Global Natural Gas Storage Market Size By Type (Underground, Aboveground, Floating), By Competitive Landscape, By Geographic Scope And Forecast

Natural Gas Storage Market Size And Forecast

Natural Gas Storage Market size was valued at USD 300.8 Billion in 2021 and is projected to reach USD 582.45 Billion by 2030, growing at a CAGR of 7.6% from 2023 to 2030.

Rising natural gas consumption in the industrial, chemical, and transportation sectors, mostly from Asia-Pacific nations, is predicted to drive the market for gas storage throughout the forecasted time period. The Global Natural Gas Storage Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Natural Gas Storage Market Definition

A facility that can store natural gas for an endless amount of time is known as natural gas storage. Since natural gas storage facilities are often underground, they are also known as underground gas storage or UGS. Gas storage facilities’ principal purpose is to inject and store natural gas when prices are low and/or demand is low, then utilize the gas by drawing it out when those conditions are reversed. In addition, Natural gas is a mixture of various hydrocarbons, mostly methane and higher alkanes, and is an odorless, colorless gas.

Although natural gas is a non-renewable source of energy, it is regarded as clean because it is widely accessible and creates little to no air pollutants and just a small amount of carbon dioxide. It can be used for a variety of purposes, including cooking, heating, and the production of electricity. It serves as the feedstock for numerous industrial and chemical processes. It is a fuel used in the transportation sector to power vehicles. Aquifers, salt caverns, abandoned oil fields, mines, tanks, and other storage facilities are used to store natural gas. It can be stored for use now or in the future.

Global Natural Gas Storage Market Overview

Technical advancements and greater public awareness of natural gas’ positive environmental effects will further enhance demand. Rising natural gas consumption in the industrial, chemical, and transportation sectors, mostly from Asia-Pacific nations, is predicted to drive the market for gas storage throughout the forecasted time period. The advantages of using fossil fuel as a clean-burning, adaptable, and affordable fuel are also expected to result in an increase in natural gas prices in the future as the world strives toward a low-carbon economy.

However, it is projected that the seasonality and unpredictability of demand, in addition to the discrepancy between supply and demand, will restrict the market’s growth for natural gas storage. Moreover, The industry’s growth is anticipated to be constrained by the high cost of natural gas storage and the inadequate transmission infrastructure.

Global Natural Gas Storage MarketSegmentation Analysis

The Global Natural Gas Storage Market is segmented on the basis of Type and Geography.

Natural Gas Storage Market, By Type

• Underground
• Aboveground
• Floating

Based on Type, the market is divided into Underground, Aboveground, and Floating. The largest market share (92%) belonged to the huge underground type. Fossil fuel may be stored for a very long time, much like the bulk of other products. Exploration and development of natural gas often take time. Additionally, natural gas is sometimes stored in facilities, probably underground, because it isn’t used right once when it arrives at its destination. Subterranean coal and gas storage has grown to be an essential part of the energy supply, notably for nations in Europe and North America, as a result of seasonal variations. In contrast with demand and usage, which can be unpredictable and have a seasonal pattern based on the trends, production is steady and consistent.

Natural Gas Storage Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Natural Gas Storage Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. In the market for natural gas storage worldwide, North America held the largest market share. The region’s expanding exploration and production activities as well as the rising seasonal demand for natural gas are expected to help it maintain its top spot. Growing demand from end-use industries is predicted to cause Asia Pacific to experience the quickest CAGR between 2020 and 2027.

In this region, China and India have some of the greatest marketplaces because of their fast-growing end-use industries. Natural gas storage facilities are used by several nations with lower levels of domestic gas production to meet demand. Korean, Taiwanese, Indonesian, and Malaysian nations fall under this category. In the Asia Pacific region, all of these factors are anticipated to fuel market expansion.

Key Players

The “Global Natural Gas Storage Market” study report will offer useful information with a focus on the global market. The major players in the market are Exxon Mobil Corporation, Chevron Corporation, Shell Plc., PJSC Rosneft Oil Company, Gazprom PJSC, Lukoil, TotalEnergies SE, BP plc, and China National Petroleum Corporation are among the oil companies that participate in the market.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April 2019, according to Sempra Energy, the sale of its non-utility natural gas storage assets and US renewable business has been completed, generating around $2.5 billion in cash.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Natural Gas Storage Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Natural Gas Storage Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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