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From 2023 to 2030, the oil and gas storage market is expected to grow by USD 13,958.50 million, or 5.20 percent annually. Oil and gas storage are part of the industry's midstream. The upstream oil is stored in various ways until it is transferred to the downstream companies. Storage tanks are also used in the downstream industries for activities such as oil collection for further processing and sale. There will be substantial growth in the oil and gas storage business during the next few years. During the foreseen time period, the need for oil and gas storage units is expected to skyrocket. The critical requirement for more room to store petroleum reserves is a factor driving oil and gas storage demand.
A rise in the need for natural gas storage facilities is also likely affecting the market. Growth in various industries, most notably transportation and electricity production, is driving increased demand for natural gas. The amount of natural gas produced is increasing rapidly. It's possible to keep natural gas underground forever. Natural gas is often stored in underground caverns until it is needed. In addition, the US Department of Energy and private sector partners have investigated the possibility of storing cooled natural gas in an abandoned hard-rock mine. If used to both new and existing bedded salt storage caverns, the concept of freezing the gas before storage might significantly enhance storage capacity within the current volume of natural gas.
Demand for oil and gas storage is being fueled in part by the pressing need for facilities to house strategic petroleum reservoirs (SPRS). The Covid-19 pandemic has created a previously unheard-of challenge for the global oil and gas industry: the storage of excess oil. There is a growing shortage of storage space among industry participants. In May, for example, traders in the United States had to pay to have their oil taken off the market because the West Texas Intermediate fell into negative territory for the first time in its history. Both onshore and offshore storage facilities are rapidly reaching capacity due to the oil glut, which has caused a demand shock in the energy markets.
Similarly, with demand down during the lockdown, refiners in India are flooding the market with petroleum products. Storage facilities at gas stations and other facilities constructed by refiners across the country are also nearly full. The entire storage capacity of state-run firms is also estimated to be around 85 million barrels at this point. Oil companies and refineries are responding to this problem in a number of ways. When shale drillers stopped working, oil corporations in Texas, for example, held the idled oil in steel tanks. Oil companies are currently seeking to store as much oil as they can in these tanks to combat the space issue. Especially in the near future, when demand will be high, and more storage space will be required, factors like these will likely contribute to the growth of the global oil and gas storage industry.
The growing need for natural gas storage facilities is also expected to propel the oil and gas storage industry. Rapid increases in both supply and demand can be attributed to increased consumption in key markets like the transportation and energy industries. Natural gas can be easily stored forever. Underground storage tanks are used to hold natural gas until it is needed. The United States Department of Energy and its industry partners have also looked into the possibility of using a mined, hard-rock facility to store cooled natural gas. The concept of chilling gas before storage has the potential to considerably increase the storage capacity within the current supply of natural gas if applied to projected or existing bedded salt storage caverns. However, as a result of the recent downturn in demand, some countries are experiencing problems with gasoline storage. As a result of the increase in demand that Covid-19 has caused, China, for one, is looking to increase its purchases of natural gas. As the need to heat homes increases in the winter, the country's poor storage capacity makes it difficult to manage the supply shortfalls. Despite having access to significantly less total underground storage, China's gas supply is constrained due to a shortage of available space. As a result, the solution to the surplus problem requires the creation of additional storage capacity.
Report Coverage
Global Oil & Gas Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil & Gas Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil & Gas Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil & Gas Storage market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil & Gas Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil & Gas Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Royal Vopak N.V., TechnipFMC Plc, Magellan Midstream Partners, L.P., John Wood Group Plc, The Vitol Group, WorleyParsons Limited, Brookfield Infrastructure Partners, Centrica Plc, Buckeye Partners, and Oiltanking.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil & Gas Storage market based on the below-mentioned segments:
Global Oil & Gas Storage Market, By Product Type
Oil
Natural Gas
Global Oil & Gas Storage market, By Storage Type
Aboveground
8.00%Underground
Global Oil & Gas Storage market, Regional Analysis
A rise in the need for natural gas storage facilities is also likely affecting the market. Growth in various industries, most notably transportation and electricity production, is driving increased demand for natural gas. The amount of natural gas produced is increasing rapidly. It's possible to keep natural gas underground forever. Natural gas is often stored in underground caverns until it is needed. In addition, the US Department of Energy and private sector partners have investigated the possibility of storing cooled natural gas in an abandoned hard-rock mine. If used to both new and existing bedded salt storage caverns, the concept of freezing the gas before storage might significantly enhance storage capacity within the current volume of natural gas.
