Oil and Gas Storage Market is expected to grow at a CAGR of 3.5% | major players- Royal Vopak N.V. (Dutch), TechnipFMC plc (U.K.), Magellan Midstream Partners, L.P. (U.S.), Amec Foster Wheeler plc

Market Highlights

Oil and gas are increasingly stored to meet the growing demand for energy. Oil is stored in tankers and other stationary facilities so it can be transported over vast distances and regions to meet the demand. Gas, on the other hand needs to be stored underground in facilities such as depleted oil and gas fields, salt caverns and aquifers.

As the global oil and gas industry is increasingly witnessing a drop in oil prices, OPEC countries are increasingly storing their oil and natural gas products to make profit when the prices climb back.

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Market Research Analysis

Natural gas storage is expected to dominate the market in terms of product type. With gas being increasingly used for providing domestic heating in North America and Europe regions, storing gas for winter season demand is of prime importance to the countries in the region. Countries are eager to take advantage of the price drop of natural gas and are procuring it more than the required demand. This procured gas has to be stored so that it can be used again in the state of winter season demand. Natural gas is stored in underground inventory such as depleted reservoirs in oil and/or natural gas fields, aquifers, and salt cavern formations. Liquefied natural gas is stored in liquid or gaseous forms above ground.

Scope of the Report

This study provides an overview of the global oil and gas storage market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). 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 and gas storage market by product type, by storage type and by region.

Global Oil and Gas Storage Market, By Product Type

Oil
Natural Gas

Global Oil and Gas Storage Market, By Storage Type

Underground
Aboveground

Global Oil and Gas Storage Market, By Region

Europe
North America
Asia-Pacific
Rest of the world

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Key Players

The major players operating in oil and gas storage market are Royal Vopak N.V. (Dutch), TechnipFMC plc (U.K.), Magellan Midstream Partners, L.P. (U.S.), Amec Foster Wheeler plc (UK), The Vitol Group (The Netherlands), WorleyParsons Limited (Australia), Niska Gas Storage Partners LLC(U.S.), Centrica plc (U.K.) and Chiyoda Corporation (Japan).

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