Market Size of Europe Oil and Gas Storage Tank Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Oil & Gas Storage Tank Market Analysis
The European oil and gas storage tank market is expected to register a CAGR of over 3% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels. Over the medium term, the growing demand for oil and gas is expected to stimulate the growth of the European oil and gas storage tank market. Furthermore, increasing consumption of natural gas is expected to drive the growth of the market studied.
On the other hand, increased investment and maintenance costs are expected to hamper the growth of the market studied during the forecast period. Nevertheless, investment in the development of storage facilities and new pipelines for improving the storage capacity of tanks is likely to create lucrative growth opportunities for the European oil and gas storage tank market in the forecast period. Germany is expected to witness significant growth during the forecast period. This growth is attributed to the increasing investments, coupled with increasing consumption of oil and gas in the country.
Europe Oil & Gas Storage Tank Industry Segmentation
Oil and gas storage tanks are used throughout the oil and gas industry to bulk-contain fluids at different stages of the refinery process. Products are often stored for a short time before being transported for further processing.
The European oil and gas storage tank market is segmented by sector and geography. By sector, the market is segmented into upstream, midstream, and downstream. The report also covers the market size and forecasts for the Europe oil and gas storage tank market across major countries in the region, including Germany, the United Kingdom, France, Norway, Spain, and Rest of Europe. For each segment, the market sizes and forecasts are provided in terms of value in USD billion.
| Sector | |
| Upstream | |
| Midstream | |
| Downstream |
| Geography | |
| Germany | |
| United Kingdom | |
| Norway | |
| Spain | |
| Rest of Europe |
Europe Oil and Gas Storage Tank Market Size Summary
The European oil and gas storage tank market is poised for growth, driven by increasing demand for oil and gas and the rising consumption of natural gas. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, the growth trajectory faces challenges from heightened investment and maintenance costs. Despite these hurdles, the development of new storage facilities and pipelines presents significant opportunities for market expansion. Germany is anticipated to experience notable growth due to its increasing oil and gas consumption and investments in storage infrastructure. The region's status as a major offshore oil and gas market, with countries like Norway, the United Kingdom, and Russia playing pivotal roles, further underscores the market's potential.
The midstream sector, encompassing the transport and storage of crude oil and natural gas, is a key driver of demand for storage tanks in Europe. The aging infrastructure and growing production necessitate new midstream developments. Initiatives such as the construction of liquefied natural gas terminals and the restart of major natural gas storage sites in response to the energy crisis highlight the region's proactive approach to enhancing storage capabilities. Germany's strategic efforts to fill gas storage facilities and its collaboration with Austria to optimize LNG infrastructure are indicative of the market's dynamic nature. The European oil and gas storage tank market is moderately fragmented, with major players like Royal Vopak NV and Oiltanking GmbH contributing to its competitive landscape.
Europe Oil and Gas Storage Tank Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Sector
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2.1.1 Upstream
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2.1.2 Midstream
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2.1.3 Downstream
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2.2 Geography
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2.2.1 Germany
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2.2.2 United Kingdom
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2.2.3 Norway
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2.2.4 Spain
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2.2.5 Rest of Europe
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Europe Oil and Gas Storage Tank Market Size FAQs
What is the current Europe Oil and Gas Storage Tank Market size?
The Europe Oil and Gas Storage Tank Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Europe Oil and Gas Storage Tank Market?
Royal Vopak N.V., Oiltanking GmbH, HOYER GmbH, Vitol Tank Terminals International BV (VTTI) and Eisenbau Heilbronn GmbH are the major companies operating in the Europe Oil and Gas Storage Tank Market.
