Automated Oil Tank Cleaning System Market in EMEA 2017-2021
About Automated Oil Tank Cleaning System
The automated oil tank cleaning system market structure constitutes automated oil tank cleaning manufacturers that design and manufacture machines for end-users, which include oil industry players in upstream, midstream, and downstream applications. Owing to the high cost involved in buying automated oil tank cleaning systems, end-users prefer to outsource the entire operation of tank cleaning to service providers on the basis of contracts.Technavio’s analysts forecast the automated oil tank cleaning system market in EMEA to grow at a CAGR of 4.21% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the automated oil tank cleaning system market in EMEA for 2017-2021. To calculate the market size, the report considers new installations, sales, volume, value and retrofit, replacement, spares, aftermarket services market.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Automated Oil Tank Cleaning System Market in EMEA 2017-2021
Technavio recognizes the following companies as the key players in the automated oil tank cleaning system market in EMEA: Veolia Environnement, Oreco A/S, M-I SWACO, Scanjet Systems, and Alfa Laval.
Other Prominent Vendors in the market are: AL Ghaith Oilfield Supplies & Services, ARKOIL Technologies, Tank Cleaning Technologies, Butterworth, and KMT International.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing market for tank cleaning systems as a service. Automated oil tank cleaning systems that not only clean the tank from inside but also extract hydrocarbons from the sludge have high upfront costs. As a crude oil tank is usually cleaned over a period of 7 to 10 years, there exists an emerging trend of oil and gas players preferring to outsource the cleaning and extraction processes to service providers in the market.”
According to the report, one driver in the market is increasing investments in oil storage tanks. Owing to shale oil boom in the US, there is an oversupply of crude oil around the world. The US was the largest importer of crude oil from the Middle East and Africa producers. As the US started utilizing its own resources and started extracting oil from shale rocks, with technologies such as hydraulic fracturing and horizontal drilling, its demand for export decreased. This created a situation of oversupply in most of the oil-producing countries.
Further, the report states that one challenge in the market is stagnant oil industry. Technologies such as hydraulic fracturing and horizontal drilling revolutionized the oil and gas industry, by allowing oil extraction from the tough shale rocks in the US. The scenario worsened with Saudi Arabia's decision of not cutting down the production of crude oil. Additionally, relaxation on Iran to export petroleum products added to the oversupply glut of crude oil. Simultaneously, demand reduced due to the economic slowdown, especially in China. Speculation of low prices also added in keeping the market monotonous and reduced prices.
Veolia Environnement, Oreco A/S, M-I SWACO, Scanjet Systems, Alfa Laval, AL Ghaith Oilfield Supplies & Services, ARKOIL Technologies, Tank Cleaning Technologies, Butterworth, and KMT International.
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