterrain

·        Chars mobiles

Par type de matériau :

·        Acier

·        Fibre

·        Acier au carbone

·        Inox

·        Aluminium

·        Autrui

Par capacité du réservoir :

·        Moins de 1 000 gallons

·        1 001 à 10 000 gallons

·        Au-dessus de 10 001 gallons

Par utilisation finale :

·        Pétrole et gaz

·        Centrales

·        Chimique

·        Minier

·        Transport et logistique

·        Agriculture

·        Militaire et défense

·        Commercial

·        Autrui

Par région :

·        Amérique du Nord

·        Amérique Latine

·        Europe occidentale

·        Europe orientale

·        Asie du Sud et Pacifique

·        Asie de l’Est

·        Le Moyen-Orient et l’Afrique

About the Industrial Automation Domain at Future Market Insights:

The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

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.

Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:

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About Future Market Insights (FMI):

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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