Market Analysis
The global oil and gas storage market will grow at a 5.84% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Oil and gas storage is a part of the midstream within the oil and gas industry. The oil in this process extracted from the upstream companies is stored in different forms and transported wherever needed. Downstream companies also use storage tanks for their operations.
Various factors are fuelling the global oil and gas storage market growth. As per the recent MRFR market estimates, such factors include the booming automobile and transportation industry, constant rise in the energy outlook, growing concern towards the fulfillment of emergency crude oil supply, growing investment towards exploration of unconventional resources on account of declining petroleum import from different countries, burgeoning demand for the expansion of existing refining storage facilities on account of volatile prices of oil and gas, and increasing use of natural gas in power generation. Additional factors adding market growth include low crude oil prices, need for mega refining hub, high degree of product containment, distribute or import type facilities, and initiatives like strategic petroleum reserve to stockpile large volumes of oil.
On the contrary, rising inventory cost and decline on production and exploration activities may impede the global oil and gas storage market growth over the forecast period.
COVID-19 Analysis
The novel COVID-19 outbreak has had a major impact on the global oil and gas industry that has further resulted in the shortage of capacities. Major exporters and oil producing nations had been hit hard by the disruptions in the oil and gas supply chain. The crisis has compelled leading oil and gas companies in revising their expenditures for the present year. There has been a decline in projected investments and thus this market is likely to have a slow rate of recovery in the days to come. The fall in the demand for oil and oil products has halted the production processes at onshore and offshore locations alike. Thus the oil storage tank terminal construction and upgradation projects are likely to be pushed further for the slowdown in the industry. This will certainly affect the yearly investments in the market for a specified period.
Key Players
The leading players profiled in the global oil and gas storage market report include Oiltanking, Centrica Plc, Buckeye Partners, Brookfield Infrastructure Partners, WorleyParsons Limited, The Vitol Group, John Wood Group Plc, Magellan Midstream Partners, L.P., TechnipFMC Plc, and Royal Vopak N.V., among others.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global oil and gas storage market share based on storage type and product type.
By product type, the global oil and gas storage market is segmented into natural gas and oil.
By storage type, the global oil and gas storage market is segmented into underground and aboveground.
Regional Analysis
By region, the global oil and gas storage market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), South America, North America, and the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. The increasing per capita energy consumption, reduction in crude oil prices, increasing production and exploration of oil and gas, the growth in the export of refined products and oil from the US, and rise in drilling activities in the US are adding to the global oil and gas storage market growth in the region.
In the APAC region, the global oil and gas storage market is predicted to have favorable growth over the forecast period. The demand for energy and petroleum products in India and China, Singapore and South Korea being a hub for oil storage, spike in the demand for crude oil and gas, and growing expenditure in offshore and onshore oil operations in China and India are adding to the global oil and gas storage market growth in the region.
In Europe, the global oil and gas storage market is predicted to have striking growth over the forecast period. Increasing production capacities from different key players, countries depending on oil imports to fulfill the energy demands, increase in the demand for energy, and expansion in storage capacity are adding to the global oil and gas storage market growth in the region.
In the MEA, the global oil and gas storage market is predicted to have steady growth over the forecast period as it is a major oil exporting nation coupled with the presence of such storage terminals in the region are adding to the global oil and gas storage market growth in the region.
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