UAE Oil Storage Terminal Market Growth 2024, Rising Revenue, Demand Growth, Future Trends, Business Challenges and Opportunities Forecast till 2033: SPER Market Research
UAE Oil Storage Terminal Market is projected to be worth USD 642.08 million by 2033 and is anticipated to surge at a CAGR of 3.17%.
An oil storage terminal is a building used to store refined petroleum products, such as gasoline, diesel, and jet fuel. These terminals are essential to the oil supply chain because they ensure a steady and reliable flow of energy supplies to meet both home and foreign demand. Oil storage terminals are crucial for facilitating global trade, maintaining energy security, and fostering economic growth.
According to SPER Market Research, ‘UAE Oil Storage Terminal Market Size – By Type, By Tank Type, By Product – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the UAE Oil Storage Terminal Market is estimated to reach USD 642.08 million by 2033 with a CAGR of 3.17%.
Drivers: The main factor driving the market for oil storage terminals in the United Arab Emirates is the increased production capacity of diesel manufacturers due to the growing demand for various petroleum products. Because of this, refineries are now running more often, which raises the need for storage terminals. Crude oil-based products including gasoline, diesel, aviation fuel, and others are in much higher demand. The UAE’s industrial and automotive sectors have grown significantly in response to the country’s growing urbanization and need for a variety of end-use goods. The demand for liquid petroleum has surged as a result of the decade-long high in automobile sales and their annual growth. Consequently, the growing automotive sector would help propel market growth.
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Restraints: One of the biggest obstacles to the oil storage tank business is the increasing use of alternative fuels in industries like aviation that previously relied on traditional fuels. The causes of this have been the carbon emission control programs and the growing concerns about the global warming. This has led to the closure of numerous fossil fuel-dependent sectors that exacerbated global warming. Furthermore, the UAE and other nations are setting renewable energy goals to produce electricity from wind, solar, and other renewable sources. Another problem preventing progress is the high cost of constructing the terminal and the required continuous maintenance.
Lockdown procedures have rarely been used because the oil and gas sector is seen as vital by many nations worldwide. The worldwide oil and gas industry has been seriously threatened by the introduction of COVID-19. The two biggest importers of oil and gasoline worldwide are China and India. However, the demand for oil and gasoline in these nations has significantly decreased as a result of the COVID-19 epidemic. In order to address the issue, the Organization of Petroleum Exporting Countries (OPEC) called a conference and asked the major oil producers to restrict their output by an extra 1.5 billion barrels. Businesses in the market have been financially impacted by this.
Situated on the eastern coast of the United Arab Emirates, Fujairah is the biggest and most significant storage facility in the Middle East and Africa. An increasing population and the growing need for oil and gas resources worldwide would be favorable for the market’s expansion in the upcoming years. VTTI, GPS Chemoil, Brooge Energy Limited, Royal Vopak, GP Global, and others are significant market participants.
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UAE Oil Storage Terminal Market Growth
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