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Retail Oil And Gas Logistics Market Share, Opportunities Analysis, Recent Trends, Regional Growth And Outlook By 2033
Retail Oil And Gas Logistics Market
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According to The Business Research Company's, The retail oil and gas logistics market size has grown strongly in recent years. It will grow from $1.04 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to the upsurge in oil and gas exploration and production activities, the rise in the number of automobiles on roads, the increasing demand for energy products such as gasoline, diesel, and liquefied petroleum gas (LPG), adoption of electric vehicles (EVs), and rising urbanization and industrialization.
The retail oil and gas logistics market size is expected to see strong growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the growing demand for contract logistic service, shifting freight from over-the-road to intermodal transportation, increasing demand for efficient retail oil and gas logistics services, demand for energy products, and rising investments in infrastructure development. Major trends in the forecast period include technological advancements, increasingly focusing on sustainability and eco-friendly products, integration of online and offline channels, telematics technology integrating global positioning system (GPS), cellular communication, and onboard sensors, and adoption of technologies like artificial intelligence (AI), internet of things (IoT), and data analytics.
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Market Drivers and Trends:
The growing demand for oil and natural gas is expected to propel the growth of the retail oil and gas logistics market going forward. Oil and natural gas are the energy sources that are extracted through drilling. The growing demand for oil and natural gas can be attributed to economic growth, seasonal weather patterns, fuel switching, and inventory management. Retail oil and gas logistics manage the efficient transport and distribution of oil and natural gas from production sites to retail locations. It enhances the oil and gas's operational efficiency and ensures a steady and reliable supply of energy products to meet consumer demand. For instance, in October 2023, according to the BDO LLP corporation, a UK-based public accounting company, in 2022, oil production in the UK reached 38.2 million tonnes, an increase of 16.4% compared to 2021. Therefore, the growing demand for oil and natural gas is driving the growth of the retail oil & gas logistics market.
Major companies operating in the retail oil and gas logistics market are making significant investments to enhance their logistics operations and sustainability initiatives. The investment aims to reduce carbon emissions and support commitment to sustainable logistics solutions. For instance, in November 2023, Deutsche Post AG, a Germany-based supply chain management company, plans to invest over $218.61 million (€200 million) to decarbonize its global logistics operations and transition to clean fuels. This investment is part of the company's broader sustainability strategy to reduce greenhouse gas emissions and achieve net-zero emissions by 2050. The investment will be utilized to expand the use of alternative fuels, implement energy efficiency measures, develop sustainable logistics solutions for customers, and support research and development efforts. The funding will be directed toward developing and deploying clean fuel technologies, enhancing the environmental performance of its logistics services.
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Major Key Players of the Market:
DHL Group, CMA CGM Group, Gulf Agency Company Limited, Deutsche Bahn AG, Kuehne + Nagel Management AG, C.H. Robinson Worldwide Inc., Bollore SE, Expeditors International, GEODIS, Agility Public Warehousing Company K.S.C.P, PSA International Pte Ltd., Noatum HOLDINGS S.L.U., Panalpina World Transport, ASCO Group Limited, UPS Supply Chain Solutions, Yusen Logistics Co. Ltd., Halcon Primo Logistics Pte Ltd., Tudor International Freight Ltd., Riada Shipping and Logistics, Reliance Logistics Group Inc., ACI Cargo, Berrio Logistics Pvt. Ltd.
Retail Oil And Gas Logistics Market 2024 Key Insights:
• The retail oil and gas logistics market size is expected to see strong growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• The Rise Of Retail Oil And Gas Logistics Amidst Growing Demand For Oil And Natural Gas
• Major Investments By Retail Oil And Gas Logistics Companies In Sustainable Logistics Solutions
• Asia-Pacific was the largest region in the retail oil and gas logistics market in 2023
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