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USD 37.52 billion by 2027 at a CAGR of 4.9% in the foreseeable future. This information is published by Fortune Business Insights™ in its report Oil Storage Terminal Market, 2020-2027 . The terminals for oil storage are crucial for the purpose of supplying oil across the globe. Economies that are majorly dependent on the surplus oil production for their income have such storage terminals. The increasing use of automobiles is expected to boost the demand for such terminals.
According to the annual US motor vehicle production and domestic sales report by the Bureau of Transportation statistics, the year 2019 experienced sales of 10134 units in commercial vehicles and 3544 in passenger ones.
Oil and Gas Industry Affected Negatively Owing to Declining Economy
COVID-19 has drastically affected the oil and gas industry. The major oil-producing countries were affected by the falling global economy and reducing demand for oil. The construction of oil storage terminal and related upgrades are expected to be postponed due to industrial slow down. After the upliftment of lockdown, it is expected that the demand for oil will start to rise as the manufacturing bases will start operating.
Market Segmentation
Based on type, the market for oil storage terminal is segmented into strategic reserve and commercial reserve. The commercial reserves segment dominated the market due to their growing demand. The past few years have experienced a most of the terminals to be used specifically for the purpose of commercial crude oil boosting its demand.
SOLOMONS Europe has continued to forge ahead with its ambitious growth plans in Cumbria despite the Covid-19 pandemic. The firm of quantity surveyors and procurement and commercial professionals has seen four new recruits join its Cumbria team in the last 12 months to support a number of new contracts it has secured in the county. The latest arrival joined earlier this week, taking its Cumbria team to 13. Solomons Europe - which has offices near Kendal and Cockermouth - specialises in supporting clients and contractors delivering major power, infrastructure, engineering and utilities developments across the UK. In Cumbria, it is currently supporting two multi-billion-pound frameworks at Sellafield, as well as contractors delivering projects at the BAE Systems site in Barrow.