A market-research company is predicting the global retail oil and gas logistics market—getting the product from refineries to outlets like gas stations—will see a compound annual growth rate of almost 7 percent from 2018 to 2022. Technavio attributes that growth in part to blockchain technology being used in oil and gas transportation. This technology uses a database that records digital events and safeguards against interference such as deletions and alterations of the information, and adds to the efficiency and cost effectiveness of the supply chain.
Technavio researchers found another reason for the growth is a switch to intermodal transportation—using trucks, trains and ships in combination. According to a company senior analyst, “Tanker trucks and railroad tankers can also be connected to single-hull and double-hull tanker ships for the transportation of oil and gas products. After reaching the destination, the freight is distributed to the final destination such as retail outlets via trucks ensuring a smooth and systematic operation.”
In 2017, the Americas had a 37-percent share of the retail oil and gas logistics market. The Asia-Pacific region’s share is forecast to drop by 2022.