Emerging Trends in Floating Storage and Offshore Facilities

The oil storage market was estimated at USD 12.0 billion in 2021 and is likely to grow at a CAGR of 4.2% during 2022-2027 to reach USD 15.3 billion in 2027.

Oil storage refers to the facilities and infrastructure used for the storage of crude oil, refined petroleum products, and other oil-related substances. This includes above-ground storage tanks, underground storage tanks, pipelines, and other structures designed to hold oil. Oil storage is essential for the smooth functioning of the oil industry, as it allows for the safe and efficient storage of oil until it can be transported to refineries, distribution centers, or other facilities where it is needed. The size and capacity of oil storage facilities can vary widely, depending on the specific needs of the industry and the volume of oil being produced and transported.