Dubai, UAE, Nov. 02, 2023 (GLOBE NEWSWIRE) -- As per the recent report published by Kings Research, the global Oil and Gas Storage Service Market size was recorded at USD 1.12 billion in 2022 and is estimated to grow to USD 1.53 billion by 2030, exhibiting a CAGR of 3.97% through the projection period of 2023-2030. The surge in oil demand, driven by the increasing usage of petroleum products such as gasoline, oil, and other fuels, plays a significant role in accelerating market growth. The escalating demand for petrochemical products has led to a rapid expansion of refining capacity. Additionally, the market is fueled by the need for additional storage facilities with heightened safety measures resulting from increased refinery production.
Oil and gas storage services encompass infrastructure and facilities that offer storage options to the oil sector. These services are crucial for the management and storage of crude oil, refined products, and natural gas at different points along the supply chain. The storage terminals act as hubs for the delivery, distribution, and storage of petroleum products. These frequently consist of mixing facilities, loading and unloading infrastructure, and quality assurance procedures.
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Trending Now: Enbridge Invests $335 Million in Tres Palacios Gas Storage Facility Acquisition
In March 2023, Enbridge, a Canada-based firm operating in the midstream industry, acquired the Tres Palacios gas storage facility in Matagorda County, Texas for $335 million. This acquisition was completed in collaboration with Brookfield Infrastructure Partners and Crestwood Equity Partners LP, enabling Enbridge to expand its portfolio with an additional 35 Bcf of natural gas storage along the Gulf Coast.
Global Oil and Gas Storage Service Market Snapshot:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
| Market Value (2022) | USD 1.12 Billion |
| Forecasted Value (2030) | USD 1.53 Billion |
| CAGR | 3.97% |
| No. of Pages | 120 |
| Segments Covered | Type, Deployment, Application, and Geography |
| Drivers | Downstream Oil and Gas Storage Service to Gain Popularity Due to its Vital Role in Maintaining Steady Supply |
| Growing Adoption of Oil and Gas Storage Services in Industrial Applications to Propel Market Development | |
| Opportunity | Increased Demand for Petroleum Products in Burgeoning Markets to Aid Market Growth |
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The global Oil and Gas Storage Service Market is segmented as:
By Type
- Upstream
- Downstream
- Midstream
Downstream Oil and Gas Storage Service to Gain Popularity Due to its Vital Role in Maintaining Steady Supply
On the basis of type, the downstream segment contributed to the largest share of the oil and gas storage service market in 2022. This segment encompasses refining, processing, and distribution activities that convert crude oil into valuable products such as gasoline, diesel, jet fuel, and petrochemicals. It plays a crucial role in meeting worldwide energy needs and ensuring a steady supply of refined products for various industries and consumers.
By Application
- Residential
- Commercial
- Industrial
Growing Adoption of Oil and Gas Storage Services in Industrial Applications to Propel Market Development
In terms of application, the industrial segment is leading the oil and gas storage service market. This growth is mainly attributable to the growing use of these services in manufacturing, petrochemicals, power generation, and various industrial processes. The expansion of the segment is fostered by increasing industrial activities, continual economic growth, and the requirement for energy-intensive procedures.
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Increased Demand for Petroleum Products in Burgeoning Markets to Aid Market Growth
The surge in fuel consumption, particularly in burgeoning markets including China, India, and Indonesia, is a key driver supporting oil and gas storage services market growth. This increased demand for petroleum products is prompting OPEC countries and the US to accelerate their production and drilling efforts.
Consequently, there has been a notable increase in the production of oil and gas, spurring investments in storage services. As the global population expands and economic activities thrive, there is a growing need for energy resources to fuel industrial development, power generation, transportation, and other vital processes relied upon by various industries.
North America to Lead Market Due to Surge in Exports of Crude Oil and Refined Products
North America generated the highest revenue in the oil and gas storage service market in 2022. This regional market growth is primarily driven by the surge in exports of both crude oil and refined products from the United States, which has spurred substantial investments in storage terminals within the region. The surge in drilling operations within the United States is also aiding the expansion of the North American market. Moreover, government agencies are focusing on enhancing oil storage initiatives as a means to safeguard the economy amidst energy crises and reduce greenhouse gas emissions.
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Competitive Landscape
Major players operating in the oil and gas storage service market are focusing on acquisition in order to expand their business. For instance, in August 2023, AltaGas Ltd. finalized a deal to purchase natural gas processing facilities and storage infrastructure in Canada from Tidewater Midstream and Infrastructure Ltd. The transaction was valued at USD 650 million. As part of this agreement, AltaGas gained control of Pipestone's Phase I and Phase II expansion projects for its natural gas processing facility, the nearby Dimsdale natural gas storage facility, the Tubular condensate lifter in/out terminal, and the related collection pipe systems.
Prominent companies in the global oil and gas storage service market include:
- AltaGas Ltd.
- Burns & McDonnell
- Edison Group
- Enbridge
- Exxon Mobil Corporation
- Indian Oil Corporation Limited
- Kawasaki Kisen Kaisha, Ltd.
- MAN Energy Solutions
- Reliance Industries
- Saudi Arabian Oil Co.
- SENSIA
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Key Points from TOC:
Chapter 1 Introduction of the Global Oil And Gas Storage Service Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Oil And Gas Storage Service Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Oil And Gas Storage Service Market, By Type
Chapter 7 Global Oil And Gas Storage Service Market, By Service Type
Chapter 8 Global Oil And Gas Storage Service Market, By Application
Chapter 9 Global Oil And Gas Storage Service Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Oil And Gas Storage Service Market Competitive Landscape
Chapter 16 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/oil-and-gas-storage-service-market-299
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