Analysis of oil demand in energy storage industry

Will oil demand decline in 2023?

Oil demand growth has started to show signs of slowing, and demand is expected to begin to decline by 2030 across all scenarios. The Global Energy Perspective 2023 models the outlook for demand and supply of energy commodities across a 1.5°C pathway, aligned with the Paris Agreement, and four bottom-up energy transition scenarios.

What is the size of the global oil storage market?

The global oil storage market had an estimated size of 1,649.5 MCM in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 4.98% from 2022 to 2030.

What is the growth rate of oil storage market?

Oil storage market from the floating roof product segment is slated to exhibit around 4% growth rate through 2030. The growing requirement for robust storage solutions for medium and low flash point petroleum is a prominent factor driving product demand.

When will global oil demand level off?

Based on today’s market conditions and policies, global oil demand will level off at around 106 mb/d towards the end of the decade amid the accelerating transition to clean energy technologies.

Which region will hold the most oil storage market share by 2030?

Asia Pacific is anticipated to hold more than 43% of the global oil storage market share by 2030. The growing emphasis on crude oil stockpiling for commercial and emergency applications, to meet the burgeoning petroleum demand, will foster regional industry share.

How can the oil and gas industry navigate the changing energy demand landscape?

The oil and gas industry should look to uphold capital discipline and prioritize viable low-carbon projects to help successfully navigate the changing energy demand landscape.