Oil and Gas Storage Service Market Size to Increase with Increasing Global Oil and Gas Demand | Technavio
Scope of the report
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Technavio has announced its latest market research report titled Global Oil and Gas Storage Service Market 2020-2024 (Graphic: Business Wire)
This report provides a detailed analysis of the oil and gas storage service market by service (storage services, ancillary services, and other services) and geography (North America, APAC, Europe, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Buckeye Partners LP, CLH, Kinder Morgan Inc., Magellan Midstream Partners LP, Marquard & Bahls AG, NuStar Energy LP, PetroChina Co. Ltd., Koninklijke Vopak NV, SGS SA, and Vitol Netherlands Cooperatief UA. The rising use of natural gas in power generation is a key trend in the global oil and gas storage service market which will lead to significant market growth. Natural gas is increasingly becoming popular across the world as a substitute for fossil fuels in power generation. This is because natural gas emits less carbon dioxide compared to other fossil fuels such as coal. The increased use of natural gas in power generation is creating the need for effective natural gas storage services. All these factors are leading to a positive outlook for the oil and gas storage service market.
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Oil and Gas Storage Service Market: Segmentation by Geography
The market is segmented into five regions encompassing North America, APAC, Europe, MEA, and South America. North America was the largest market for oil and gas storage service in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 34% of the market’s growth will originate from North America during the forecast period. The growth in the export of crude oil and refined products from the US has been attracting significant investments in storage terminals. Also, the rise in drilling activities in the US is contributing to the growth of the oil and gas storage service market in North America. The US is the key market for oil and gas storage services in North America.
Oil and Gas Storage Service Market: Segmentation by Service
The oil and gas storage service market is segmented into three segments based on the service comprising of storage services, ancillary services, and other services. The storage services segment emerged as the leading segment during 2019. Storage services act as a buffer between the buyers, sellers, and consumers in the supply chain. This is driving the need for storing oil and gas products. These factors are creating significant growth potential in the segment.
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Oil and Gas Storage Service Market: Growth Drivers
Increase in global oil and gas demand will drive market growth. The rising consumption of fuel in the transportation sector, especially in emerging markets such as China, India, and Indonesia has created a strong demand for petroleum products. This is compelling oil producers in the OPEC countries and the US to increase their production and drilling activities. Such activities have resulted in a rise in the production of oil and gas, which is driving investments in oil and gas storage services. Thus, the rising global oil and gas demand will fuel the growth of the global oil and gas storage service market during the forecast period.
Oil and Gas Storage Service Market: Market Overview
The oil and gas storage service market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Buckeye Partners LP, CLH, and Kinder Morgan Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, volatility in oil and gas prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Oil and gas storage service Market: Parent Market Overview
Technavio categorizes the global oil and gas storage service market as a part of the global oil and gas storage and transportation market within the global oil and gas market. The global oil and gas storage and transportation market covers companies engaged in the transportation and/or storage of gas, oil, and/or refined products.
Growth in the global oil and gas storage and transportation market will be driven by factors such as the increase in global energy demand, limited fossil fuel reserves, volatility in fuel prices, and environmental degradation.
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