According to the research report titled ‘Asia Pacific Oil Storage Tank Service Market Size, Industry Analysis Report, Country Outlook (China, India, Indonesia, Malaysia, Singapore, Thailand, South Korea, Japan, Australia), Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, Asia Pacific oil storage tank service market is estimated to be worth USD 210 million by the year 2025.
 

Surging demand for technically advanced facilities across downstream & midstream sectors, extensive investments for ensuring protection from extreme conditions to avoid losses, and imposition of strict regulations for avoiding industrial hazards are the key factors propelling Asia Pacific oil storage tank service industry growth.
 

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For instance, the Indian Government has established Oil Industry Safety Directorate (OISD) that formulates the implementation of self-regulatory measures for enhancing terminal safety.
 

Parallelly, surging investments in development of smart cleaning & monitoring devices as well as launch of several new economical service packages offering both automated and manual systems will also contribute to overall market valuation.
 

Despite the positive industry outlook, high costs associated with cleaning of storage tank is likely to inhibit the expansion of Asia Pacific oil storage tank service market over the forthcoming years.
 

On the geographical front, Singapore industry is slated to register a CAGR of 6% through 2025, owing to rising net crude imports, efforts towards increasing the existing reserve capacity, and presence of robust oil refining infrastructure. Meanwhile, China industry is poised to witness healthy growth over the forecast period due to rising demand for hydrocarbons and proliferation of online technologies such as drones, guided robots, and corrosion detecting equipment.
 

Major players in Asia Pacific oil storage tank service market sphere are China Oil HBP Group, ARKOIL Technologies Nederland B.V., MISTRAS Group Inc., NCH Corp., Zonaint Pvt. Ltd., Oil Field Warehouse & Services Ltd., System Kikou Co. Ltd. (SKK), Hangzhou Zaopin ST Co. Ltd., Aoba Technos Co. Ltd., SP Nanibame (SPN), Matrix Service Inc., SUEZ S.A., Veolia Environnement S.A., Cyntech (Keller Group plc), Scanjet AB, Swire Oilfield Services Ltd., and John Wood Group plc among others.