Market Research ReportDec 2, 2022

Oil Gas Storage Market

Oil Gas Storage Market Research Report: Size, Share, Trend Analysis Product Type (Oil, Natural Gas), Storage Type (Aboveground, Underground) and By Region (Asia Pacific, South America, Europe, North America, Middle East and Africa) - Growth Outlook & Industry Forecast To 2026

Vertical: EnPBase Year: 2019

Book Demo

Executive Summary

Oil Gas Storage Market — Snapshot

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.

Key Insight

The Oil Gas Storage Market market is projected to grow at a CAGR of 2.5% from 2018 to 2026.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Market Scope & Coverage

What this report covers

Geographic Coverage: This analysis covers 5 regions: Asia Pacific, South America, Europe, North America, Middle East and Africa.
Market Segmentation: The market is analyzed across 2 segments: Oil, Natural Gas. Forecasts are provided for each segment from 2018 to 2026.
Competitive Landscape: 24 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Market Overview

Oil Gas Storage Market — Growth Trajectory

Oil 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.

Oil Gas Storage Market — Growth Trajectory

Oil

Natural Gas

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Market Size Trend (USD Mn)

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Market Dimensions

How this market is segmented

Product Type is broken down into: Oil, Natural Gas.
Storage Type is broken down into: Aboveground, Underground.

Geographic Analysis

Regional market breakdown

Asia Pacific market size reached $625.80M in 2018 and is projected to reach $746.50M by 2026, growing at a CAGR of 2.2%.
South America market size reached $182.00M in 2018 and is projected to reach $205.60M by 2026, growing at a CAGR of 1.5%.

Europe market size reached $445.40M in 2018 and is projected to reach $519.00M by 2026, growing at a CAGR of 1.9%.
North America market size reached $907.40M in 2018 and is projected to reach $1.14B by 2026, growing at a CAGR of 2.9%.
Middle East and Africa market size reached $748.80M in 2018 and is projected to reach $921.50M by 2026, growing at a CAGR of 2.6%.

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Research Methodology

Oil Gas Storage Market — How We Researched This Market

This 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+

Research Process

Historical data (2018–2019) and forecast period (2019–2026)

Problem Definition

Market scoping
Objective setting
Framework design

Secondary Research

Literature review
Data mining
Trend analysis

Primary Research

Expert interviews
Field visits
Surveys

Data Analysis

Quantitative modeling
Statistical testing
Validation

Insights & Reporting

Synthesis
Recommendations
Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)

Forecast (modelled)

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Competitive Landscape & Porter's Five Forces

Oil Gas Storage Market — Competitive Analysis

The 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.

Quantitative Analysis

Regional Breakdown

Regional market breakdown for Oil Gas Storage Market.

Regional Market Size (USD Mn)

Market estimates by geography (2026)

Asia Pacific$0.75B

South America$0.21B

Europe$0.52B

North America$1.14B

Middle East and Africa$0.92B

USD Mn

InsightNorth America leads with $1.14B by 2026.

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Regional Market Data

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%

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Segment Revenue (2026)

Oil

Natural Gas

00.751.52.253

Oil58%
Natural Gas42%

Total Market Size

$3.54B

Market by Segment (2026)

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.

Subscribe to Wantstats

Unlock premium reports, insights, blogs, charts and more.

View Subscription Plans

Empower your Business
with Insights

Save over 20% on
Annual Subscription

Subscribe now

Book a demo

See plans for professionals or small and medium businesses.

Analytics

Oil Gas Storage Market — Key Findings

Analytical insights on Oil Gas Storage Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

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.

Market Dynamics

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.

Market Drivers

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.

Market Opportunities

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.

Market Restraints

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.

Strategic Outlook and Future Directions

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.

Market Value by Segment (2026)

Value (USD Mn)

Oil

Natural Gas

Companies

Key companies profiled in Oil Gas Storage Market

Profiles of 114 companies operating in the Oil Gas Storage Market market, including revenue, employee count, and market positioning where available.

Region

Industry

Founded Year

Showing 114 of 114 companies

ROYAL VOPA

ROYAL VOPAK

Energy & Power

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.

Rotterdam, Netherlands

ENDRESS+HA

ENDRESS+HAUSER GROUP SERVICES AG

Energy & Power

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.

BROOKFIELD INFRASTRUCTURE PARTNERS LP

Energy & Power

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.

United States, North America

WORLEYPARS

WORLEYPARSONS LIMITED

Energy & Power

Company Headquarter: US Founded: 1893 Workforce: ~30,918 Company Working: WorleyParsons Limited is a leading global provider of professional project and asset services for the energy, chemicals, and resources markets. The company serves the new energy, power, upstream& downstream, refining & chemical, mining, minerals, & metals, and infrastructure industries. It has expertise in digital solutions, consulting, engineering& design, supply chain management, construction & fabrication, construction management, project management services, maintenance, modifications, and operations. It has a presence across the Americas, Europe, and Asia-Pacific.

United States, North America

CENTRICA P

CENTRICA PLC

Energy & Power

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.

United States, North America

BUCKEYE PA

BUCKEYE PARTNERS

Energy & Power

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.

United States, North America

Page 1 of 19

…

Go to page

About the Author

Offshore Oil and Gas Research Team

Energy & Power · Offshore Oil and Gas

Wantstats' energy and power analysts built this the way we build all our reports: starting from primary data, not press releases. The team pairs long-run market modeling with direct interviews across generation, transmission, and utility operators, then puts every claim through internal review before it's published. This report specifically covers the Offshore Oil and Gas space within that portfolio.

Similar Reports

View all

Energy & PowerJul 30, 2026

Slovenia LPG(Liquified Petroleum Market) Market

Energy & PowerJul 30, 2026

Satellite Solar Panels Array Market

Energy & PowerJul 30, 2026

Northeastern US & Eastern Canada Turbines Market

Powering the world's best teams.
From next-gen startups to established enterprises.

What our clients say

Trusted by forward-thinking businesses
for data-driven intelligence

Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.

Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.

Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Oil Gas Storage Market

Oil Gas Storage Market Research Report: Size, Share, Trend Analysis Product Type (Oil, Natural Gas), Storage Type (Aboveground, Underground) and By Region (Asia Pacific, South America, Europe, North America, Middle East and Africa) - Growth Outlook & Industry Forecast To 2026

Starting from

$4,950

Oil Gas Storage Market

Oil Gas Storage Market Research Report: Size, Share, Trend Analysis Product Type (Oil, Natural Gas), Storage Type (Aboveground, Underground) and By Region (Asia Pacific, South America, Europe, North America, Middle East and Africa) - Growth Outlook & Industry Forecast To 2026

Key Insight

Market Performance Trend

Market Scope & Coverage

What this report covers

Oil Gas Storage Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Competitive Landscape & Porter's Five Forces

Oil Gas Storage Market — Competitive Analysis

Regional Market Data

Segment Revenue (2026)

Segment Market Share

Market by Segment (2026)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2026)

About the Author

Offshore Oil and Gas Research Team

Market Performance Trend

Oil Gas Storage Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Competitive Landscape & Porter's Five Forces

Oil Gas Storage Market — Competitive Analysis

Regional Market Data

Segment Revenue (2026)

Segment Market Share

Market by Segment (2026)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2026)

About the Author

Offshore Oil and Gas Research Team

Save over 20% on
Annual Subscription

Save over 20% on
Annual Subscription