Dubai Oil Storage Terminal Market Share, Trends, Growth Drivers, Revenue, CAGR Status, Business Challenges and Future Competition till 2033: SPER Market Research
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A structure used to store refined petroleum products including jet fuel, diesel and petrol is called an oil storage terminal. In order to provide a consistent and dependable flow of energy supplies to fulfil domestic and international demand, these terminals play a crucial role in the oil supply chain. Oil storage terminals are essential for promoting economic expansion, preserving energy security, and easing international trade.
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: Rising demand for various petroleum products has prompted diesel makers to raise production capacity, which is the primary market driver for the UAE’s oil storage terminals. As a result, refineries are now operating at higher rates, increasing the demand for storage terminals. The demand for crude oil-based goods such as petrol, diesel, aviation fuel, and others has risen substantially. The UAE’s automotive and industrial industries have expanded dramatically in response to increasing urbanisation and demand for a wide range of end-use products. Automobile sales peaked in the last decade and have continued to rise year after year, resulting in increased demand for liquid petroleum. As a result, the expanding automobile industry will contribute to drive market expansion.
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Restraints: The growing usage of alternative fuels for aviation and other sectors that formerly relied on conventional fuels is one of the main market barriers for oil storage tanks. The growing concerns about the rising global temperature and the carbon emission control programmes have been the triggers for this. Many industries that relied on fossil fuels and contributed to global warming have had to close as a result of this. In addition, renewable energy targets are being established in the UAE and other countries to generate power from solar, wind, and other renewable sources. The significant expense of building the terminal and the ongoing maintenance that is necessary is another issue impeding progress.
Many countries around the world consider the oil and gas industry to be critical, and as a result, lockdown measures have rarely been implemented. The emergence of Covid-19 has posed a severe threat to the global oil and gas industry. Globally, China and India are the two major importers of petrol and oil. However, the COVID-19 pandemic has resulted in a significant reduction in these countries’ demand for petrol and oil. The Organisation of Petroleum Exporting Countries (OPEC) convened a conference to address the situation, requesting that the major oil producers limit output by an additional 1.5 billion barrels. This has had a financial impact on enterprises in the market.
Fujairah is the largest important storage station in the Middle East and Africa, located on the UAE’s eastern coast. The rising global need for oil and gas resources, combined with an expanding population, will bode well for the market’s growth in the future years. Major players in the market are VTTI, GPS Chemoil, Brooge Energy Limited, Royal Vopak, GP Global, and Others.
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UAE Oil Storage Terminal Market Share
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