Key vendors to strategically increase their sales by focusing on their long-term projects across various regions
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five leading vendors for the global oil and gas storage service market in their latest research report. This report also lists 9 other prominent vendors who are expected to contribute to this market’s growth between 2016-2020.
To identify the top vendors, Technavio’s market research analysts have taken into account the revenue generated by independent oil storage companies that offer the following oil and gas storage services:
- Storage services: These services help oil trading companies for trading purpose and as a buffer for future need when supply is low.
- Ancillary services: This includes services such as additive injections, product heating, ethanol blending, and mixing products stored in tanks.
This Technavio report, under warehouse and storage vertical, is based on the synthesis, analysis, and interpretation of information about the global oil and gas storage service market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The rise in new entrants is contributing to prevailing intense competition in the market. The market is dominated by global players, and these companies hold most the market shares. The vendors in the market are focusing on improving infrastructure and technology to meet the growing energy requirements across the world. The companies are focusing on real-time decision making and cyber security to sustain the competition in the market. The companies should optimize their operations by enhancing flow rates and pumping efficiencies and decide on strategic locations for new terminals to gain a competitive advantage over other players in the market. Furthermore, the companies should invest in resources for real-time leak detection and countermeasure capabilities to attract more consumers and increase their profitability.
“The vendors in the market are concentrating on providing transportation for oil sands or ultra-heavy oil. Oil sands are the unconsolidated sand formations that are held together by a pore-filling bitumen reserve. The companies are focusing on the development of technologies such as SAGD (steam assisted gravity displacement) to provide better services that will enable smoother operations. The players are also investing in the innovation and enhancement of technology to store and transport these products efficiently,” says Sharan Raj, a lead analyst at Technavio for research on warehouse and storage.
Top five vendors in the oil and gas storage service market space
Royal Vopak
The company provides storage and handling of products such as oil, gas, chemicals, biofuels, and LNG. The company is operational in around 26 countries with over 74 terminals and has a storage capacity of around 34 million cubic meters. Recently, the company commissioned an independent storage terminal for crude oil and oil products in Yangpu, Hainan, China, in a joint venture with State Development Investment Corporation (SDIC) of China.
Oiltanking
Oiltanking is a subsidiary of Marquard & Bahls and offers services that include oil storage, chemical storage, dry bulk, and engineering procurement and construction. The company has the capacity of more than 19 million cbm comprising 73 tank terminals across 22 countries. In recent times, the company acquired Shell Depot at Copenhagen Airport and signed an agreement with Galana Mozambique to purchase a share.
Magellan Midstream Partners
Magellan Midstream Partners is an oil storage, transportation, and pipeline company and its storage capabilities include around 9600 miles of the refined products pipeline system, 27 independent terminals, and 53 connected terminals, and about 1100 miles of ammonia pipeline system. Recently, the company signed a letter of intent with LBC Tank Terminal for Seabrook Logistics to grow its crude oil storage capacity to 5 million barrels in the Houston Gulf Coast area.
Buckeye Partners
The company operates in the storage, transportation, and marketing of liquid petroleum products. It also serves engineering and construction services along with providing independent terminally and storage. The storage capacity of the company includes about 117 active terminals with an aggregate storage capacity of around 55 million barrels.
Vitol Group
Vitol Group is an energy and commodities company with businesses in physical trading, logistics and distribution, terminals, shipping, refining, exploration and production, power generation, mining, and retail. The company has storage capacity across six continents with a capacity of over 18 million cubic meters.
Other prominent vendors in this market include Blueknight Energy Partners, CIM-CCMP Group, CLH Group, Dailan Port Company, Horizon Terminals Limited, International-Matex Tank Terminals (IMTT), Kinder Morgan, NuStar Energy, and Odfjell.
A more detailed analysis is available in the Technavio report, Global Oil and Gas Storage Service Market 2016-2020.Technavio also customizes reports by other regions and specific segments upon request.
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