According to Future Market Insights (FMI), the global fuel storage tank market is projected to grow from a valuation of USD 15.3 billion in 2024 to USD 24.2 billion by 2034, with a CAGR of 4.7%, indicating moderate growth.
Technological advancements are creating new opportunities for leading fuel storage tank manufacturers, accelerating innovation and supporting market expansion.
As consumer demand shifts toward green and renewable energy, new market prospects are expected to emerge. This will drive demand for clean energy storage tanks, contributing to market growth.
The rising need for fuel and energy, driven by population growth and urbanization, will also support market expansion. Additionally, government policies and regulatory changes are expected to play a significant role in promoting clean energy storage solutions, particularly LNG storage tanks, further 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.
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
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
Report Preview: https://www.futuremarketinsights.com/reports/fuel-storage-tank-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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