Vertical: EnPBase Year: 2019
Market Size (2019)
$2.97B
Projected (2026)
$3.54B
CAGR (2018–2026)
2.5%
Key Players
24+
The demand for oil and gas storage is growing significantly in the global market owing to the urgent need for storage space for petroleum reserves (SPRs) capacities.
The global oil and gas storage market is projected to grow at 2.64% CAGR during the forecast period, 2020–2026. In 2019, the global oil and gas storage market was dominated by North America with a 31.3% share, followed by Middle east & Africa and Asia Pacific with shares of 25.8% and 21.5%, respectively.
The global oil and gas storage market has been segmented based on product type, storage type, and region. Based on product type, the global oil and gas storage market has been segmented into oil and natural gas. The oil segment is expected to grow at a faster rate during the forecast period. In 2019, the oil segment held a share of 57.5% of the global oil and gas storage market.
Based on storage type, the global oil and gas storage market has been segmented into underground and aboveground. The aboveground segment is expected to grow at the faster rate during the forecast period. In 2019, the aboveground segment held a 59.9% share of the global oil and gas storage market.
The Oil Gas Storage Market market is projected to grow at a CAGR of 2.5% from 2018 to 2026.
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View Subscription PlansOil and gas storage is a part of midstream within the oil & gas industry. In this process, the oil extracted from the upstream companies are stored in various forms and then transported wherever required. Downstream companies also use storage tanks for their operations. This includes collecting oil for further processing and marketing. The oil and gas storage market is expected to show significant growth during the forecast period.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2019
Historical Period
2018 – 2018
Forecast Period
2020 – 2026
Primary Interviews
150+
Historical data (2018–2019) and forecast period (2019–2026)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe global oil and gas storage market comprises various global, regional, and local manufacturers and service providers that are evolving to enhance their position in the market. Moreover, the increasing demand for refining capacity, initiating stockpiling large volumes of oil, and the need for import and export terminals are the key factors that aid in market growth. The service providers compete based on cost, warranty, and lifespan of the products to sustain their presence in the global market.
Vendors in the global oil and gas storage market are focusing on improving their products and expanding geographically into underdeveloped and developing countries to gain a larger customer base. Royal Vopak N.V., TechnipFMC Plc, Magellan Midstream Partners, L.P., John Wood Group Plc, The Vitol Group, WorleyParsons Limited, Brookfield Infrastructure Partners, Centrica Plc, Buckeye Partners, and Oiltanking are the major companies operating in the global market. These companies compete in terms of features, pricing, and the reliability of their offerings.
The major market players may strengthen their presence worldwide through the acquisition of local and regional players for expanding their services in those regions during the forecast period. The abundant supply of gas in major countries and the growing need for natural gas storage capacity are likely to fuel the market growth, thereby making it an ideal time to expand in the oil and gas storage market geographically and increase the global market share.
TechnipFMC Plc is one of the prominent players in the oil and gas market. The company’s product offerings include discreet products and services for the production and transformation of hydrocarbons and renewable energy sources. TechnipFMC has divided its business segments into subsea, onshore/offshore, and surface technologies.
John Wood Group Plc’ subsidiary, AMEC Foster Wheeler, is a new global leader in the delivery of project, engineering, and technological services for the energy and industrial markets. AMEC Foster Wheeler serves the oil & gas, clean energy, mining, environment, and infrastructure industries. The company is engaged in strategic mergers and acquisitions so that it can reach untapped markets.
WorleyParsons Limited has expertise in digital solutions, consulting, engineering & design, supply chain management, construction & fabrication, construction management, project management services, maintenance, and modifications & operations. The company serves the new energy, power, upstream& downstream, refining & chemical, mining, minerals, & metals, and infrastructure industries.
Buckeye Partners is another prominent provider of oil and gas storage services. Its global terminal network comprises more than 115 liquid petroleum products terminals with aggregate tank capacities of over 118 million barrels. It offers pipelines, inland terminals, and marine terminals for clients in the East Coast, Midwest, and Gulf Coast regions of the US.
Brookfield Infrastructure Partners LP has utilities segment which includes regulated or contractual businesses that earn a return on their rate base. The transport segment is involved in the movement of freight, bulk commodities, and passengers.
Market estimates by geography (2026)
InsightNorth America leads with $1.14B by 2026.
