Advancements in Oil Storage Technology Shaping the Future of Energy Storage

One of the most consequential advancements in oil storage technology has been the emergence of smart tank monitoring methods. These systems operate Internet of Things (IoT-enabled) sensors and artificially intelligent (AI) related analytics to supply up-to-the-minute data on oil levels, pressure, temperature, and leaks. A significant amount of automation arising from this technology has led to improved efficiency, reduced human error, and proactive maintenance for limiting costly disasters. The increase in tank structural elements such as corrosion-resistant alloys and composites has and continues to substantially increase the lifecycle of storage tanks while simultaneously reducing maintenance. On top of that, there are environmentally-friendly solutions, such as vapor recovery units and containment secondary walls which are further reducing risk in storage by limiting emissions and leaks. Companies are even experimenting with floating roof tank designs with improved seal technology to combat other evaporation losses. Evidence suggests that the implementation of these technologies is capable of reducing costs by greater than 30%, while maximizing compliance and sustainability with laws and regulations. The leaders in the energy industry are investing more heavily in these technologies to build resiliency for the future and to counter energy storage with a low carbon footprint. While there will be growth in the area of the energy sector, innovations in oil storage technologies are required for the safety, efficiency, and sustainability of the industry and the planet.