North America Oil Storage Market Size & Share 2025 – 2034
Market Size by Product, by End Use, Analysis, Share, Growth Forecast.
Report ID: GMI5716
|
Published Date: December 2024
|
Report Format: PDF
Download Free PDF
Authors:
Ankit Gupta, Shashank Sisodia
North America Oil Storage Market Size
The North America oil storage market size was marked at 166.2 million cubic meter capacity in 2024 and is estimated to grow at a CAGR of 2.4% from 2025 to 2034. The market is experiencing significant growth driven by several key business trends including the increasing demand for oil storage capacity due to fluctuating oil production and consumption patterns, particularly in the U.S., which is a major oil producer and consumer.
North America Oil Storage Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The rise in shale oil production and the expansion of pipelines have necessitated the development of additional storage infrastructure to manage surpluses and ensure a steady supply during periods of high demand or geopolitical instability. The market is also witnessing increased consolidation with larger players acquiring smaller, regional operators to expand their footprint and gain competitive advantages. This trend is expected to continue as companies look to optimize their storage assets and reduce operational costs.
North America Oil Storage Market Trends
The growing focus on energy security and the need for strategic reserves, especially in light of supply chain disruptions and environmental concerns, is influencing investments in oil storage facilities. With the ongoing transition toward cleaner energy sources, oil storage companies are also exploring more efficient and environmentally friendly storage solutions. This includes upgrading existing storage facilities to meet stricter regulatory standards and adopting advanced technologies such as automated inventory management and remote monitoring systems. Furthermore, there is a rising interest in developing offshore oil storage facilities, driven by the need to store excess crude and refined products in more geographically strategic locations.
North America Oil Storage Market Analysis
The floating roof oil storage market will exceed 115 million cubic meter capacity by 2034. These tanks are becoming more prevalent owing to their capability to minimize evaporation losses and decrease environmental emissions. Moreover, they are increasingly utilized for storing volatile liquids like crude oil and refined petroleum products. Advancements in seals and materials have further improved their operational efficiency while ensuring better compliance with environmental regulations.
The North America oil storage market from crude oil segment size will grow at a CAGR of over 2% by 2034. Crude oil storage continues to be a crucial segment driven by fluctuations in production and the increasing demand for refined product storage. The need for storage of refined products such as gasoline, diesel and jet fuel are rising as infrastructure upgrades aim to boost capacity. These upgrades are also incorporating advanced monitoring technologies to enhance safety and efficiency, while ensuring compliance with stricter environmental and operational standards across the oil storage industry.
U.S. oil storage market is set to reach over 180 million cubic meter by 2034. The country continues to be a dominant force in the oil storage market, driven by its strong production from shale reserves and expanding export activities. Additionally, the growth of strategic petroleum reserves and private storage facilities is focused on managing the rising output and mitigating market fluctuations, thereby enhancing the overall market dynamics across the country. Additionally, regulatory pressures to comply with environmental standards are encouraging the adoption of more efficient, environmentally friendly storage solutions, enhancing safety and operational performance.
The Canada oil storage market is experiencing steady growth, driven by the country's significant oil production, particularly from the oil sands in Alberta. As a major oil exporter, Canada requires extensive storage infrastructure to manage both domestic supply and exports, particularly to the U.S. and overseas markets. The expansion of pipeline networks and the rising demand for crude and refined product storage have led to investments in new storage facilities and the upgrading of existing ones.
North America Oil Storage Market Share
The market is led by prominent players such as Royal Vopak, CST Industries, NOV Inc., Fisher Tank Company, and Shawcor. These companies capitalize on their extensive regional networks and state-of-the-art storage infrastructure to maintain a strong competitive position. Market share within the region is primarily shaped by factors such as storage capacity, geographic reach, and seamless integration with transportation networks, including pipelines and rail systems.
North America Oil Storage Market Companies
Major players operating in the North America oil storage industry are:
North America Oil Storage Industry News
This North America oil storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of capacity (million cubic meter) from 2021 to 2034, for the following segments:
Market, By Product
Market, By End Use
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →