Jul 20, 2021 (Heraldkeepers) -- The oil and gas storage market will grow at a 5.84% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis.
The leading players profiled in the global oil and gas storage market report include Oiltanking, Centrica Plc, Buckeye Partners, Brookfield Infrastructure Partners, WorleyParsons Limited, The Vitol Group, John Wood Group Plc, Magellan Midstream Partners, L.P., TechnipFMC Plc, and Royal Vopak N.V., among others.
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Growth Inducers and Main Deterrents
Covid-19 analysis by MRFR reveals that the energy sector has observed significant revenue loss post the pandemic outbreak. The short term impact has resulted in a curbed demand for oil and gas around the world, leading to reduced prices as well as production. Various companies in the oil and gas industry have brought down their capital expenditures to compensate for the loss. Several countries are coming together to achieve a COVID-19 breakthrough, while doing everything in their capacity to support the oil and gas industry. Market consolidation is the prime focus at present, with the rising acquisition of distressed assets being the response to the current slump. This tactic is expected to help reduce the long-term impact of covid-19 to some extent. More and more players are continuously working on providing reliable, safe supplies of oil and gas, taking into account the short term impact of the COVID-19 on the demand and supply.
Experts anticipate that the oil and gas storage market can remain fortified in the following years, given the high investments spent by leading companies in oil and gas pipeline projects. The mounting demand for oil and gas is benefitting the market for pipeline network across the world. Pipelines are considered to be the ideal method for long distance transport of oil and gas compared to other modes since it is cost-effective and consumes less energy. The expanding oil and gas piped network is boosting the demand for oil and gas storage across the globe.
The oil and gas market also stands to benefit from the increasing requirement for mega refining hub, low crude oil prices, surge in distribution type facilities, and the elevated degree of product containment. Initiatives like strategic petroleum reserve to stockpile massive volumes of oil and gas also help governments to prevent price hike as well as stock out incident.Moreover, the high availability of gas in some of the developed countries like the United States (U.S.) along with the widespread need for natural gas storage can emerge as the top opportunities for the oil and gas storage market in the approaching years.
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The novel COVID-19 outbreak has had a major impact on the global oil and gas industry that has further resulted in the shortage of capacities. Major exporters and oil producing nations had been hit hard by the disruptions in the oil and gas supply chain. The crisis has compelled leading oil and gas companies in revising their expenditures for the present year. There has been a decline in projected investments and thus this market is likely to have a slow rate of recovery in the days to come. The fall in the demand for oil and oil products has halted the production processes at onshore and offshore locations alike. Thus the oil storage tank terminal construction and upgradation projects are likely to be pushed further for the slowdown in the industry. This will certainly affect the yearly investments in the market for a specified period.
The oil and gas storage industry has been considered for product type and storage type.
Depending on the product type, the market has been narrowed down into oil as well as natural gas. Out of these, the lead is projected to be taken by the oil segment, on account of the high dependency on oil as the prime source of energy across various countries.
The storage types covered in the market study are aboveground as well as underground. The market is expected to be led by the aboveground segment during the assessment period, since it is the most preferred storage type for large-scale storage of natural gas and oil.
By region, the global oil & gas storage market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), South America, North America, and the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. The increasing per capita energy consumption, reduction in crude oil prices, increasing production and exploration of oil and gas, the growth in the export of refined products and oil from the US, and rise in drilling activities in the US are adding to the global oil and gas storage market growth in the region.
In the APAC region, the global oil and gas storage market is predicted to have favorable growth over the forecast period. The demand for energy and petroleum products in India and China, Singapore and South Korea being a hub for oil storage, spike in the demand for crude oil and gas, and growing expenditure in offshore and onshore oil operations in China and India are adding to the global oil and gas storage market growth in the region.
In Europe, the global oil and gas storage market is predicted to have striking growth over the forecast period. Increasing production capacities from different key players, countries depending on oil imports to fulfill the energy demands, increase in the demand for energy, and expansion in storage capacity are adding to the global oil and gas storage market growth in the region.
In the MEA, the global oil and gas storage market is predicted to have steady growth over the forecast period as it is a major oil exporting nation coupled with the presence of such storage terminals in the region are adding to the global oil and gas storage market growth in the region.
Table of Content
1 EXECUTIVE SUMMARY
1.1. MARKET ATTRACTIVENESS ANALYSIS
1.1.1. GLOBAL OIL & GAS STORAGE MARKET, BY PRODUCT TYPE
1.1.2. GLOBAL OIL & GAS STORAGE MARKET, BY STORAGE TYPE
1.1.3. GLOBAL OIL & GAS STORAGE MARKET, BY REGION
2 MARKET INTRODUCTION
2.2. SCOPE OF THE STUDY
2.3. MARKET STRUCTURE
3 RESEARCH METHODOLOGY
3.1. RESEARCH PROCESS
3.2. PRIMARY RESEARCH
3.3. SECONDARY RESEARCH
3.4. MARKET SIZE ESTIMATION
3.5. FORECAST MODEL
3.6. LIST OF ASSUMPTIONS
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4 MARKET DYNAMICS
4.2.1. URGENT NEED FOR STORAGE SPACE FOR STRATEGIC PETROLEUM RESERVES (SPRS)