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View Subscription Plans| REGION | 2018 | 2019 | 2026 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $625.80M | $674.10M | $746.50M | 2.2% | 21% |
| South America | $182.00M | $190.80M | $205.60M | 1.5% | 6% |
| Europe | $445.40M | $474.20M | $519.00M | 1.9% | 15% |
| North America | $907.40M | $1.00B | $1.14B | 2.9% | 32% |
| Middle East and Africa | $748.80M | $819.30M | $921.50M | 2.6% | 26% |
| Total | $2.91B | $3.16B | $3.54B | 2.5% | 100% |
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View Subscription PlansTotal Market Size
$3.54B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Oil | $2.05B | 2.6% | 58% |
| Natural Gas | $1.49B | 2.3% | 42% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Oil Gas Storage Market covering market dynamics, competitive landscape, and strategic outlook.
The Oil Gas Storage Market market is projected to reach $3.54B by 2026, growing at 2.5% CAGR. The Oil segment holds the largest share.
The global oil and gas storage market is expected to register a notable growth rate during the forecast period, owing to the urgent need for storage space for petroleum reserves (SPRs) capacities. However, the high maintenance cost of storage is expected to restrain the growth during the forecast period. The growing demand for natural gas is expected to create a growth opportunity for the players operating in the global market.
Due to the outbreak of COVID-19, the global oil & gas market is facing an unprecedented challenge of storing surplus oil. The market players have begun running out of storage space. For instance, in May, the U.S. West Texas Intermediate witnessed a negative territory for the first time in history, and the traders had to pay to get oil taken off their hands. The oil surplus has further created a demand shock in energy markets with both onshore and offshore storage filling quickly. Similarly, in India, refiners are flooding the market with petroleum products, which does not have enough buyers in the absence of demand in the current lockdown situation. Additionally, the storage capacity in the country is almost full at the fuel stations and other sites created by refiners. It is also estimated that the almost 85-million-barrel storage capacity of state-run companies is already full. In order to cope up with this challenging problem, various measures are being taken by refiners and other oil companies. For instance, oil companies in Texas found many steel tanks to store the surplus oil, which were kept idle earlier when shale producers stopped drilling.
Currently, the oil companies are trying to store as much oil as possible in these tanks to handle the space crunch. All these factors are driving the global market for oil and gas storage, especially in the near future, when the demand will not be at its normal rate, creating a need for more storage space.
Many conventional reservoirs around the globe are depleting rapidly. The exploration and production companies are looking forward to tapping unconventional resources located in difficult terrains, such as offshore and mountain areas. The extraction of fossil fuels in such regions is a very complex procedure, and companies depend on reservoir analysis techniques to determine the feasibility of exploration and production activities of well sites.
Offshore oil and gas fossil fuel production are expected to increase at a steady rate during the study period due to the increasing need for fossil fuels. Furthermore, shale production techniques such as fracking are witnessing an increased demand from countries across the globe. For instance, in May 2018, Saudi Aramco (Saudi Arabia) signed a contract with Halliburton (US) to handle its hydraulic fracking needs in its unconventional gas fields. China has also been investing substantially in unconventional reservoirs to reduce its dependence on imported oil and gas. For instance, in August 2019, the China National Petroleum Corporation (China) started drilling its first shale oil well in the South Western province of Sichuan in China. Similarly, several countries across the world, such as Canada, Australia, and Saudi Arabia, are expected to gradually increase their exploration activities in the unconventional reserves, which involve shale, deep-water, and other reservoirs. Conventional oil and gas reservoirs are depleting at a steady rate, which is prompting stakeholders in the oil & gas industries from various countries are seeking opportunities to explore unconventional reservoirs, which is expected to create a growth opportunity for the players in the reservoir analysis market.
The increasing exploration would require storage facilities for oil and gas. Additionally, it is anticipated that after the first quarter of 2021, the demand for oil and gas will increase, and storage space will be required to accommodate the increasing oil and gas production. Thus, the exploration of unconventional reservoirs is expected to create a growth opportunity for the players operating in the global oil and gas storage market during the study period.
The global oil & gas industry is facing a storage crunch, and tanks are filing fast at a rapid rate, despite the increasing lease cost for the storing space. Millions of barrels of oil and gas have been stored while the oil and gas manufacturers are facing the uncertain struggle to find buyers among industrial users. This has ultimately impacted the operations in Saudi Arabia, where surplus oil is abundant with no buyers available. Moreover, fuel storage rates also doubled in March and April in a few onshore hubs in countries in Europe and the US, as traders rushed to secure tanks in the hope of selling their products at a higher price once the outbreak eases and demand recovers. The limited storage space and increased rates are likely to affect the global market negatively. Thus, the high storage cost is expected to restrict the growth of the global oil and gas storage market during the forecast period.
