oil and gas storage service Market Analysis, Growth Trends and Forecast till 2023
The global oil and gas storage service market was valued at $8.42 billion in 2016 and is projected to reach $10.38 billion by 2022, having a CAGR of 2.6% during the forecast period of 2017 to 2024.
Oil and gas storage refers to the mechanisms employed for the safe storage of both unrefined and refined products including gas oil, gasoline, aviation fuel, naphtha, diesel, kerosene, liquefied natural gas and liquefied petroleum gas. The surge in crude oil spot prices is propelling the oil trading companies and producers to opt for oil and gas storage services until the target spot price is reached. According to the U.S. Energy Information Administration, in September- October 2017, a steep rise in the difference between domestic and foreign crude oil prices was observed since 2015. The strategic locations offering storage services stock up millions of barrels of oil, ready to be dispatched at the required destinations. A notable increase in the occupancy rate of oil and gas terminals is expected until the near future. Higher profit returns are expected to be gained by the terminals considering geopolitical factors, future exploration projects, and transportation routes while deciding on their location. The market is attracting nouveau investments and vendors, due to the scope for the high return on investments. The major trend gaining traction in the market is the shifting focus of industry players towards independent oil and gas storage service companies. The measured growth of oil and gas pipeline projects, due to restricted financial availability, is fueling the market growth of oil and gas storage services.
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Oil and gas storage service providers are a crucial logistic midway link between the upstream (production and exploration) and downstream (marketing and refining) segments of the oil and gas industry. The market is entering a highly competitive phase in terms of pricing of services, due to the surge in demand for value-added services and specialized professional supply chain solutions. The oil and gas storage service market offer great potential in the near future, owing to the increasing production and stocks of crude oil. As per the data revealed by U.S. Energy Information Administration, the number of stocked barrels of crude oil and petroleum products increased year by year. In 2016, a total of 2,029,572 thousand barrels of crude oil and petroleum products were stocked in the U.S.
GLOBAL OIL AND GAS STORAGE SERVICE MARKET SIZE (MILLION USD) STATUS AND OUTLOOK (2012-2022)
global oil and gas storage service market
UNITED STATES OIL AND GAS STORAGE SERVICE MARKET SIZE (MILLION USD) AND GROWTH RATE (2012-2017)
UNITED STATES OIL AND GAS STORAGE SERVICE MARKET
OIL AND GAS STORAGE SERVICE MARKET SEGMENTATION
By Product Type
By End-use application
• United States
• South-East Asia
KEY MARKET PLAYERS
• Royal Vopak
• Magellan Midstream Partners, L.P
• Buckeye Partners, L.P.
• Blueknight Energy Partners
• CIM-CCMP Group
• CLH Group
• Dalian Port Corporation Limited
• Horizon Terminals limited
• International Matex Tank Terminals (IMTT)
• Kinder Morgan
• Nustar Energy L.P.
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