The Global Oil and Gas Storage Market is expected to grow at a compound annual growth rate (CAGR) of 3.5% from 2019 to 2026. North America accounts the largest share in the global market; while increasing demand of strategic reserve in oil & gas along with the growing importance of pipeline distribution network across the globe boost the growth of this market.
The key market drivers in the oil and gas storage market are the increasing capacity of the oil refinery. Many countries are investing in the oil and gas storage market and this is a positive sign to the competition in this market. This market is involved with the transportation of oil and natural gas and from their production wells to the refineries and further to the storage tanks. The improvement in the storage tank design is one of the dominant factors to boost the growth of this market. The sudden fuel crisis & instability in the oil-producing region inevitably drive the oil and gas storage market. However, frequent oil leakages along with the environmental regulation may hamper market growth.
The global oil and gas storage market is segmented into product, service and geography type. The Product segment is classified into the oil and natural gas storage product. The service segment is divided into storage service, ancillary service and other services which are associated with oil and gas storage market. The storage segment is further divided into underground storage and above-ground storage. By Geography, the market is segmented into a distinct geographical region such as North America, Europe, Asia-Pacific, and Africa & Rest of the World (RoW).
By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, Africa and the Rest of the World (RoW). North America includes the USA, Canada & Mexico; while Europe includes Germany, France, UK, Italy and the rest of Europe. China, Japan, India, South Korea are covered under the Asia-Pacific. Rest of the world covers the South & Central America, Africa, and the Middle East.
The Scope of the report covers in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segments as well as across sectional analysis of the segments including the geographies and its countries. The market has been analyzed both from demand as well as supply side to come to an accurate scenario. Product across application and application across geographies has been mapped to provide you a precise competitive scenario to have a leading edge in the market.
The key market players operating in the global oil and gas market are Royal Vopak N.V. (The Netherlands), Worley Parsons Limited (Australia), Amec Foster Wheeler plc , Chiyoda Corporation (Japan ), Magellan Midstream Partners, Centrica plc (U.K.), Niska Gas Storage Partners LLC, Oiltanking GmbH, Buckeye Partners, L.P., and others.
Highlights of the report
Scope of the Global Oil and Gas Storage Market