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Decline In Crude Oil And Escalating Demand To Augment Adoption Oil And Gas Storage

Press Release   •   Jan 13, 2017 08:25 EST

The publication is titled, “Global Oil And Gas Storage Service Market 2016-2020.” The study analyses the trends and the growth trajectory of the global market for oil and gas storage service. It further analyses the dynamics that are projected to influence the progress of the market in the near future. An intrusive insight has also been provided in the study on the key participant in the global oil and gas storage service market and their shares, products, and key strategies.

According to the research report, the global oil and gas storage service market is likely to witness a 2.2% CAGR from 2016 to 2020. One of the main aspects of the growth of the oil and gas storage service market is the adjournment in the oil and gas pipeline projects. As a result of the low, at present, the crude oil market is in a dormant stage. This has further resulted in a decline in the production of crude oil and a significant delay in the pipeline projects. For instance, BlueKnight put on hold the Knight Warrior project for oil pipeline in Texas due to low crude oil production. This has, in turn, boosted the demand for oil and gas storage products.

One of the prime trends gaining traction in the market is the shifting focus towards independent oil and gas storage service vendors. This will basically lead to high profit margins. Many independent storage companies store oil for customers as well as for business purpose. Owing to the growing prices of crude oil, independent storage companies are expected to be benefited with the numerous oil storage contracts underway. As companies are expected to opt for outsourcing their needs for storage, the demand for oil and gas storage services are likely to increase over the next couple of years.

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Based on product type, the global oil and gas storage service market is classified into ancillary and storage. In 2015, the storage segment accounted for the leading share and is likely to retain a led. This growth is owing to the mounting global population which ultimately leads to a rise in the demand for oil and gas from developed countries. As a result of this, the need for storage devices for oil and gas is also likely to take an upsurge.

Region-wise, the global oil and gas storage services market has been segmented into Europe, the Middle East and Africa, Asia Pacific, and the Americas. It has been projected that the Americas are likely to lead the market with the maximum revenue contribution to the global market. The abundance of skilled labor and technologies in North American countries is expected to drive the growth of the market in the Americas. The vendors operating in the market are Vitol, Buckeye Partners, Magellan Midstream Partners, Oiltanking, and Royal Vopak.

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