The prominent players operating in the global oil and gas storage market comprises TechnipFMC plc (U.K.), Royal Vopak N.V. (The Netherlands), Amec Foster Wheeler plc (UK), Magellan Midstream Partners, L.P. (U.S.), WorleyParsons Limited (Australia), The Vitol Group (The Netherlands), Centrica plc (U.K.), Niska Gas Storage Partners LLC (U.S.), and Chiyoda Corporation (Japan).
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Use of Natural Gas in Power Generation to Propel the Demand for Oil and Gas Storage Market SNG Technology to Impact the Oil and Gas Storage Market Positively. As per a detailed analysis by Market Research Future (MRFR), the global oil and gas storage market is predicted to garner a CAGR of 3.5% during the forecast period (2017-2023).
The increasing need for mega refining hub and low crude oil prices are likely to promote the growth of the market. Oil and gas storage play a prominent role in ensuring the reliability of the supply in order to meet the surging demands from the oil & gas sector. Oil & gas storage containers hold CNG and liquids for short as well as long term storage. The stored oil and gas are extensively used for operational as well as commercial applications in order to meet the seasonal demands.
Market Potential and Pitfalls
Oil and gas are highly stored in order to meet the surging demand for energy. Oil is generally stored in stationary facilities and tankers so that it can be transported with ease over long distances. Gas requires to be stored underground in aquifers, salt caverns, and depleted oil & gas fields. As the oil & gas sector is highly experiencing a drop in the prices of oil, OPEC countries are expanding their storage to make profit. Underground storage facilities are primarily used to store natural gas in gaseous forms, specifically ground formations like aquifers, salt caverns, and depleted reservoirs of oil & gas fields. Oil is generally stored in ships, containers, and other facilities so that they can be transported with ease and efficiently. With the surging demand for oil and gas, the exploration of oil and gas fields has increased, which are further used as underground and aboveground facilities. The growing demand for natural gas across the globe is likely to spur the storage capacity expansions, thereby influencing the growth of oil & gas storage market in the foreseeable future. The increased use of natural gas in power generation is considered one of the factors triggering the demand for oil and gas storage. There has been an increased need for storage services especially at distribution hubs which is anticipated to meet the surging demand for natural gas as fuel in the coming years. Moreover, the surging R&D activities on SNG technology is impacting the global market positively. Synthetic natural gas or SNG technology enables the companies to store natural gas in hydrates form. These hydrates can be stored in a compact way which leads to savings in transportation and energy cost. It also helps in the safety enhancement while handling such gases. Such factors are likely to propel the market growth in the coming years.
On the contrary, the operational concerns related to oil & gas storage services is expected to restrict the growth of the market in the foreseeable future. High operational cost, environmental concerns associated with oil & gas storage, and identification of suitable storage locations are some of the top challenges faced by the market.
Global Oil and Gas Storage Market: Segmental Analysis
The global oil and gas storage market has been segmented based on product type and storage type.
By mode of product type, the global oil and gas storage market has been segmented into oil and natural gas. Among these, the natural gas segment is likely to dominate the market. As natural gas is extensively used to offer domestic heating in the regions of Europe and North America, storing gas for winter is of high importance.
Based on storage type, the oil and gas storage market constitute of aboveground and underground. Aboveground storage tanks are referred to as large containers which are generally made of metal and are rested on top of the ground. They are designed temporarily to hold different gas and liquid substances which ranges from water to crude oil and other chemical products.
Geographically, the oil and gas storage market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the North American region is anticipated to occupy a considerable share. The low price of crude oil has created several growth opportunities for the oil and gas storage service providers, which has resulted the market to propel in this region. The surging import facilities coupled with the growing need for refining hub are promoting the growth of the regional market.
The Asia Pacific region is experiencing a significant demand for storage equipment which further contributes to the growth of the market. With the increasing investments in onshore and offshore operations especially in Singapore, China, and India, the growth curve of the regional market is anticipated to progress.
May 19, 2019: The Nigerian National Petroleum Corporation is likely to reveal the largest Liquefied Petroleum Gas and Propane Storage and dispensing facility in Oredo. As per NDU, NNPC along with its subsidiary, the Nigerian Petroleum Development Company Ltd will reveal the facility to fast track the consumption of cooking gas based in Nigeria.
Table Of Content:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Oil And Gas Storage Market, By Product Type
4.3 Natural Gas
5 Global Oil And Gas Storage Market, By Storage Type
6 Regional Market Analysis
6.2 North America
6.3.6 Rest Of Europe
6.4.4 Rest Of Asia-Pacific
6.5 Rest Of The World
7 Competitive Analysis
7.2 Competitive Scenario
7.2.1 Market Share Analysis
7.2.2 Market Development Analysis
7.2.3 End User/Service Benchmarking
7.3 Royal Vopak N.V. (The Netherlands)
7.3.2 Product/Service Offering
7.4 TechnipFMC Plc (U.K.)
7.4.2 Product/Service Offering
7.5 Magellan Midstream Partners, L.P. (U.S.)
7.5.2 Product/Service Offering
7.6 Amec Foster Wheeler Plc (UK)
7.6.2 Product/Service Offering
7.7 The Vitol Group (The Netherlands)
7.7.2 Product/Service Offering
7.8 WorleyParsons Limited (Australia)
7.8.2 Product/Service Offering
7.9 Niska Gas Storage Partners (U.S.)
7.9.2 Product/Service Offering
7.10 Centrica Plc (U.K.)
7.10.2 Product/Service Offering
7.11 Centrica Plc (U.K.)
7.11.2 Product/Service Offering
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