Global Oil and Gas Storage Market 2017-2021

Overview of the global oil and gas storage market

Market research analysts at Technavio predict that the global oil and gas storage market will grow steadily at a CAGR of close to 3% by 2021. This market research analysis identifies the decline in crude oil prices as one of the primary growth factors for this market. The unpredictable change in prices and uncertainty in the availability of crude oil and natural gases are inducing vendors to purchase high quantities of petroleum fuel and retain them at storage facilities. This will help them increase their profit margins when the prices have recovered. Furthermore, since the price of crude oil also influences the price of a lot of products such as gasoline and lubricants this fluctuating prices of crude oil will induce more companies to focus on oil and gas storage.

According to our oil and gas storage industry reports, one of the latest trends that will gain traction in the coming years is the adoption of alternative fuels for greener shipping. Owing to the rise in Liquefied Natural Gas (LNG) projects across the globe, the recent years witnessed a substantial increase in the number of LNG powered marine containers. The use of LNG as an alternative to petroleum fuels helps marine carriers comply with the current emission norms set by the International Maritime Organization (IMO)'s Marine Pollution (MARPOL).

Competitive landscape and key vendors

Characterized by the presence of several vendors, this market appears to be highly fragmented. The need for high capital investments and high operational costs pose as significant barriers or new players to enter the oil and gas storage market. With the declining prices of crude oil and natural gas will induce vendors in this marketspace to focus more on expanding their storage capacities.

The leading vendors in the market are -

• Amec Foster Wheeler
• Magellan Midstream Partners
• Royal Vopak
• TechnipFMC
• Vitol
• WorleyParsons

The other prominent vendors in the market include Blueknight Energy Partners, Buckeye Partners, Centrica, Chiyoda, CIM-CCMP, CLH, DaLian Port (PDA) Company, HORIZON TERMINALS, Kinder Morgan, NuStar Energy, Odfjell, Oiltanking, and Ramboll.

Segmentation by product type and analysis of the oil and gas storage market

• Natural gas
• Oil

During 2016, the oil segment accounted for the major shares and dominated this market. Most commercial, industrial, and transportation activities across the globe run on crude oil and products derived from petroleum.

Geographical segmentation and analysis of the oil and gas storage market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market by 2021. With the increase in new onshore and offshore exploration and development in exploration activities in the Campos and Santos regions, 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.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global oil and gas storage market?
• What are the key market trends impacting the growth of the global oil and gas storage market?
• What are the challenges to market growth?
• Who are the key vendors in the global oil and gas storage market?
• What are the market opportunities and threats faced by the vendors in the global oil and gas storage market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global oil and gas storage market? 

Technavio also offers customization on reports based on specific client requirement.

The growth of the oil and gas trading companies globally is one of the major driving factors for the growth of the oil and gas storage market. To help clients gain a competitive advantage, the global market research firm Technavio provides an extensive collection of industry research reports on the several aspects of the power sector. The market intelligence reports from Technavio also provide detailed information on several international and regional players of the energy industry.

To determine the industry’s growth prospects, market analysts at Technavio follow a combination of quantitative and qualitative research techniques and consider elements like the market size and the demand for multiple products globally. By assessing information on various parameters such as the dynamic shift in consumer behavior and the products offered by key competitors across the global and regional markets coupled with the use of analytical tools, our forthcoming market research report on the global oil and gas storage market for the prediction period of 2017 to 2021 will help clients understand the continuously changing landscape of the energy industry. Technavio also offers personalized reports based on client specifications.

This upcoming industry research report on the global oil and gas storage market also consider the growth of similar markets such as gas masks, which is expected to grow at a CAGR of above 6% by 2021. The upcoming industry research report on the global oil and gas storage market also identifies the key drivers, trends, coupled with the challenges currently experienced by the power sector. It also presents a detailed insight into the dynamically changing competitive landscape to give you an extensive insight into the future direction of the energy industry.