South America Oil And Gas Storage Tank Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South America Oil And Gas Storage Tank Market Analysis
The South America Oil and gas storage tank market is estimated to be at USD 2.1 billion by the end of this year and is projected to reach USD 2.65 billion in the next five years, registering a CAGR of over 4.8% during the forecast period.
Increasing consumption and growing oil production are expected to drive the demand for Oil and gas storage tanks during the forecast period.
However, high investment and maintenance cost is expected to hinder the growth of the Oil and gas storage tank market.
Development of storage facilities and new pipelines for improving the storage tank capacity creates ample opportunities for the oil and gas storage tank market in the forecast period.
Brazil is the fastest-growing country in the South America Oil and gas storage tank market during the forecast period.
South America Oil And Gas Storage Tank Market Trends
Midstream Sector Segment Expected to Witness Significant Growth
- South America is the largest and oldest oil-producing country in the world. The region is also one of the largest oil and gas markets. Brazil, Venezuela, Argentina, and Colombia are some of the major countries in the region's oil and gas industry.
- The midstream sector is involved with transporting and storing extracted crude oil and natural gas. It includes infrastructure such as gas treatment plants, natural gas liquefaction plants, crude oil and natural gas pipelines, and liquefied gas and regasification storage. The requirement for new midstream infrastructure is fueled by the aging infrastructure and rising oil and gas output, which raises the need for storage tanks.
- Offshore oil & gas projects in South America have lower breakeven prices and competitive payback times compared to similar projects worldwide. Over 30 offshore oil and gas projects are anticipated to launch throughout the region by 2023, requiring a greenfield investment of about USD 50 billion. These projects are operated by a mix of national oil companies (NOCs) and major independent companies.
- According to BP statistics, Natural gas production in South America has increased by 11.3% in 2021. This, in turn, will increase investment in natural gas production and storage facilities in South America.
- Hence, owing to the above points, the Midstream segment will likely see significant market growth during the forecast period.
Brazil Expected to Dominate the Market
- Brazil accounts for about 2.9 million barrels per day of crude oil production and will be the tenth-largest oil-producing country in the world in 2021. According to the United States Energy Information Administration (EIA), more than 90% of Brazil's oil production is extracted from deep-water oil fields offshore. According to EIA, Brazil is estimated to have 12.7 billion barrels of proven crude reserves in 2021, the second largest in South America after Venezuela.
- Brazil is expected to play a significant role in the offshore oil and gas industry's recovery from a tumultuous 2020, especially in the floating production market. The country is expected to deploy around 18 Floating Production Storage and Offloading (FPSOs) by 2025.
- In May 2022, Singapore's Keppel Shipyard submitted the best bids in a Petrobras tender for the engineering, procurement, and construction (EPC) contracts for two FPSOs planned for Brazil's Buzios field. Keppel offered USD 2.98 billion each in lot A and lot B, beating the proposals of Sembcorp Marine, which offered USD 3.66 billion and USD 3.73 billion.
- As of 2021, more than 75% of the pipeline infrastructure in the country is located onshore, and the remaining pipeline infrastructure connects the floating regasification terminals and offshore oil & gas platforms operating in Brazil. Brazil has five LNG terminals in operation. Three of them are owned by Petrobras. The other two are privately owned: CELSE's Porto de Sergipe terminal in Sergipe state; and the Porto de Açu terminal in Rio de Janeiro, which GNA owns.
- Hence, owing to the above points, Brazil is expected to see significant market growth in the Oil and gas storage tank market during the forecast period.
South America Oil And Gas Storage Tank Industry Overview
The Oil and gas storage tank market is moderately consolidated. Some of the key players in this market (in no particular order)include Mcdermott international ltd, Petróleo Brasileiro S.A, Shawcor Ltd, YPF S.A, and ROSEN Group.
South America Oil And Gas Storage Tank Market Leaders
-
Mcdermott international ltd
-
Petróleo Brasileiro S.A
-
Shawcor Ltd
-
YPF S.A
-
ROSEN Group.
*Disclaimer: Major Players sorted in no particular order
South America Oil And Gas Storage Tank Market News
- In December 2022, Brazil's small and medium-sized oil firms confirmed to invest USD 7.74 billion in onshore fields by 2029. The group, which includes companies such as Eneva and PetroReconcavo, aims to extend the lifespan of and increase production at land oilfields acquired from state-run Petrobras. Through this venture, the Output from onshore fields is expected to increase to 500,000 barrels of oil equivalent per day by 2029, up from 150,000 in 2016.
- In Feb 2022, Sener acquired a contract to provide basic and detailed engineering services for the GNA II plant. GNA II is a 1.7GW liquefied natural gas (LNG)-fired combined-cycle power plant in Brazil.
Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing investment in the downstream sector
4.5.1.2 Rising offshore Oil exploration activities
4.5.2 Restraints
4.5.2.1 Rising adoption of cleaner alternatives
4.5.3 Oppurtunities
4.5.3.1 Growing demand for automation in the control process
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Sector
5.1.1 Upstream
5.1.2 Midstream
5.1.3 Downstream
5.2 Type
5.2.1 Above ground
5.2.2 Underground
5.3 Countries
5.3.1 Venezuela
5.3.2 Argentina
5.3.3 Brazil
5.3.4 Columbia
5.3.5 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Sener
6.3.2 Mcdermott International Ltd
6.3.3 Shawcor
6.3.4 Petrobras SA
6.3.5 YPF S.A
6.3.6 Rosen Group
6.3.7 Caldwell Tanks Inc.
6.3.8 Vitol Tank Terminals International BV (VTTI)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South America Oil And Gas Storage Tank Industry Segmentation
Oil and gas storage tanks are used for the storage of petroleum products, crude oil, and LNG products. The South American oil and gas storage tank market is segmented by sector, type, and geography. By sector, the market is segmented into upstream, midstream, and downstream. By type, the market is segmented into above-ground, and underground. The report also covers the market size and forecasts for the South American oil and gas storage tank market across major countries in the region, including Venezuela, Brazil, Argentina, Columbia, and the Rest of South America. For each segment, the market sizes and forecasts are provided in terms of value in USD billion.
| Sector | |
| Upstream | |
| Midstream | |
| Downstream |
| Type | |
| Above ground | |
| Underground |
| Countries | |
| Venezuela | |
| Argentina | |
| Brazil | |
| Columbia | |
| Rest of South America |
Frequently Asked Questions
What is the current South America Oil And Gas Storage Tank Market size?
The South America Oil And Gas Storage Tank Market is projected to register a CAGR of 4.80% during the forecast period (2024-2029)
Who are the key players in South America Oil And Gas Storage Tank Market?
Mcdermott international ltd, Petróleo Brasileiro S.A, Shawcor Ltd, YPF S.A and ROSEN Group. are the major companies operating in the South America Oil And Gas Storage Tank Market.
What years does this South America Oil And Gas Storage Tank Market cover?
The report covers the South America Oil And Gas Storage Tank Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the South America Oil And Gas Storage Tank Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South America Oil And Gas Storage Tank Industry Report
Statistics for the 2024 South America Oil And Gas Storage Tank market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Oil And Gas Storage Tank analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
