LONDON--(BUSINESS WIRE)--The global oil and gas storage service market size is poised to grow by USD 1.25 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of over 2% during the forecast period. Request Free Sample Pages
Read the 127-page research report with TOC on "Oil and Gas Storage Service Market Analysis Report by service (storage services, ancillary services, and other services), and geography (APAC, Europe, MEA, North America, and South America) 2019 - 2023".
The market is driven by the increasing investments in oil and gas pipeline projects. Also, the growing refinery capacity expansion is anticipated to further boost the growth of the oil and gas storage service market.
Increasing investments in oil and gas pipeline projects are one of the critical factors that will drive the oil and gas storage service market’s growth during the forecast period. The demand for oil and gas is increasing significantly, which is resulting in the expansion of pipeline network. Regional storage hubs serve for distributing piped oil and gas. Pipelines consume less energy and are cost-effective, and hence, they are preferred for long-distance oil and gas transport over other modes. With the expansion in oil and gas piped network, the requirement for oil and gas storage has also increased.
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Major Five Oil and Gas Storage Service Companies:
Bukeye Partners, L.P.
Bukeye Partners, L.P. operates business under three segments, which include domestic pipeline and terminals, global marine terminals, and merchant services segment. The company’s key offerings include marine terminal storage, and inland terminal storage.
Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. has business operations under various segments, namely refined products, crude oil, and marine storage. The company owns and operates several terminals on the east coast and inland of the US, which provide crude oil and refined products storage services. The company offers leased storage services for crude oil, with a capacity of 16 million barrels.
Oiltanking GmbH stores and handles petroleum products in multiple locations across the world. The company provides storage and handling services for the oil and gas industry. At the end of 2017, the company operated 80 tank terminals across 25 countries, with a combined capacity of 21 million tons.
Royal Vopak operates businesses under various segments, which include storage services, product movements, storage and handling related services, and other services. The company provides storage, handling, and other services for oil and gas products, including crude oil, natural gas, petrochemical products, veg oils, and biofuels.
Vitol has business operation under various segments, such as refining, trading, terminals and storage, and others. The company operates storage tanks and terminals independently and through its subsidiary VTTI, for storing crude oil, natural gas, and other derivative products.
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Oil and Gas Storage Service End-Users Outlook (Revenue, USD Million, 2019 - 2023)
- Storage services
- Ancillary services
- Other services
Oil and Gas Storage Service Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
- South America
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