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Profiles of 113 companies operating in the Oil Gas Storage Market market, including revenue, employee count, and market positioning where available.
Showing 113 of 113 companies
Worley is the Australian-domiciled global professional services firm that engineers, procures and builds the physical plant of the energy, chemicals and resources economy. Transformed by the 2019 acquisition of Jacobs' Energy, Chemicals & Resources division, it is now a roughly A$12 billion aggregated-revenue business operating in 43–44 countries. Its defining commercial characteristic is what it refuses to do: Worley states it does not and will not perform competitively bid lump sum turnkey work, keeping over 80% of revenue on reimbursable terms. This produces a capital-light, low-variance earnings profile at the cost of the outsized margins available to risk-taking EPC contractors. Strategically it is executing a two-front expansion — deeper into full project delivery (EPC/EPCM) within its core markets, and outward into "Complex Critical Infrastructure" including data centres, power, nuclear, industrial water and ports. Its FY2030 ambition is a double-digit underlying EBITA compound annual growth rate. Near-term execution is hostage to Middle East conflict disruption and a hostile Australian securities-litigation precedent bearing its own name. *FY2025 headcount fell 8.5% year-on-year. FY2023 and FY2024 totals are derived by summing the staff and craft series disclosed in the FY2025 results presentation (page 30); country counts for FY2023 and FY2024 are approximations reconstructed from period disclosures and should be treated as indicative. At 31 December 2025 headcount was 43,800 across 44 countries; by the May 2026 Investor Day the company described itself as approximately 42,000 people across 43 countries — a cumulative reduction of roughly 3,500 people over twelve months, consistent with the announced restructuring.* ### Market capitalisation and share statistics **Sources materially conflict on the current share price.** A PitchBook profile dated 19 August 2026 shows US$7.75 per share and a US$3.93 billion market capitalisation on 506 million shares, which at prevailing exchange rates implies roughly A$11.8 and A$6.0 billion. Independent Australian sources place the stock nearer A$10.6–10.8 in late July / August 2026. A precise 22 August 2026 close could not be verified from primary sources; the A$5.2–6.0 billion market capitalisation range should be read as an approximation. --- ### The company's own characterisation Worley describes itself, in its FY2025 results materials, as a leading global professional services company of energy, chemicals and resources experts that partners with customers to deliver projects and create value over the life of their assets, positioned between two worlds — moving toward more sustainable energy sources while helping to provide the energy, chemicals and resources needed now. Its stated Purpose is delivering a more sustainable world; its stated Ambition is to be a leader in sustainability solutions. The FY2025 Annual Report (section 1.2, Business model) is more precise about the earnings engine: the Group generates earnings by performing consulting, engineering, procurement and construction, and additionally through licence fees, process technology equipment and catalysts. It offers a suite of digital products and proprietary technologies, and engages via alternative low-risk commercial models. It explicitly identifies its risk-adjusted return focus and low risk appetite as the key differentiator from competitors. ### Independent characterisation Worley is best understood not as a contractor but as a knowledge-hours business with an attached, deliberately-throttled construction and procurement arm. The economics are visible in the FY2025 revenue decomposition: of A$12,050 million aggregated revenue, A$7,130 million (59%) was professional services, A$1,834 million (15%) construction and fabrication, and A$3,086 million (26%) procurement carrying a margin. A further A$721 million of procurement passed through at nil margin and is excluded from aggregated revenue entirely. This mix matters enormously to margin interpretation. Procurement revenue is high-volume, low-margin (5.7% segment margin in FY2025) and mathematically dilutes headline margin without touching profit dollars. Worley therefore reports two margins — 6.8% on aggregated revenue, and 9.2% excluding procurement — and guides on the latter. Investors who track only the headline margin will systematically misread the business. ### Revenue model and contract architecture More than half of the fixed-price book is professional services rather than construction, meaning true fixed-price construction exposure is well under 10% of revenue. Worley has minimal direct commercial exposure to supply-chain risk because it typically purchases materials as agent on customers' behalf. There is no subscription revenue of consequence and no meaningful product revenue outside the two process-technology businesses. The digital and AI investment is currently deployed to protect and expand margin on services delivery rather than as a standalone monetised product line, though the May 