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Oil and Gas Storage Global Market – OverviewThe global Oil And Gas Storage Market will witness a steady growth during the forecast period, mainly on account of fluctuation in prices and seasonal demand of oil & gas. Deregulation of oil and natural gas operations is another major driving factor for the market. Many countries still lack adequate storage facilities and will form a major scope for the global oil and gas storage market. The market includes the safe storage of natural gas, crude oil, and other petroleum products. The tanks used for storage are not generally pressurised and can be cylindrical or spherical in shape. Reliability of meeting demand is at most times based on the storage of oil and gas, and hence meet the supply needs of the oil and gas industry. Deregulation in in the oil & gas industry, has made storage an important part of the oil and gas operations. When the demand for oil & gas are low, the supply is temporarily stored for future use, when the demand grows.
The global Oil and Gas Storage Market has been segmented, based on product type and storage type. Based on product type the market is further segmented as oil and natural gas. Natural gas segment held the largest market share in 2017 and is expected to remain dominant during the forecast period. Natural gas can be stored in the form of compressed natural gas, thus large amounts of gas can be stored in a single tank. Based on storage type, the market is segmented as under-ground and over-ground. Underground storage market is estimated to hold the largest market share during the forecast period as the demand for natural gas supply is growing.
Geographically, the global oil and gas storage market has been segmented into North America, Europe, Asia Pacific and Rest of the World. Europe accounted for the largest market share in the year 2017, followed by North America and Asia-Pacific.
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Global Oil and Gas Storage Market - Competitive Analysis
The global market for oil and gas storage is presently in an expansion stage. To uphold the market position and to propel the market growth, all the key players are extremely involved in acquiring upcoming new project development across the globe, to present their product diversity and market supremacy. Market leaders are innovating unceasingly and progressively seeking market growth opportunities through numerous strategic mergers and acquisitions, product development, innovation, boosting and focusing into investments in research and development and cost-effective product offering.
Top Key Players:-
Vopak NV (Netherlands), TechnipFMC Plc (UK), Magellan Midstream Partners, Amec Foster Wheeler Plc (UK), The Vitol Group (Netherlands), WorleyParsons Limited (Australia), Guduza System Technologies (South Africa), Banlaw (Australia), Wayne Fueling Systems LLC (U.S), Buckeye Partners (US), Oiltanking (Germany), Niska Gas Storage Partners (U.S.)and Centrica Plc (U.K.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global oil and gas storage market.
Industry News:-
In August, 2018 – Hindustan Petroleum corporation LTD is developing a new storage terminal Dharampuri. The terminal is estimated to have a capacity of 4.24 million tonnes per annum (Mtpa), which can be expanded to 5.85 Mtpa.
In August, 2018 – China National Offshore Oil Corporation (CNOOC) commissioned it’s ninth LNG import terminal at Shenzhen, after receiving its first cargo from Qatar. The storage facility has four 160,000 m3 storage facilities, a marine jetty with a capacity of 266,000 cbm and the facility can also accommodate 4mta of LNG.
In July, 2018 – Petronet LNG has, submitted a proposal for the construction of a 7.5 million tonne LNG import facility in Bangladesh. On acceptance of the proposal Petronet and Petrobangla will sign a formal pact.
In July, 2018 – Petrofac and TSE’s joint venture collectively won the project for Turkish gas expansion project. BOTAS plans to expand its capacity 4.6 billion cubic metres.
In May, 2018 – World Bank approved a loan of USD 600 million for gas storage projects in Turkey. The facility will be a key player in the energy security of the country, while meeting the energy demands of the nation.
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Oil and Gas Storage Global Market – Segmentation
The scope of global oil and gas storage market is segmented into two major segments which are explained below:
By Product Type
• Oil
• Natural Gas
By Storage
• Under-ground
• Above-ground
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