Underground Gas Storage Systems Market Share & Trends [2031]
Underground Gas Storage Systems Market Share & Trends [2031]
Segments - Underground Gas Storage Systems Market by Product (Hydrogen, Natural Gas, and Others), Type (Aquifer, Salt Caverns, Depleted Gas Reservoir, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-5075
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| 179 Pages
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Report Description
The global underground gas storage systems market was USD 468.20 Billion Cubic Meters in 2022 and is likely to reach USD 565.74 Billion Cubic Meters, in terms of volume, by 2031, expanding at a CAGR of 2.5% between 2023 and 2031. Growing concerns about a shortage of gas due to the geopolitical crisis and increasing demand for gas in the industrial and transportation sectors is likely to fuel the market.
Gas is a global commodity influenced by diverse and competitively-priced supplies due to the cost of transportation, geopolitical barriers, and regulatory crisis. Oil suppliers store natural gas to control and regulate the prices of gas by minimizing the supply-demand mismatch. The prices of gas are controlled by limiting the gas supply during low demand and retrieving the gas when the demand surges.
Natural gas storage systems such as underground gas storage help oil suppliers control price volatility as a result of supply chain disruption. Underground gas storage is essential for gas suppliers and consumers, as it helps manage the supply and distribution of gas in a cost-effective and organized manner.
Underground gas storage facilities offer efficient and economical modes of storage methods for large quantities of gas. It offers a diverse range of benefits including carbon capture and storage (CCS) and enhanced oil recovery (EOR) with the help of innovative technologies such as compressed air energy storage and cryogenic energy storage. The underground gas storage facilities provide energy security by providing an uninterrupted and safe supply of natural gas by protecting the gas from natural and man-made disasters.
New government regulatory frameworks to promote the use of natural gas, as a part of the clean energy transition, is attracting investments for gas storage projects from diverse public and private institutions. The efforts put in by the regulatory bodies in diverse demographics to accelerate the clean energy transition are influencing the pace of investments in the gas storage systems market substantially.
Underground Gas Storage Systems Market Dynamics
Drivers
Growing consumption of gas due to industrialization and urbanization is anticipated to drive the market. Favorable government policies toward responsible energy development support gas usage in the industrial and transportation sector. The gases used in industry and transportation sectors generate lesser carbon footprint as compared to traditional fossil fuels thus, regulators are promoting the use of gas to maintain the environmental sustainability.
Rising need for uninterrupted gas supply to consumers in an organized manner are expected to drive the market. The underground gas storage systems provide economical and safe options for storage.
Restraints
Geopolitical crises such as the Russia-Ukraine crisis and subsequent shortages of natural gas and price volatility are likely to hinder the market. The development of underground storage systems is characterized by the influx of natural gas for production and distribution purposes. Disruptions in natural gas production are likely to impede the market.
Opportunities
Exploration of new oil fields by oil companies for natural gas production is likely to create significant opportunities in the market. Oil exploration companies are discovering new oil fields to cater to the market needs for natural gas locally. For example, the US wants to reduce the reliance on OPEC countries to fulfill its oil supplies. North America-based oil companies are engaged in oil exploration operations to support this policy.
Scope of Underground Gas Storage Systems Market Report
The market report 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 |
Details |
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Report Title |
Underground Gas Storage Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2020–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Product (Hydrogen, Natural Gas, and Others), and Type (Aquifer, Salt Caverns, Depleted Gas Reservoir, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Baker Hughes Company; NAFTA a. s.; Weatherford; ADNOC Group; Chart Industries; ENBRIDGE INC.; NOV Inc.; and TransCanada Pipelines Limited |
Market Segment Insights
Based on product, the underground gas storage systems market is divided into hydrogen, natural gas, and others. The natural gas segment is expected to expand at a significant pace during the projection period owing to the increasing use of natural gas in the industrial and transport sectors for reducing the carbon footprint and supportive government policies. Natural gas burns cleaner than other forms of fossil fuels, making it a preferred and affordable fuel.
On the basis of type, the global market is segregated into aquifer, salt caverns, depleted gas reservoir, and others. The depleted gas reservoir segment is projected to register a considerable CAGR during the forecast period due to its economic viability, storage capacity, and fast extraction of gas. Depleted gas reservoirs are gas storage facilities that have previously produced oil or gas. The sub-surface sand or rock formation in depleted gas reservoirs withstand repeated cycles of pressure rise and plunge during the process of gas filling and extraction.
