Natural Gas Storage Market Outlook 2031
The Natural Gas Storage Market was USD 323.06 Billion in 2022 and is likely to reach USD 614.22 Billion, expanding at CAGR of 7.4% during 2023 – 2031. The growth of the market is attributed to the increasing demand for natural gas in various sectors, including construction and cooking.
Natural gas is a fossil energy source that are retrieved from deep beneath the earth's surface. It contains various gases such as methane, nitrogen, and carbon dioxide, which are naturally found in atmosphere. Natural gas is not used in its pure form. it is processed and converted into cleaner fuel for consumption.
Natural gas can be difficult to harness, as it emits carbon dioxide during the process. However, it provides fuel for cooking and heating, and it fuels power stations that provide electricity to homes and businesses. However, seasonal nature of natural gases is coupled with imbalance trade activities, which in turn, can hinder the growth of market.
Natural Gas Storage Market Trends, Drivers, Restraints, and Opportunities
- Increasing favorable government regulations for low carbon content fuels is anticipated to propel the market growth.
- Growing adoption of natural gas for electricity generation in form of hybrid energy can boost the market growth.
- Rising research & development (R&D) activities regarding the harnessing of natural gas is expected to expand the market growth in the projected timeline.
- Danger from leakage of natural gas can hinder the growth of the market.
- Limited investment in gas explorations and storing can impede the market growth.
- Advancements in technologies and innovation in storing of the natural gases can create lucrative opportunities to the market players.
Scope of Natural Gas Storage Market Report
The report on the global natural gas storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Natural Gas Storage Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Underground Storage and Above-ground Storage)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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John Wood Group PLC; Enbridge Inc.; Engie SA; Gazprom PAO; and Uniper SE.
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Natural Gas Storage Market Segment Insights
Underground storage segment is expected to expand at robust pace
Based on types, the global natural gas storage market is divided into underground storage and above-ground storage. The underground storage segment is expected to grow at a rapid pace during the forecast period owing to easy conversion of gases and wide availability. However, the above-ground storage segment is anticipated to hold a key share of the market due to flexibility in moving the natural gas storage.
Middle East & Africa is anticipated to register a key market share
In terms of regions, the global natural gas storage market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The Middle East & Africa is expected to constitute a key share of the market during the forecast period owing to major high availability of gas wells in Saudi Arabia. However, Europe is anticipated to expand at a rapid pace during the forecast period on account of increasing gas exploration activities and demand in countries such as the UK, France, and Italy.
Segments
The global natural gas storage market has been segmented on the basis of
Types
- Underground Storage
- Above-ground Storage
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global natural gas storage market are John Wood Group PLC; Enbridge Inc.; Engie SA; Gazprom PAO; and Uniper SE.
In September 2021, Enbridge Inc., a Canada-headquartered multinational pipeline company, announced a definitive purchase agreement with EnCap Flatrock Midstream to acquire Moda Midstream Operating, LLC (Moda) for USD 3 billion, advancing the Enbridge’s US Gulf Coast export strategy and connectivity to low-cost and long-lived reserves.
In September 2021, Sovcomflot PAO and Gazprom PAO Neft signed an agreement to develop innovative technologies and use low-carbon fuels in maritime transport.
In September 2021, VNG Gasspeicher GmbH, a gas operator, and Uniper SE, an energy company, will receive USD 40.24 million from the federal government to study the industrial-scale production, storage, transport and marketing of green hydrogen in the state of Saxony-Anhalt.
In August 2021, Engie SA, a France-based utility, commissioned a 200-megawatts (MW) solar park within the Raghanesda complex in India’s Gujarat state.
In August 2021, John Wood Group PLC, a Scotland-based multinational engineering and consulting business, secured a USD 600 million loan backed by the UK government’s export credit agency to enable it to invest in low-carbon growth opportunities.
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