Amid the COVID-19 crisis, the global market for oil storage, which was estimated at 1.6 billion cubic metres in 2020, is projected to reach a revised size of 2.2 billion cubic metres by 2027, growing at a CAGR of 4.4% over the period 2020-2027.
Strategic Petroleum Reserves, one of the segments analysed in a new ReportLinker report, is projected to record 4% CAGR and reach 1.7 billion cubic metres by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Petroleum Reserves segment is readjusted to a revised 6.2% CAGR for the next seven-year period.
The U.S. Market is estimated at 480 million cubic metres, while China is forecast to grow at 4.2% CAGR.
The Oil Storage market in the U.S. is estimated at 480 million cubic metres in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of 393.2 million cubic metres by the year 2027, trailing a CAGR of 4.3% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 3.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.
The 229-page report from ReportLinker presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
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