Market Highlights
Oil & gas storage market is a part of the midstream within the oil & gas industry. In this process, the oil extracted from the upstream companies is stored in various forms and then transported wherever required. Downstream companies also use storage tanks for their operations.
The increasing demand for natural gas storage systems is likely to drive market growth during the forecast period. The production of natural gas is growing rapidly, and the increase in demand is mainly driven by its growing applications in the power generation and transport industries, among others. Natural gas can be easily stored for indefinite periods. Natural gas is not always needed right away, so it is stored in underground storage facilities. Moreover, the US Department of Energy and its industry partners have checked the feasibility of storing chilled natural gas in a mined, hard-rock facility. The concept of chilling gas before storage, if applied to planned or existing bedded salt storage caverns, could significantly increase the storage capacity for the existing volume of natural gas. However, due to the lack of demand in the last few months, many countries are facing gas storage problems. For instance, China wants to procure more natural gas to meet the surging demand post-COVID-19. The limited storage capacity is making it difficult for the country to cope with the supply crunches in the winter months when demand surges to heat homes. China’s lack of storage capacity is restricting the gas supply, while its total underground storage capacity available is significantly lower. Hence, more storage space needs to be discovered to cope with the surplus challenge. Thus, the increasing demand for natural gas storage systems is expected to drive the growth of the global oil & gas storage market during the forecast period.
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The global market for oil & gas storage has been segmented based on product type, storage type, and region. By product type, the global market is segmented as oil and natural gas. By storage type, the global market is segmented as aboveground and underground.
Drivers: Oil & Gas Storage Market
Market Research Analysis
In terms of region, the market has been segmented as Europe, Asia-Pacific, North America, the Middle East & Africa, and Central & South America. North America dominates the global oil & gas storage market. The increasing per capita energy consumption, the reduction in crude oil prices, and the increasing exploration and production of oil & gas are likely to drive the growth of the oil & gas storage market in the region.
Oil & gas storage is a significant challenge in the regions where oil & gas is available in huge volumes. For instance, in May 2018, Saudi Aramco (Saudi Arabia) signed a contract with Halliburton (US) to handle its hydraulic fracking needs in its unconventional gas fields. China has also been investing substantially in unconventional reservoirs to reduce its dependence on imported oil & gas. For instance, in August 2019, the China National Petroleum Corporation (China) started drilling its first shale oil well in the South-Western province of Sichuan in China. Similarly, several countries across the world, such as Canada, Australia, and Saudi Arabia, are expected to gradually increase their exploration activities in unconventional reserves, which involve shale, deep-water, and other reservoirs. Conventional oil & gas reservoirs getting depleted at a steady rate, which is prompting stakeholders in the oil & gas industries from various countries to explore unconventional reservoirs, which is expected to create growth opportunities for the players in the reservoir analysis market. Increasing exploration activities would require storage facilities for oil & gas. Additionally, it is anticipated that after the first quarter of 2021, the demand for oil & gas will increase, and storage spaces will be required to accommodate the increasing oil & gas production. Thus, the exploration of unconventional reservoirs is expected to create growth opportunities for the players operating in the global oil & gas storage market during the study period.
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Scope of the Report
This study provides an overview of the global oil & gas storage market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and shares for North America, Europe, Asia-Pacific, Middle East, and Central & South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global oil & gas storage market by type, application, and region.
By Product Type
- Oil
- Natural Gas
By Storage Type
- Aboveground
- Underground
By Regions
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- Central & South America
Key Players
The key industry participants of the global market for oil & gas storage include 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.
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