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Market Snapshot

CAGR:6.9

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	6.9

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Report Overview

Oil & Gas Storage Market Analysis By Type (Strategic Petroleum Reserve, Commercial Petroleum Reserve, Above Ground Storage Tanks, Underground Storage Tanks), By Product (Crude Oil, Refined Petroleum Products, Natural Gas, Liquefied Natural Gas), and By Region Forecast to 2032:

The Oil & Gas Storage Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the increasing global demand for energy, the need for strategic reserves, and the growth of the oil and gas industry. Effective storage infrastructure is critical to ensuring a stable and reliable supply of petroleum products.

Oil & Gas Storage Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Oil & Gas Storage Market is the rising global energy consumption. As the world's population and industrialization continue to expand, the demand for oil and natural gas grows. Adequate storage facilities are essential to meet this increasing demand and ensure a consistent supply of energy resources.

Furthermore, the need for strategic petroleum reserves in various countries for energy security drives market growth. Governments and organizations are investing in strategic storage facilities to address potential disruptions in the supply chain due to geopolitical or natural events.

Trends:

An emerging trend shaping the Oil & Gas Storage Market is the adoption of advanced storage technologies. These technologies include floating storage units, underground salt caverns, and smart monitoring systems. Floating storage units provide flexible storage solutions for offshore oil and gas production, while underground salt caverns offer secure and large-scale storage options.

Additionally, the growth of natural gas and liquefied natural gas (LNG) as cleaner energy sources has led to increased storage infrastructure development. LNG terminals and storage tanks play a crucial role in facilitating the distribution of natural gas for both domestic and international markets.

Restraints:

One of the key challenges hindering the growth of the Oil & Gas Storage Market is the environmental and safety concerns associated with storage facilities. Oil spills, leaks, and emissions from storage tanks can have significant ecological and health impacts. Ensuring the safe operation and maintenance of storage infrastructure is vital to mitigate these risks and regulatory compliance.

Additionally, economic factors such as fluctuating oil prices and geopolitical tensions can impact investments in storage capacity expansion. Uncertainty in the energy market can lead to delayed or canceled storage projects.

Oil & Gas Storage Market Segmentation By Type:

Strategic Petroleum Reserve: Strategic petroleum reserves are government-owned facilities designed to store large quantities of crude oil and petroleum products for emergency use and energy security.
Commercial Petroleum Reserve: Commercial petroleum reserves are privately owned storage facilities used by oil companies and traders to store and distribute crude oil and petroleum products.
Above Ground Storage Tanks: Above-ground storage tanks (ASTs) are widely used for storing crude oil, refined products, and chemicals. They are versatile and cost-effective solutions for various industries.
Underground Storage Tanks: Underground storage tanks (USTs) are often used for storing hazardous liquids, including petroleum products. They are commonly employed at gas stations and industrial sites.

Oil & Gas Storage Market Segmentation By Product:

Crude Oil: Storage of crude oil is essential for maintaining a stable supply chain and meeting refinery demands.
Refined Petroleum Products: These include gasoline, diesel, jet fuel, and other processed petroleum products that require storage before distribution.
Natural Gas: Storage of natural gas is crucial to balance supply and demand, especially during peak consumption periods.
Liquefied Natural Gas: LNG storage facilities are essential for the transportation and distribution of natural gas in its liquefied form.

Regional Overview:

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North America is expected to be a key contributor to the global Oil & Gas Storage Market, driven by its significant oil and gas production capacity. The region's energy infrastructure and strategic storage facilities play a vital role in ensuring a stable energy supply.

The Middle East, with its abundant oil reserves, continues to invest in expanding its storage capacity. The region's strategic location for oil distribution makes it a significant player in the global market.

Oil & Gas Storage Market Customer Landscape:

The Oil & Gas Storage Market report encompasses the customer adoption lifecycle, ranging from exploration and production companies to distributors and end-users. It delves into the storage requirements and considerations at each stage of the energy supply chain.

Major Oil & Gas Storage Companies:

Companies in the oil and gas storage market focus on expanding their storage capacity, enhancing safety measures, and implementing environmental sustainability practices.

Example companies include:

StrategicOil Reserves Inc.: StrategicOil Reserves Inc. specializes in strategic petroleum reserve facilities and services, partnering with governments to ensure energy security.
TankTech Solutions: TankTech Solutions offers advanced technologies for above-ground storage tank monitoring and maintenance, improving safety and reliability.
LNG Logistics Group: LNG Logistics Group operates LNG terminals and storage facilities, facilitating the distribution of liquefied natural gas to global markets.

The competitive landscape analysis in the report provides insights into key market players, including:

Vopak
Kinder Morgan
Royal Vopak
Oiltanking GmbH
Buckeye Partners, L.P.
China Petroleum & Chemical Corporation (Sinopec)
Magellan Midstream Partners, L.P.
NuStar Energy L.P.
Enterprise Products Partners L.P.
Odfjell SE

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Oil & Gas Storage Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Type Outlook (USD Million, 2019 - 2032):

Strategic Petroleum Reserve
Commercial Petroleum Reserve
Above Ground Storage Tanks
Underground Storage Tanks

Product Outlook (USD Million, 2019 - 2032):

Crude Oil
Refined Petroleum Products
Natural Gas
Liquefied Natural Gas

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

United Kingdom
Germany
France
Rest of Europe

Asia-Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL OIL & GAS STORAGE MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. OIL & GAS STORAGE MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Oil & Gas Storage Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. OIL & GAS STORAGE MARKET BY Product Type INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Oil

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Natural Gas

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. OIL & GAS STORAGE MARKET BY Storage Type INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Aboveground

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Underground

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. OIL & GAS STORAGE MARKET REGIONAL OUTLOOK

7.1. Oil & Gas Storage Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Oil & Gas Storage Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Oil & Gas Storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Oil & Gas Storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Oil & Gas Storage Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Oil & Gas Storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Royal Vopak N.V.

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2. TechnipFMC Plc

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3. Magellan Midstream Partners

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4. L.P.

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5. John Wood Group Plc

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6. The Vitol Group

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7. WorleyParsons Limited

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8. Brookfield Infrastructure Partners

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9. Centrica Plc

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10. Buckeye Partners

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Oil Gas Storage Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032