Oil and Gas Storage Service Market size was valued at USD 5.2 Billion in 2024 and is projected to reach USD 8.1 Billion by 2033, exhibiting a CAGR of 5.2% from 2026 to 2033.
The global oil and gas storage service market size was valued at approximately USD 55.4 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030. The rising demand for energy storage solutions, coupled with the growing need for strategic reserves, is driving the market growth. Additionally, the fluctuating prices of oil and gas and the increasing focus on energy security are expected to provide substantial market opportunities. The market is segmented into underground storage, above ground storage, and others, with underground storage holding the largest share due to its reliability and cost effectiveness. The increasing investments in infrastructure development and the rise in natural gas storage are also contributing to market expansion.
Regionally, North America held the largest share of the oil and gas storage service market in 2022, with an estimated value of USD 18.6 billion, driven by the United States’ vast storage facilities and ongoing projects in the shale gas industry. Europe followed closely with a market value of USD 15.2 billion in the same year, owing to stringent regulations regarding energy reserves and the growing adoption of natural gas storage. The Asia Pacific region is expected to witness the fastest growth, with a projected CAGR of 6.2% from 2023 to 2030, mainly due to the increasing demand for energy storage and the development of storage infrastructure in countries like China and India. Latin America and the Middle East are also anticipated to grow significantly due to rising exploration activities and energy security concerns.
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Royal Vopak
Oiltanking
Magellan Midstream Partners
Buckeye Partners
Vitol
Blueknight Energy Partners
CIM-CCMP Group
CLH Group
Dailan Port Company
Horizon Terminals
International-Matex Tank Terminals
Amec Foster Wheeler
TechnipFMC
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Oil and Gas Storage Service Market
Above Ground Storage Tanks (ASTs)
Underground Storage Tanks (USTs)
Floating Roof Tanks
Spherical Tanks
Blending and Mixing Facilities
Crude Oil
Natural Gas
LNG (Liquefied Natural Gas)
Refined Petroleum Products
Petrochemicals
Oil and Gas Producers
Refineries
Petrochemical Companies
Utilities and Power Generation
Commercial and Industrial Users
Short-Term Storage
Medium-Term Storage
Long-Term Storage
Strategic Reserves
Conventional Storage Technologies
Advanced Monitoring and Analytics
Automated Storage Systems
Integrated Supply Chain Management Systems
Sustainability and Green Technologies
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Oil and Gas Storage Service Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Oil and Gas Storage Service Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Oil and Gas Storage Service Market, By Type
6. Global Oil and Gas Storage Service Market, By Application
7. Global Oil and Gas Storage Service Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Oil and Gas Storage Service Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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