Adapt to thrive

Kees Oerlemans from nVent explains how smart electric heat tracing systems and innovative tank insulation are helping tank farm owners react to changing demand Seismic change is on the horizon for the chemical storage sector. For many years, the industry has relied on oil production as its main source of new investment streams. In 2020, however, this well-established trend was challenged. As a result of the pandemic, worldwide oil production dropped from 100 million bpd to 88 million bpd – a downturn felt even more keenly by the US market, which fell by a staggering 20%1. While both demand and production levels have risen sharply in 20212, this dramatic shift is likely a sign of the market developments to come. With mounting pressure from governments to reduce reliance on fossil fuels and limit global warming to below 2°C in line with the Paris Agreement3, crude oil’s position as the primary growth driver for the tank storage sector seems set to change permanently.   SHIFTING FOCUS The rise of advanced technologies such as space crafts and drones, growing demand for electric vehicles, and initiatives to repurpose the existing oil refining infrastructure for renewable...