An oil storage terminal is a facility that stores crude oil and refined petroleum products including petrol, diesel and jet fuel. These terminals are critical components of the oil supply chain, guaranteeing a continuous and consistent flow of energy supplies to fulfil domestic and worldwide demand. Oil storage terminals are critical to ensuring energy security, promoting economic growth, and facilitating international trade.
UAE Oil Storage Terminal Market Driving Factors and Challenges
Driving Factors- The rising demand for various petroleum products has forced diesel producers to increase their production capacity, which is the main market driver for the UAE oil storage terminal industry. As a result, refineries are now operating at higher rates, which has increased demand for the building of storage terminals. The demand for products made from crude oil, such as petrol, diesel, aviation fuel, and others, has increased dramatically. The car and industrial industries in the UAE have grown tremendously in response to growing urbanisation and rising demand for a variety of end-use products. Automobile sales peaked in the last decade and have continued to rise year after year, resulting in increased acceptance of liquid petroleum. As a result, the growing automotive industry will help to drive market expansion.
Challenges- Data Availability and Reliability: In certain markets, especially emerging ones, incomplete or fragmented data may make an accurate assessment difficult to get. Researchers may need to employ proxy indicators or do primary research in order to gather reliable data.
Market Fluctuations: Seasonality, market dynamics, and technology disruptions can cause the UAE Oil Storage Terminal market to fluctuate over time.
Standardisation Issues: Differences in market definitions, segmentation criteria, and currency conversions can all have an impact on how UAE Oil Storage Terminal market size estimates are compared between studies or geographies.
Impact of COVID-19 on UAE Oil Storage Terminal Market
Numerous countries across the globe regard the oil and gas industry as vital, and as such, lockdown measures have mostly not applied to it. The oil and gas industry worldwide are facing a serious threat because to the spread of Covid-19. Globally, the two largest importers of petrol and oil are China and India. However, the COVID-19 pandemic has caused a major decline in these countries' need for petrol and oil. In order to ask the top oil producers to reduce oil output by an additional 1.5 billion barrels, the Organisation of the Petroleum Exporting Countries (OPEC) called a conference to address this situation. The businesses in the market have been impacted financially by this.
UAE Oil Storage Terminal Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as VTTI, GPS Chemoil, Brooge Energy Limited, Royal Vopak, GP Global, Horizon Terminals, and Others.
UAE Oil Storage Terminal Market Segmentation:
By Type: Based on the Type, UAE Oil Storage Terminal Market is segmented as; Strategic Reserve, Commercial Reserve.
By Tank Type: Based on the Tank Type, UAE Oil Storage Terminal Market is segmented as; Fixed Roof, Floating Roof, Bullet Tank, Spherical Tank.
By Product: Based on the Product Type, UAE Oil Storage Terminal Market is segmented as; Diesel, Petrol, Aviation Fuel, Crude Oil, Kerosene, Others.
By Region: This research also includes data for Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, Ras Al Khaimah, Fujairah.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.