A new report – Global Oil & Gas Storage Services Market, By Service (Storage Service, Throughput, Ancillary Service), By Product Type (Crude Oil, Gasoline, Diesel, Jet Fuel, LPG, Heavy Fuel Oil (Residual), Other Distillates, Others), By End User (Refinery, Merchant Traders, Distributors), By Region (North America, Asia Pacific, Europe, Middle East & Africa & South America), Competition, Forecast & Opportunities, 2025 – has said the global oil & gas storage services market is projected to reach $1.34 billion by 2025.
It said that market was valued at $1.09 billion in 2019 by comparison, and added that the growth can be attributed to “the increasing demand for oil & gas, growing global exploration & production, and expanding oil & gas pipeline network”.
It said huge price fluctuations in crude oil prices in the recent years have increased the requirement for oil and gas storage services across the globe.
In terms of service segments, it said the global oil and gas storage market is categorized into Storage, Throughput and Ancillary services. The Storage service segment is the leading market segment and includes fee paid for reserving the storage space in tanks and to compensate for handling up to a fixed amount of product volume, it said.
The Throughput service, meanwhile, includes the fee paid to non-storage customers to receive and deliver products via pipelines, barge, trucks, tankers, etc. Whereas the Ancillary service segment includes fee paid for mixing chemical additives, heating and blending by a third party.
In terms of Product type, it categorises the global oil and gas storage services market into Crude Oil, Gasoline, Diesel, Jet Fuel, LPG, Heavy Fuel Oil (Residual), and Others Distillates.
It said the crude oil segment holds the largest market share and is projected to continue its dominance during the forecast period.
In terms of End User, the report said the global oil and gas storage services market is categorized into Refinery, Merchant Traders and Distributors. The refinery segment leads the market as major part of the storage services is captured by refinery and majority of refined products that are stored in storage tanks in refinery itself.
Elsewhere in the report, it said North America is expected to continue its dominance in the global oil and gas storage services market through 2025, followed by Asia Pacific. However, it said the global economic slowdown, spread of COVID-19 pandemic and rising adoption of electric vehicles are the major threats for global oil and gas storage services market.
For more information visit www.reportlinker.com