2026 Investor Day flags "growing digital revenue streams" as an objective. ### Value chain position Worley sits across the entire asset lifecycle: Concept → Design (FEED) → Execution (detailed engineering, procurement, construction) → Operate → Remediate. Management's central strategic argument is that Worley has historically captured only the 1–10% of Total Installed Cost spent in the concept and design phases, while more than 75% of TIC is spent in execution. Moving down the chain into EPC/EPCM — without accepting lump-sum turnkey risk — is the primary mechanism for revenue scaling. ### Customer types and concentration Customers are International Oil Companies, National Oil Companies, global chemicals majors, diversified miners, utilities, industrial gas and fertilizer producers, LNG developers, hyperscaler-adjacent power developers, and increasingly sovereign and state entities. The FY2025 Annual Report states explicitly that Worley does not depend on any single customer for a significant portion of revenue or profit. Named FY2025–FY2026 counterparties include Venture Global, ExxonMobil, Rio Tinto, Chevron/Tengizchevroil, Aramco, Equinor, Woodside, INPEX, bp, ADNOC Gas, SABIC, Dow, Heidelberg Materials, Pembina, OCP Group, Occidental/1PointFive, Glenfarne, Deutsche Energy Terminal and Cadent Gas. ### End-markets served Three reporting sectors — Energy, Chemicals, Resources — with a fourth, Complex Critical Infrastructure, formally introduced as a growth vector at the May 2026 Investor Day.
Company Headquarters: Rotterdam, Netherlands Founded: 1565 Workforce: ~5,559 Company Working: Royal Vopak is a global leader in tank storage solutions. It provides secure, clean, and efficient storage and handling bulk liquid products and gases, including chemicals, oils, gases, LNG, biofuels, and vegoils. The company has a presence in over 23 countries spread across four divisions, which are Europe & Africa, Asia & the Middle East, China & North Asia, and the Americas.
Company Headquarters: Switzerland Founded: 1953 Workforce: ~14,328 Company Working: Endress+Hauser Group Services AG (Endress+Hauser) is one of the leading manufacturers and suppliers of products, solutions, and services for industrial process measurement and automation. The company’s offerings for process automation include products, solutions, and services for flow, level, pressure and temperature measurement, process analysis, and data management. Additionally, it offers engineering services such as project management and automation services. The company offers its solutions in multiple markets, including water and wastewater, chemical, petrochemical, life science, food and beverage, power and energy, oil and gas, pulp and paper, and shipbuilding. The company’s production centers focuses on research & development, production, product management, quality assurance, and logistics, while the sales centers act as local partners for the market and customers. The company has a presence in Europe, the Americas, Asia-Pacific, and the Middle East & Africa.
Company Headquarter: UK Founded: 1997 Workforce: ~34,000 Company Working: Brookfield Infrastructure Partners LP (Brookfield Infrastructure), a subsidiary of Brookfield Asset Management Inc, is a provider of essential products and services for the global economy. The company operates through four segments, which are utilities, transport, energy, communications infrastructure businesses, and others. Its utilities segment covers its regulated or contractual businesses that earn a return on their rate base. Brookfield Infrastructure’s transport segment is involved in the movement of freight, bulk commodities, and passengers. The company’s energy segment is engaged in offering systems for transportation, storage, and handling energy. Its communications infrastructure segment provides services and critical infrastructure to the media broadcasting and telecom industries. The company operates in Australia, the UK, and Bermuda.
Company Headquarter: UK Founded: 1997 Workforce: ~18,300 Company Working: Centrica plc is an international energy and services company. The company offers business services & solutions for energy marketing & trading and central power generation. Centrica Storage Limited is a wholly owned subsidiary of Centrica plc, which used to store gas in the Rough gas field, located 29km (18 miles) from the coast and 2.7km below the seabed. The company caters to utilities, gas traders, and gas producers. 47/3 Bravo and 47/8 Alpha are its two offshore platforms located on the Rough gas field.
Company Headquarter: US Founded: 1886 Workforce: ~1,200 Company Working: Buckeye Partners, L.P. is one of the largest liquid petroleum products pipeline operators in the US. It has a diversified global network of integrated assets, providing midstream logistic solutions, primarily for transporting, storing, processing, and marketing liquid petroleum products. The company’s global terminal network comprises more than 115 liquid petroleum products terminals with an aggregate tank capacity of over 118 million barrels. It offers its pipelines, inland terminals, and marine terminals for clients in the East Coast, Midwest, and Gulf Coast regions of the US.
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
