Oil and Gas Storage Market Size, Growth, Trends | Global Leaders are Royal Vopak N.V., TechnipFMC plc, Amec Foster Wheeler plc, The Vitol Group, WorleyParsons Limited

Market Scenario
Oil and gas storage plays a significant role in ensuring the reliability of supply to meet the demands of the oil and gas industry. Oil and gas storage containers hold liquids, compressed natural gas for short or longer term storage. The deregulation of oil and natural gas operations has made storage an important part of operations for oil and gas companies. These stored oil and natural gas are increasingly used for commercial and operational purposes and requirements by oil and gas companies to meet seasonal demands. Oil and gas are stored in the period of low demand in storage facilities and are withdrawn from storage facilities during periods of peak and high demand. The oil and gas storage market is predominantly classified as underground storage and above ground storage.

Underground storage facilities are chiefly used for storing gaseous forms of natural gas, especially in ground formations such as in salt caverns, aquifers and depleted reservoirs of oil and gas fields. The different storage types have their own physical characteristics such as porosity, permeability, maintenance cost and other miscellaneous cost associated with the site. Oil is usually stored in containers, ships and other facilities so they can be transported effectively. The growing demand for oil and natural gas has resulted in increase in exploration of oil and gas fields, which are used as aboveground and underground facilities.
The market is expected to grow at a CAGR of 3.5% during the forecast period.

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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.

Key Players
The major players operating in oil and gas storage market are
• Royal Vopak N.V. (The Netherlands),
• 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.)
• Chiyoda Corporation (Japan).

North America region is expected to dominate the market
The North America region is expected to dominate the market during the forecast period. With the increase in new onshore and offshore exploration and development in exploration activities in the Gulf of Mexico region, the demand for fuel is higher. Furthermore, with the increase in drilling activities in these areas also fuels the demand for oil and gas storage facilities. This is followed by the Europe and the Middle East where natural gas storage is expected to be a dominant factor to meet the growing demands of energy.

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Global Oil and Gas Storage Market
Global oil and gas storage refers to the mechanisms employed for the safe storage of crude oil, natural gas, and other petroleum products and comprehensively includes large tanks, underground and above ground storage facilities, and sea tankers. Typically, these tanks operate under no or very little pressure and can be spherical or cylindrical in shape. Based upon location and requirement, storage tanks come in varieties such as crude oil tankages, product and intermediate storage tankages, dispatch area tankages, and mini tanks near production units of a refinery.

LIST OF TABLES
TABLE 1 GLOBAL OIL AND GAS STORAGE MARKET, BY PRODUCT TYPE
TABLE 2 GLOBAL OIL AND GAS STORAGE MARKET, BY STORAGE
TABLE 3 GLOBAL OIL AND GAS STORAGE MARKET, BY REGIONS
TABLE 4 NORTH AMERICA OIL AND GAS STORAGE MARKET, BY PRODUCT TYPE
TABLE 5 NORTH AMERICA OIL AND GAS STORAGE MARKET, BY STORAGE
TABLE 6 U.S. OIL AND GAS STORAGE MARKET, BY PRODUCT TYPE
TABLE 7 U.S. OIL AND GAS STORAGE MARKET, BY STORAGE
TABLE 8 CANADA OIL AND GAS STORAGE MARKET, BY PRODUCT TYPE
TABLE 9 CANADA OIL AND GAS STORAGE MARKET, BY STORAGE
TABLE 10 EUROPE ENGINEERING PLASTICMARKET, BY PRODUCT TYPE
Continue……

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