Oil & Gas Storage Services Market to Cross $ 1.3 Billion by 2025
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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Storage Services Market 2025"
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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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