08-Jun-2021 | Facts and Factors
According to Facts and Factors, the global natural gas storage market was valued at around USD 796.50 Billion in 2020 and is expected to generate over USD 1280.80 Billion in revenue by the end of 2026, with a CAGR of around 7.2% between 2021 and 2026.
Natural gas, like the majority of other commodities, can be kept indefinitely. Natural gas exploration, production, and transportation take time, and the gas that arrives at its destination isn't necessarily needed straight immediately, so it's pumped into underground storage facilities. These storage facilities can be built in market centers if there is a shortage of locally generated natural gas.
Top Market Players
Major players operative in the global natural gas storage market is McDermott International, Inc., NAFTA A.S., TransCanada Corp., Royal Vopak N.V., Chart Industries, Uniper, Enbridge, Inc., Gazprom, Martin Midstream Partners L.P., GDF SUEZ, Samsung Heavy Industries, Foster Wheeler, Spectra Energy, ANR Storage Company, Blue Lake Gas Storage Company, DTE Energy, E.ON SE, Technip, The Williams Companies, Kinder Morgan Inc, Michigan Gas Storage Company, ONEOK Inc., Worley Parsons, Centrica, Chiyoda Corporation, Niska Gas Storage, amongst others.
The strong demand for natural gas is predicted to drive oil and gas development, resulting in an increase in the need for storage facilities. The market is split into two types: subterranean storage facilities and above-ground storage facilities. In addition, subsurface storage facilities are divided into three categories: salt caverns, depleted reservoirs, and aquifers. The growing chemical, industrial, and transportation sectors in the region are likely to stimulate demand for natural gas storage. In addition, the advantages of using natural gas as a clean-burning, adaptable, and effective fuel for a variety of applications, as well as worldwide movement toward a low-carbon economy, are likely to drive up natural gas demand in the future. The cyclical and unpredictable nature of natural gas production, as well as a supply and demand imbalance, is expected to stymie the market for natural gas. As a result of these factors, natural gas consumption is increasing in both home and non-domestic applications such as power production, transportation, and a number of other sectors. Natural gas is rapidly being employed in the business in numerous nations due to its low cost and environmental benefits. These storage facilities are crucial in safeguarding natural gas against natural hazards, unplanned occurrences, and production and distribution problems since natural gas is nonrenewable energy. In the next years, the natural gas supply, along with rising seasonal demand from a number of end-use applications and industrial sectors in the area, is likely to fuel market expansion.
In 2019, the underground storage type had the largest market share. Natural gas, like most other commodities, can be processed for an extended period. Natural gas exploration and extraction usually take time. Furthermore, natural gas that arrives at its destination is not necessarily consumed right away, so it is stored in storage tanks, most likely underground. Underground natural gas storages have become a critical component of energy supply during peak seasons, particularly in Europe and North America. Consumption and demand, which follow a seasonal cycle based on the pattern, are more unpredictable than constant and steady processing. Because of the strong demand for underground natural gas on the global market, the rate of consumption has been steadily increasing. Natural gas is often contained in liquid or gaseous form in aboveground storage tanks. The aboveground storage facilities are constructed in areas where underground caverns are not accessible. The aboveground storage tanks have direct access to the storage facilities and are relatively inexpensive to build. Natural gas is temporarily stored in transportable tanks that are loaded into trains or barges for long-distance shipping, in addition to stationary aboveground storage tanks. In 2019, the aboveground segment had the second-largest market share, and it is expected to grow at a healthy rate over the projected period
North America is projected to Dominate Global Natural Gas Storage Market Growth
In 2020, North America dominated the natural gas storage market, followed by Europe. Due to increased exploration and development efforts, the Asia-Pacific region is likely to expand the quickest in the future years. Increased awareness of natural gas as a green fuel is also predicted to help the country prosper. Due to plentiful supply and a favorable regulatory environment, Europe is predicted to develop at a rapid rate throughout the forecast period. Iran is poised to overtake the United Kingdom as Europe's most powerful country. The Middle East and Africa, as well as Latin America, are expected to expand significantly due to increased energy consumption. The Asia Pacific is expected to grow considerably during the projection period because of growing domestic demand from all major end-use sectors in countries such as China, Japan, and India.
Browse the full report “Natural Gas Storage Market by Type (Underground Storage, Above Ground Storage) By Above Ground Storage Type (Liquefaction, Regasification, Floating LNG), By Underground Storage Type (Depleted Gas Reservoir, Aquifer Reservoir, Salt Caverns) By Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” report at https://www.fnfresearch.com/natural-gas-storage-market.
The global Natural Gas Storage market is segmented as follows:
By Above Ground Storage Type :
By Underground Storage Type:
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