Mubasher: Global oil storage market is expected to reach $17.22 billion by 2023.
This means that it will witness a compound annual growth rate (CAGR) of 4.2% for the next six years from 2017 to 2023, according to a report by Transparency Market Research (TMR).
Last year, the oil storage market totalled $12.86 billion.
The report noted that with more major players investing in the sector, through joint ventures (JV), mergers and acquisitions (M&A), and partnerships, this will help increase the industry’s competiveness.
The Middle East and Africa region is expected to register an annual growth rate of 7.91%, from 2014 and 2024.