In terms of region, the global underground gas storage systems market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the global market during the projection period owing to the rising oil exploration projects undertaken by the oilfield services companies and the subsequent requirements for storage facilities to store the gas for distribution and price-regulation purposes. Oil companies in North America want to develop a self-reliant energy economy by exploring the oil and gas fields in the region. Moreover, the use to cleaner fuels to reduce the carbon footprint and supportive government policies is likely to boost the market in North America.
Asia Pacific is going through a major transformation, in terms of industrialization and globalization. Uninterrupted energy supplies are required to support this growth. Natural gas minimizes the carbon footprint resulting from industrial and transportation activities. This, in turn, contributes to the growth of the market in the region.
Segments
The underground gas storage systems market has been segmented on the basis of
Product
- Hydrogen
- Natural Gas
- Others
Type
- Aquifer
- Salt Caverns
- Depleted Gas Reservoir
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Baker Hughes Company
- NAFTA a. s.
- Weatherford
- ADNOC Group
- Chart Industries
- ENBRIDGE INC.
- NOV Inc.
- TransCanada Pipelines Limited
Competitive Landscape
Competitors in the global underground gas storage systems market are Baker Hughes Company; NAFTA a. s.; Weatherford; ADNOC Group; Chart Industries; ENBRIDGE INC.; NOV Inc.; and TransCanada Pipelines Limited.
These players employ expansion strategies such as acquisitions, mergers, product launches, partnerships, collaboration, and production expansion to get an edge over their competitors. For instance,
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On January 2022, Baker Hughes announced the introduction of a diverse range of digital solutions to enhance the efficiency of oil extraction and storage operations. Leucipa, a cloud-based automated field production software solution helps oil and gas companies to proactively manage gas production and reduce their carbon footprint during oil and gas production and storage activities.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Underground Gas Storage Systems Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Underground Gas Storage Systems Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Underground Gas Storage Systems Market - Supply Chain
4.5. Global Underground Gas Storage Systems Market Forecast
4.5.1. Underground Gas Storage Systems Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Underground Gas Storage Systems Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Underground Gas Storage Systems Market Absolute $ Opportunity
5. Global Underground Gas Storage Systems Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Underground Gas Storage Systems Market Size and Volume Forecast by Types
5.3.1. Aquifer
5.3.2. Salt Caverns
5.3.3. Depleted Gas Reservoir
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Underground Gas Storage Systems Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Underground Gas Storage Systems Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Underground Gas Storage Systems Demand Share Forecast, 2019-2026
7. North America Underground Gas Storage Systems Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Underground Gas Storage Systems Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Underground Gas Storage Systems Market Size and Volume Forecast by Types
7.4.1. Aquifer
7.4.2. Salt Caverns
7.4.3. Depleted Gas Reservoir
7.4.4. Others
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Underground Gas Storage Systems Demand Share Forecast, 2019-2026
8. Latin America Underground Gas Storage Systems Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Underground Gas Storage Systems Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Underground Gas Storage Systems Market Size and Volume Forecast by Types
8.4.1. Aquifer
8.4.2. Salt Caverns
8.4.3. Depleted Gas Reservoir
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Underground Gas Storage Systems Demand Share Forecast, 2019-2026
9. Europe Underground Gas Storage Systems Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Underground Gas Storage Systems Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Underground Gas Storage Systems Market Size and Volume Forecast by Types
9.4.1. Aquifer
9.4.2. Salt Caverns
9.4.3. Depleted Gas Reservoir
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Underground Gas Storage Systems Demand Share Forecast, 2019-2026
10. Asia Pacific Underground Gas Storage Systems Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Underground Gas Storage Systems Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Underground Gas Storage Systems Market Size and Volume Forecast by Types
10.4.1. Aquifer
10.4.2. Salt Caverns
10.4.3. Depleted Gas Reservoir
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Underground Gas Storage Systems Demand Share Forecast, 2019-2026
11. Middle East & Africa Underground Gas Storage Systems Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Underground Gas Storage Systems Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Underground Gas Storage Systems Market Size and Volume Forecast by Types
11.4.1. Aquifer
11.4.2. Salt Caverns
11.4.3. Depleted Gas Reservoir
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Underground Gas Storage Systems Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Underground Gas Storage Systems Market: Market Share Analysis
12.2. Underground Gas Storage Systems Distributors and Customers
12.3. Underground Gas Storage Systems Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Baker Hughes Company
12.4.2. NAFTA a. s.
12.4.3. Weatherford
12.4.4. ADNOC Group
12.4.5. Chart Industries
12.4.6. ENBRIDGE INC.
12.4.7. NOV Inc.
12.4.8. TransCanada Pipelines Limited
Methodology
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