Global oil & gas storage services market was valued at $ 1.09 billion in 2019 and is projected to reach $ 1.34 billion by 2025. Growth in the market can be attributed to the increasing demand for oil & gas, growing global exploration & production, and expanding oil & gas pipeline network. Huge price fluctuations in crude oil prices in the recent years has increased the requirement for oil & gas storage services across the globe.
In terms of Service segments, the global oil & gas storage market is categorized into Storage, Throughput and Ancillary services. The Storage service segment is the leading market segment and includes fee paid for reserving the storage space in tanks and to compensate for handling up to a fixed amount of product volume. The Throughput service includes the fee paid to non-storage customers to receive & deliver products via pipelines, barge, trucks, tankers, etc. The Ancillary service segment includes fee paid for mixing chemical additives, heating & blending by a third party.
In terms of Product type, the global oil & gas storage services market is categorized into Crude Oil, Gasoline, Diesel, Jet Fuel, LPG, Heavy Fuel Oil (Residual), and Others Distillates. Crude oil segment holds the largest market share and is projected to continue its dominance during the forecast period. In terms of End User, the global oil & gas storage services market is categorized into Refinery, Merchant Traders and Distributors. The refinery segment leads the market as major part of the storage services is captured by refinery & majority of refined products that are stored in storage tanks in refinery itself.
North America is expected to continue its dominance in the global oil & gas storage services market through 2025, followed by Asia Pacific. However, the global economic slowdown, spread of COVID-19 pandemic and rising adoption of electric vehicles are the major threats for global oil & gas storage services market.
Years considered for this report:
- Historical Years: FY2015 – FY2018
- Base Year: FY2019
- Estimated Year: FY2020
- Forecast Period: FY2021 – FY2025F
Objective of the Study:
- To study Global Oil & Gas Storage Service market scenario, which covers Storage Services, Throughput Services, Ancillary Services.
- To analyze and forecast the market size of Global Oil & Gas Storage Service market.
- To classify and forecast Global Oil & Gas Storage Service market on the basis of services, product, end-users, regions & company.
- To identify drivers and challenges for Global Oil & Gas Storage Service market.
- To identify market trends & developments for Global Oil & Gas Storage Service market.
- To identify & analyze the profile of leading players operating in the global Oil & Gas Storage Service market.
Key Target Audience:
- Global oil & gas storage service providers and other stakeholders
- End-users of global oil & gas storage services
- Technology investors and research Institutes
- Associations, organizations, forums and alliances related to oil & gas storage
- Government bodies such as regulating authorities & policy makers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as oil & gas storage service companies, distributors, and policy makers. The study would enable the stakeholders in identifying the growing segments over the coming years, thereby aiding them in taking investment decisions and facilitating their expansion.
In this report, the global oil & gas storage services market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Storage Service
- Throughput Service
- Ancillary Service
- Crude Oil
- Jet Fuel
- Liquefied Petroleum Gas (LPG)
- Heavy Fuel Oil (Residual)
- Other Distillates
- Merchant Traders
- North America
- Asia Pacific
- Middle East & Africa
- South America