The global natural gas storage market size is projected to reach 640.4 BCM by 2027 registering a CAGR of 3.6%, according to a new report by Grand View Research, Inc. Increasing natural gas usage over coal in industries owing to low cost and environmental benefits coupled with favorable government regulation is expected to drive the market growth during the forecast period.
Natural
gas consumption is highest during the wintertime and lowest during mild-weather
months in North America and Europe, in particular, thus there are significant
variations in seasonal demand, which also drives the market. Storage facilities
are vital for continuous supply required to cater to rising energy demand.
Demand
for underground storage of natural gas is anticipated to register the fastest
CAGR over the forecast period owing to energy security concerns with rising
production. Storage providers are focusing on storing the gas with long-term
contract. Numerous market players are engaged in the ownership of storage
facilities, including pipeline operators, utilities, and storage owners, which
offers investors the potential for profit.
Critical
transmission capacity coupled with high installation price restraints are
estimated to hinder the growth for the industry over the next seven years.
However, ample supply of gas coupled with enhanced recovery technologies is
projected to deliver several profitable opportunities to storage providers.
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Natural Gas
Storage Market Report Highlights
- Rising demand
for natural gas in end-use industries, such as transportation, industrial
purpose, and electricity generation, is expected to drive the market
growth
- Rapid
industrialization and urbanization in emerging economies of Latin America
and Asia Pacific is projected to spur the market growth over the forecast
period
- Underground
storage held the largest market share in 2019. Natural gas is primarily
stored in underground storage facilities, which is further segmented into
depleted gas reservoirs, aquifers, and salt caverns
- Depleted gas
reservoirs accounted for the largest market share in underground natural
gas storage
- Salt cavern
segment has been projected to witness the fastest CAGR over the forecast
period
- North America
led the global market in 2019 and will retain the leading position
throughout the forecast years owing to increasing exploration and
production activities in the region coupled with seasonal demand for
natural gas
- Asia Pacific
is expected to register the maximum CAGR from 2020 to 2027 due to high
demand and implementation of the coal-to-gas policy by various countries
in the region
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Natural Gas
Storage Market Segmentation
Grand View Research has segmented
the global natural gas storage market on the basis of type, underground storage
type, and region:
Natural Gas
Storage Type Outlook (Revenue, BCM, 2016 - 2027)
- Underground
- Aboveground
Natural Gas
Storage Underground Storage Type Outlook (Revenue, BCM, 2016 - 2027)
- Depleted Gas Reservoir
- Aquifer Reservoir
- Salt Caverns
Natural Gas
Storage Regional Outlook (Revenue, BCM, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Russia
- France
- Italy
- Ukraine
- Asia Pacific
- China
- Australia
- Central & South America
- Middle East and Africa
- Qatar
- UAE
List of Key
Players of Natural Gas Storage Market
- McDermott International, Inc.
- NAFTA A.S.
- TransCanada Corp.
- Royal Vopak N.V.
- Chart Industries
- Uniper
- Enbridge, Inc.
- Gazprom
- Martin Midstream Partners L.P.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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