Rising demand for oil & gas and expanding oil & gas pipeline networking to drive global oil & gas storage services market
According to TechSci Research report, “Global Oil & Gas Storage Services Market By Service, By Product Type, By End User, By Region, Competition, Forecast & Opportunities, 2025”, the global oil & gas storage services market is forecast to surpass $ 1.34 billion by 2025 due to increase in oil & gas consumption coupled with expanding oil and gas pipeline network, globally. The global crude oil consumption stood at 99.97 million barrels per day in 2018 and increased to 100.75 million barrels per day in 2019. In 2020, global crude consumption is expected to decline to 95.52 million barrels per day by 2020, due to the economic slowdown and stay-at-home order implemented by various countries.
The global oil & gas storage services market is categorized into storage services, throughput services and ancillary services, and the storage services segment is expected to hold the largest share until 2025 as it includes the fee paid to store crude oil or petroleum products in storage space in tanks and to compensate for handling up to a fixed amount of product volume. Nevertheless, the throughput and ancillary service are also expected to grow as these segments includes delivery and third party mixing and blending of the products. The oil & gas storage services market can be bifurcated in crude oil, gasoline, diesel, jet fuel, LPG, heavy fuel oil (residual), other distillates & others in terms of product type. The crude oil segment holds largest share in the market, accounting for around 48% in 2019.
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In terms of end users, the oil & gas storage services market is categorized into refinery, merchant traders and distributors. The refinery segment will be leading the market as major part of the storage services market is captured by refinery and majority of refined products are stored in storage tanks in refinery itself. Some of the major players operating in the global oil & gas storage service market are Buckeye Partners L.P., Royal Vopak, Vitol, Magellan Midstream Partners L.P., Oiltanking GmbH, Kinder Morgan Inc., Nustar Energy L.P, International Matex Tank Terminal, Clean Harbors Inc., Odfjell SE, among others.
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“Expanding oil and gas pipeline network across the globe for transferring crude oil & petroleum products is expected to positively influence the global oil & gas storage services market in the coming years. Moreover, growing global population and consumption rate of oil & gas are anticipated to fuel the market until 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. However, the global economic slowdown and COVID–19 outbreak poses a huge challenge that can hamper the growth of market over the next couple of years. Additionally, the rising adoption of electric vehicles is the major restraint for the global oil & gas storage services market.
“Global Oil & Gas Storage Services Market By Service, By Product Type, By End User, By Region, Competition, Forecast & Opportunities, 2025” has analyzed the potential of oil & gas storage services market across the globe, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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