The global oil and gas storage service market size is poised to grow by USD 1.25 billion during 2019-2023, according to a new 127 page report by Technavio, progressing at a CAGR of over 2% during the forecast period.Â
The market is driven by the increasing investments in oil and gas pipeline projects. Also, the growing refinery capacity expansion is anticipated to further boost the growth of the oil and gas storage service market.
Increasing investments in oil and gas pipeline projects are one of the critical factors that will drive the oil and gas storage service market’s growth during the forecast period. The demand for oil and gas is increasing significantly, which is resulting in the expansion of pipeline network. Regional storage hubs serve for distributing piped oil and gas. Pipelines consume less energy and are cost-effective, and hence, they are preferred for long-distance oil and gas transport over other modes. With the expansion in oil and gas piped network, the requirement for oil and gas storage has also increased.
Source: Business Wire
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