To meet the growing demand of fossil fuel energy, oil and gas storage facilities are predominantly using underground and aboveground facilities such as salt caverns, aquifers and depleted old oil and gas reservoirs. One of the primary drivers for the market is the seasonal demand for oil and natural gas. As the easy availability of oil is coming to an end, it is necessary that oil and gas are stored to meet the growing demand of energy. The market is driven by the fact that, the unpredictable change in prices and uncertainty in the availability of crude oil and natural gases are inducing vendors to purchase high quantities of petroleum fuel and retain them at storage facilities. This will help them increase their profit margins when the prices have recovered. Furthermore, since the price of crude oil also influences the price of a lot of products such as gasoline and lubricants, its price fluctuation will drive more companies to focus on oil and gas storage.
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Industry Top Key Players:-
- Royal Vopak N.V.
- TechnipFMC plc
- Magellan Midstream Partners, L.P.
- Amec Foster Wheeler plc
- The Vitol Group
- WorleyParsons Limited
- Niska Gas Storage Partners LLC
- Centrica plc
- Chiyoda Corporation
Scope of the Report:-
This study provides an overview of the global oil and gas storage market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global oil and gas storage market by product type, by storage type and by region.
Global Oil and Gas Storage Market, By Product Type
- Natural Gas
Global Oil and Gas Storage Market, By Storage Type
Global Oil and Gas Storage Market, By Region
- North America
- Rest of the world
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Major Points of TOC:-
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
To be continued….
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North America region is expected to dominate the market:-
The North America region is expected to dominate the market during the forecast period. With the increase in new onshore and offshore exploration and development in exploration activities in the Gulf of Mexico region, the demand for fuel is higher. Furthermore, with the increase in drilling activities in these areas also fuels the demand for oil and gas storage facilities. This is followed by the Europe and the Middle East where natural gas storage is expected to be a dominant factor to meet the growing demands of energy.