LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors in their recent global oil and gas storage market report until 2021. This research report also lists 13 other prominent vendors that are expected to impact the market during the forecast period.
The research study by Technavio on the global oil and gas storage market for 2017-2021 provides a detailed industry analysis based on the product type (oil storage and natural gas storage), storage type (underground storage and above ground storage), and geography (the Americas, APAC, and EMEA).
“The global oil and gas storage market is projected to grow to nearly 2 billion ton of oil equivalent by 2021, at a CAGR of close to 3% over the forecast period. The increasing preference for natural gas in power generation is one of the key factors driving the growth of the market,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
Competitive vendor landscape
The oil and gas storage market is dominated by major national oil companies and large private companies. Various companies have storage capacity at strategic locations across the globe, to provide quality service to all customers. The market is moderately consolidated with high barriers to entry, due to the high capital and operational costs. The new exploration opportunities coming up in Brazil, India, Mozambique and Tanzania are expected to facilitate the expansion of oil and gas storage facilities.
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Top six vendors in the global oil and gas storage market
Amec Foster Wheeler
Amec Foster Wheeler operates in the oil and gas, chemicals, mining, power, and environment and infrastructure industries globally. It provides valuable services in consultancy, engineering, project management, operations and construction services, project delivery, and specialized power equipment services to its customers worldwide.
Magellan Midstream Partners
Magellan Midstream Partners is a publicly traded company and provides services in oil pipelines, storage, and transportation. The company operates through the crude oil and condensate, refined products, and marine storage business segments.
Royal Vopak is an oil and gas storage provider. Royal Vopak provides bulk storage and handling services for liquid products, including crude oil, petroleum products, chemicals, biofuels and vegetable oils, gas, and LNG at its terminals located across the globe.
TechnipFMC operates through four segments: Oil and gas projects, technologies, systems, and services. It provides engineering, procurement, and construction, project management, commissioning expertise across the subsea, onshore/offshore, and surface segments of oil and gas industry.
Vitol is a privately-owned company and provides services in the refining, trading, shipping, terminals and storage, downstream, power generation, and upstream (E&P) petroleum industry segments. It has storage terminals worldwide and provides oil and gas storage to its customers.
WorleyParsons provides engineering, procurements and construction, project delivery, and consulting services to its customers globally. It carries out its business through three business segments: infrastructure, hydrocarbons and minerals, and metals and chemicals.
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Technavio is leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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