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Thailand Storage Tank & Tower Industry Analysis
Current Scenario:
Thailand is a major player in the Southeast Asian region's petroleum industry. It is one of the leading petroleum producers and consumers in the region. As a result, the country has a significant number of crude oil, gas, and petroleum products storage tanks.
The storage tank industry in Thailand has experienced considerable growth over the years. According to a report by Research and Markets, the market for crude oil and refined products storage in Thailand is expected to grow at a CAGR of 2.77% from 2020 to 2025.
Major Drivers:
The growth in the storage tank industry in Thailand can be attributed to several factors. Firstly, the country's strategic location in the region makes it a hub for oil and gas transportation and storage. Thailand serves as a transit point for oil and gas exports from the Middle East to other countries in the region. This has resulted in a surge in demand for storage facilities.
Secondly, the country's rapid industrialization and urbanization have led to an increase in demand for petroleum products, especially in the transportation and power sectors. As a result, storage tanks have become a critical infrastructure for ensuring a steady supply of crude oil, gas, and petroleum products.
Industry Outlook:
The outlook for the crude oil, gas, and petroleum products storage tank industry in Thailand is positive. The country's strategic location, coupled with the increase in demand for storage facilities, makes it an attractive destination for storage tank investments.
Furthermore, the Thai government has taken several initiatives to encourage investment in the country's energy sector. For instance, it has offered tax incentives for investments in the energy sector, including storage tanks. Additionally, the government has undertaken several infrastructure development projects, including the expansion of existing storage facilities and the construction of new ones.
The increasing focus on renewable energy sources, including solar and wind energy, is expected to have a minimal impact on the storage tank industry. This is because crude oil and gas will continue to remain the primary sources of energy for transportation and power generation in the country for the foreseeable future.
In conclusion, the crude oil, gas, and petroleum products storage tank industry in Thailand is expected to grow steadily in the coming years. The country's strategic location, coupled with the increase in demand for storage facilities, and the government's initiatives to encourage investment in the energy sector, make it an attractive destination for storage tank investments.
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