Global Oil & Gas Storage Services Market is expected to grow at a robust CAGR
Global Oil & Gas Storage Services Market is expected
to grow owing to rising consumption of fuel in the transportation sector throughout
the forecast period.
According to TechSci Research report, “Oil & Gas Storage Services
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast
2018-2028”, the Global Oil & Gas Storage Services Market is expected to
register robust growth during the forecast period.
The market has witnessed growth due to the rising demand
for oil and gas, global expansion of exploration and production, and the
expansion of oil and gas pipeline infrastructure. The significant fluctuations
in crude oil prices in recent years have further amplified the need for oil and
gas storage services worldwide.
As the world moves towards cleaner and more sustainable
energy sources, there is an increasing opportunity for oil and gas storage
facilities to contribute to this transition. The storage infrastructure can be
repurposed effectively to store alternative fuels like hydrogen, biofuels, and
synthetic fuels. Additionally, these facilities can serve as backup storage for
intermittent renewable energy sources such as wind and solar, ensuring a
reliable energy supply. Adapting to these evolving energy needs presents a
significant growth opportunity for storage service providers.
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Based on service, the Storage Service segment
is expected to dominate the market during the forecast period. LNG storage
facilities are designed to store liquefied natural gas at ultra-low
temperatures. These facilities are vital for the transportation and
distribution of LNG, serving industries such as power generation and marine
transportation. Ensuring the quality of stored products is of utmost
importance. Service providers may offer quality control and testing services to
monitor product specifications, identify contaminants, and maintain compliance
with industry standards. Blending services are essential for achieving desired
product specifications. Storage facilities have the capability to blend various
grades of crude oil or additives to produce products with specific
characteristics. The demand for storage services can vary significantly by
region and country. Geopolitical factors, energy policies, and supply-demand
dynamics influence the requirement for storage capacity in different locations.
Opportunities for growth in the storage service segment include constructing
new storage tanks, expanding existing facilities, and developing infrastructure
for emerging products such as hydrogen and carbon capture and storage (CCS). Storage
service providers are increasingly focused on reducing greenhouse gas emissions
associated with their operations. This encompasses efforts to minimize methane
emissions from storage tanks and pipelines. The adoption of digital
technologies, such as real-time monitoring, IoT sensors, and data analytics, is
enhancing the efficiency and safety of storage facilities. These technologies
improve inventory management, enable predictive maintenance, and contribute to
overall operational excellence.
Based on product type, Crude Oil segment is projected to
dominate the market throughout the forecast period. The crude oil segment plays
a significant role in the global oil and gas storage services market. It
encompasses the storage, handling, and transportation of crude oil from
production sites to refineries or export terminals. The demand for crude oil as
an energy source remains high, especially in emerging economies, which drives
the requirement for storage facilities. Political instability in oil-producing
regions can disrupt supply chains, leading to increased storage needs as a
buffer against supply interruptions. The adoption of automation and Internet of
Things (IoT) technologies is enhancing the efficiency and safety of crude oil
storage operations. The utilization of digital twins for monitoring and
maintenance is increasingly prevalent, contributing to the optimization of
storage operations. Storage facilities are strategically positioned near major
oil-producing regions and key consumption centers, thereby facilitating
regional and global trade. Key players in the crude oil storage segment include
independent storage operators, national oil companies, and integrated oil and
gas companies. Given the continued significance of crude oil in the global
energy mix, the crude oil storage segment is expected to remain a critical
component of the oil and gas storage services market. Ongoing advancements in
renewable energy sources and efforts to reduce fossil fuel consumption may
impact long-term storage demand.
Key market players in the Global Oil & Gas Storage
Services Market are:-
- Buckeye Partners, L.P.
- Magellan Midstream Partners, L.P.
- Oiltanking GmbH
- Royal Vopak N.V.
- Vitol Group
- Kinder Morgan, Inc.
- NuStar Energy L.P
- Odfjell SE
- International-Matex Tank Terminals (IMTT)
- Clean Harbors, Inc
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“North America is expected to be the dominating region
during the forecast period. To address the escalating demands for energy
production and storage, North America is currently experiencing a significant
expansion of its infrastructure. The development of new storage facilities,
particularly in regions with substantial shale production, is underway to cater
to the amplified supply of oil and gas. This ongoing trend plays a crucial role
in upholding energy security and bolstering export activities.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global management
consulting firm.
“Oil & Gas
Storage Services Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Service (Storage
Service, Throughput Service and Ancillary Service), By Product Type (Crude Oil,
Gasoline, Diesel, Jet Fuel, Liquefied Petroleum Gas (LPG), Heavy Fuel Oil
(Residual) and Others), By End-Users (Refinery, Distributors and Merchant
Traders), By Region, Competition 2018-2028,” has evaluated the future growth potential of Global Oil
& Gas Storage Services Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Oil &
Gas Storage Services Market.
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