The global natural gas storage market size was US$790 billion in 2021. The global natural gas storage market is forecast to grow to US$ 1274 billion by 2030, registering a compound annual growth rate (CAGR) of 7.6% during the forecast period from 2022 to 2030.
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Natural gas storage is essential for ensuring supply reliability and meeting consumer demands. Gas is stored during periods of low demand, and it is taken from storage during high-demand seasons. The two types of natural gas storage are underground natural gas storage and above-ground natural gas storage.
Factors Influencing the Market Growth
Due to the growing importance of depleted reservoir storage, demand for natural gas storage is increasing in the United States. Thus, it is likely to drive market growth.
Increasing seasonal demand from a variety of end-use applications and industrial sectors, combined with rising natural gas output, is likely to drive market expansion in the coming years.
Government policies that favor low-carbon fuels over other fossil fuels are projected to continue to boost natural gas demand. In addition, technological advancements combined with a growing awareness of natural gas as a clean fuel will drive demand even higher.
The technological problems associated with storage systems may hamper the growth of the global natural gas storage market.
Underground natural gas storages have become a critical component of energy supply during peak seasons, especially in Europe and North America. In addition, the enormous demand for subterranean natural gas may fuel the market growth in the coming years.
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Regional Analysis
Based on region, North America is forecast to hold the highest market share during the forecast period. The market is expected to stay in lead due to growing exploration and production activity in the region. Asia-Pacific is expected to develop at the fastest rate from 2022 to 2030, owing to increasing demand from end-use industries. China and India’s market for natural gas storage are growing significantly, owing to the fast increasing end-user applications. Several economies with low natural gas production employ natural gas storage to meet public demand. Such countries include Korea, Taiwan, Indonesia, and Malaysia. Thus, it will fuel the market growth during the study period.
COVID-19 Impact Analysis
The demand for natural gas reduced drastically during the pandemic. In addition, disruptions in the supply chain hampered market growth. Due to stringent lockdown restrictions in various countries, companies had to halt the activities for a short time period. Thus, it negatively impacted the market growth.
Market Segmentation
The global natural gas storage market segmentation focuses on Type, Underground Storage Type, and Region.
Type Outlook
- Underground
- Aboveground
Underground Storage Type Outlook
- Depleted Gas Reservoir
- Aquifer Reservoir
- Salt Caverns
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- McDermott International, Inc.
- NAFTA A.S.
- TransCanada Corp.
- Royal Vopak N.V.
- Chart Industries
- Uniper
- Enbridge, Inc.
- Gazprom
- Martin Midstream Partners L.P.
- Other prominent players
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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