Demand for oil and gas storage is being fueled in part by the pressing need for facilities to house strategic petroleum reservoirs (SPRS). The Covid-19 pandemic has created a previously unheard-of challenge for the global oil and gas industry: the storage of excess oil. There is a growing shortage of storage space among industry participants. In May, for example, traders in the United States had to pay to have their oil taken off the market because the West Texas Intermediate fell into negative territory for the first time in its history. Both onshore and offshore storage facilities are rapidly reaching capacity due to the oil glut, which has caused a demand shock in the energy markets.
Similarly, with demand down during the lockdown, refiners in India are flooding the market with petroleum products. Storage facilities at gas stations and other facilities constructed by refiners across the country are also nearly full. The entire storage capacity of state-run firms is also estimated to be around 85 million barrels at this point. Oil companies and refineries are responding to this problem in a number of ways. When shale drillers stopped working, oil corporations in Texas, for example, held the idled oil in steel tanks. Oil companies are currently seeking to store as much oil as they can in these tanks to combat the space issue. Especially in the near future, when demand will be high, and more storage space will be required, factors like these will likely contribute to the growth of the global oil and gas storage industry.
The growing need for natural gas storage facilities is also expected to propel the oil and gas storage industry. Rapid increases in both supply and demand can be attributed to increased consumption in key markets like the transportation and energy industries. Natural gas can be easily stored forever. Underground storage tanks are used to hold natural gas until it is needed. The United States Department of Energy and its industry partners have also looked into the possibility of using a mined, hard-rock facility to store cooled natural gas. The concept of chilling gas before storage has the potential to considerably increase the storage capacity within the current supply of natural gas if applied to projected or existing bedded salt storage caverns. However, as a result of the recent downturn in demand, some countries are experiencing problems with gasoline storage. As a result of the increase in demand that Covid-19 has caused, China, for one, is looking to increase its purchases of natural gas. As the need to heat homes increases in the winter, the country's poor storage capacity makes it difficult to manage the supply shortfalls. Despite having access to significantly less total underground storage, China's gas supply is constrained due to a shortage of available space. As a result, the solution to the surplus problem requires the creation of additional storage capacity.
Report Coverage
Global Oil & Gas Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil & Gas Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil & Gas Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil & Gas Storage market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Royal Vopak N.V., TechnipFMC Plc, Magellan Midstream Partners, L.P., John Wood Group Plc, The Vitol Group, WorleyParsons Limited, Brookfield Infrastructure Partners, Centrica Plc, Buckeye Partners, and Oiltanking. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Oil & Gas Storage Market from 2021 to 2030.
- Market Forecast for Oil & Gas Storage Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Oil & Gas Storage competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Oil & Gas Storage
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil & Gas Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil & Gas Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Royal Vopak N.V., TechnipFMC Plc, Magellan Midstream Partners, L.P., John Wood Group Plc, The Vitol Group, WorleyParsons Limited, Brookfield Infrastructure Partners, Centrica Plc, Buckeye Partners, and Oiltanking.
Primary Target Market
- Market Players of Oil & Gas Storage
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil & Gas Storage market based on the below-mentioned segments:
Global Oil & Gas Storage Market, By Product Type
Oil
Natural Gas
Global Oil & Gas Storage market, By Storage Type
Aboveground
8.00%Underground
Global Oil & Gas Storage market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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