Market Highlights
Oil and gas are increasingly stored to meet the growing demand for energy. Oil is stored in tankers and other stationary facilities so it can be transported over vast distances and regions to meet the demand. Gas, on the other hand needs to be stored underground in facilities such as depleted oil and gas fields, salt caverns and aquifers.
As the global oil and gas industry is increasingly witnessing a drop in oil prices, OPEC countries are increasingly storing their oil and natural gas products to maket profit when the prices climb back.

Oil and Gas Storage Market is expected to grow over the CAGR of around 3.5% during the period 2017 to 2023.

Market Research Analysis
Natural gas storage is expected to dominate the market in terms of product type. With gas being increasingly used for providing domestic heating in North America and Europe regions, storing gas for winter season demand is of prime importance to the countries in the region. Countries are eager to take advantage of the price drop of natural gas and are procuring it more than the required demand. This procured gas has to be stored so that it can be used again in the state of winter season demand. Natural gas is stored in underground inventory such as depleted reservoirs in oil and/or natural gas fields, aquifers, and salt cavern formations. Liquefied natural gas is stored in liquid or gaseous forms above ground.

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The global dependence on fossil fuels is pushing the upstream oil and gas sector to all the regions of the globe. To meet the growing demand of fossil fuel energy, oil and gas storage facilities are predominantly using underground and aboveground facilities such as salt caverns, aquifers and depleted old oil and gas reservoirs. One of the primary drivers for the market is the seasonal demand for oil and natural gas. As the easy availability of oil is coming to an end, it is necessary that oil and gas are stored to meet the growing demand of energy. The market is driven by the fact that, the unpredictable change in prices and uncertainty in the availability of crude oil and natural gases are inducing vendors to purchase high quantities of petroleum fuel and retain them at storage facilities. This will help them increase their profit margins when the prices have recovered. Furthermore, since the price of crude oil also influences the price of a lot of products such as gasoline and lubricants, its price fluctuation will drive more companies to focus on oil and gas storage.

Key Players
The major players operating in oil and gas storage market are
• Royal Vopak N.V. (The Netherlands),
• TechnipFMC plc (U.K.),
• Magellan Midstream Partners, L.P. (U.S.),
• Amec Foster Wheeler plc (UK),
• The Vitol Group (The Netherlands),
• WorleyParsons Limited (Australia),
• Niska Gas Storage Partners LLC (U.S.),
• Centrica plc (U.K.)
• Chiyoda Corporation (Japan).

The market has been analyzed based on product types, storage types and regions. On the basis of product type, the global oil and gas storage market has been segmented as oil and gas storage. Based on storage type, it is further classified as underground and aboveground storage facilities.

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North America region is expected to dominate the market
The North America region is expected to dominate the market during the forecast period. With the increase in new onshore and offshore exploration and development in exploration activities in the Gulf of Mexico region, the demand for fuel is higher. Furthermore, with the increase in drilling activities in these areas also fuels the demand for oil and gas storage facilities. This is followed by the Europe and the Middle East where natural gas storage is expected to be a dominant factor to meet the growing demands of energy

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