Natural Gas Storage Market Size, Share, Growth Analysis, By Type(Above Ground Storage, Underground storage), By Region(North America, Europe, Asia), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2025 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 62 |Figures: 75

Natural Gas Storage Market Insights

Global Natural Gas Storage Market size was valued at USD 8.99 billion in 2019 and is poised to grow from USD 9.4 billion in 2023 to USD 13.36 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

Since natural gas burns cleaner than other fossil fuels, it has become a major main source of energy. It is widely used in many applications, highlighting how important energy security is by storing it in diverse ways. During times of low demand, natural gas is stored, and during times of high demand, it is pulled out. Weather conditions have a big impact on how much natural gas is consumed, especially in the winter when it's utilised for space heating in homes and businesses. Natural gas that is provided in excess during the summer must be accessible to satisfy the increased demand during the winter, and this is where stored natural gas comes in. Storage of natural gas provides energy security against catastrophic events that might disrupt output. Natural gas storage is widely used by industry participants for commercial objectives in addition to performing those functions. Natural gas storage is crucial because of this and a number of other factors, including the benefits of gas.

US Natural Gas Storage Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 8.99 billion

Largest Segment

Above Ground Storage

Fastest Growth

Underground storage

Growth Rate

4.5% CAGR

Global Natural Gas Storage Market , 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Natural Gas Storage Market Segmental Analysis

The natural gas storage market is segmented based on the type and region. Based on the type, the natural gas storage market is segmented as above ground storage and underground storage. Based on region, Natural Gas Storage Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Natural Gas Storage Market Analysis by Type

The two types of natural gas storage—aboveground storage and underground storage—can be broadly categorised. Since it takes up less space than gaseous natural gas, liquified natural gas (LNG) may be used for the transportation and distribution of natural gas in above-ground storage. Aquifers, salt caverns, and depleted gas reserves are other categories for underground storage. The most typical kind of storage facility is a depleted gas reservoir since it can store natural gas for future use and can remove gas quickly. As they are economically viable, underground storage locations are frequently employed for depleted oil and natural gas reserves. Aquifers are porous rock formations that function as natural water bodies because they are permeable. These natural water bodies can be converted to store natural gas under specific circumstances. Aquifers are often used in places without depleted gas reserves since they are expensive to construct. The salt cavern, which provides the ability to store natural gas, is an artificial hollow made by injecting water to dissolve the salt.

The underground storage type's depleted reservoir segment held the biggest market share in 2019 at 77.4%. One of the earliest and most common types of gas storage is in depleted reservoirs. Formations known as depleted reservoirs have previously had all of their recoverable natural gas extracted from them. About 50% of the natural gas in the formation has to be preserved as cushion gas in order to sustain pressure in depleted reservoirs. Due to the infrastructure already in place for gas storage, these reservoirs have mostly been utilised for this purpose. They offer a lengthy gas cycle of 70 to 200 days and a moderate gas supply.

Global Natural Gas Storage Market By Type, 2021(%)

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Natural Gas Storage Market Regional Insights

North American, European, Asian Pacific, Latin American, Middle Eastern, and African regions make up the segments of the global natural gas storage market. Through a pipeline, the United States sells a sizable amount of natural gas to Canada and Mexico, as well as being a net exporter to a number of other nations. The widespread use of natural gas for space heating in residential and commercial buildings as a result of the inclement weather is anticipated to lead to an increase in natural gas storage in North America. Due to the plentiful market availability and suitable regulatory environment, Europe is anticipated to show a substantial growth rate for natural gas storage. Strict environmental regulations and the adoption of energy-saving measures have boosted the consumption of natural gas, which has highlighted the need for natural gas storage for energy security. The fastest-growing and one of the biggest consumers of fossil fuels is Asia Pacific. Extensive industrialization, urbanisation, and economic expansion all contribute to the need for natural gas storage. A significant rise in the Middle East is anticipated due to rising energy consumption.

Global Natural Gas Storage Market By Geography, 2021 - 2028
  • Largest
  • Fastest

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Natural Gas Storage Market Dynamics

Natural Gas Storage Market Driver

  • Natural gas is the most economical and widely used fuel, making it the most ecologically benign kind of energy available. It also burns cleaner than other types of fossil fuels, enabling the expansion of natural gas storage. The market for natural gas storage is driven by the need for storage to provide energy security and fulfil the rising demand for natural gas...

Natural Gas Storage Market Restraint

  • In order to store natural gas in a regulated environment, a rigorous infrastructure is required. To stop leaks from storage tanks, a significant amount of money must be spent on operation and maintenance tasks on a regular basis. Due to the high cost of natural gas storage and the limited transmission capacity, there are expected to be limitations on the market's expansion.

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Natural Gas Storage Market Competitive Landscape

The natural gas storage market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability.

Top Players in the Global Natural Gas Storage Market

  • Niska Gas Storage Partners LLC
  • Gazprom
  • Enbridge Inc.
  • Spectra Energy Corp
  • TransCanada Corporation
  • Engie SA
  • GDF SUEZ SA
  • Cardinal Gas Storage Partners LLC
  • Midwest Gas Storage Inc.
  • Antero Resources Corporation
  • Centrica Storage Limited
  • Chiyoda Corporation
  • Dominion Energy Inc.
  • Southern Company Gas
  • EDF Trading Limited
  • Uniper SE
  • Royal Dutch Shell plc
  • National Grid plc
  • ONEOK Partners LP
  • Sempra Energy

Natural Gas Storage Market Recent Developments

In April 2019, Sempra Energy reported that it has finalised the sale of its non-utility natural gas storage assets and US renewable business, producing about $2.5 billion in cash.

In Oct 2018, In order to examine concerns with gas imports and storage, the executive members of Gazprom and VNG meet at the 8th St. Petersburg International Gas Forum. The focus of the discussion was on collaborative efforts in the area of underground gas storage, namely a cooperative project for the German Katharina UGC facility.

Natural Gas Storage Key Market Trends

  • The U.S. natural gas storage market is expected to develop as a result of growing necessity of storing gas from depleting reservoirs. Over the next several years, increased seasonal demand from a variety of end-use applications and industrial sectors in the area is expected to combine with expanding natural gas output to drive market expansion.

Natural Gas Storage Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our natural gas storage market analysis, research report offers a thorough overview of the industry and focuses on important factors including the top players, sources, products, and applications. The research also identifies significant advancements in the industry and provides insights into market trends and the competitive environment. The study includes a number of aspects, in addition to those already mentioned, that have assisted in the market expansion in recent years.

Report Metric Details
Market size value in 2019 USD 8.99 billion
Market size value in 2031 USD 13.36 billion
Growth Rate 4.5%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Above Ground Storage, Underground storage
  • Region
    • North America, Europe, Asia
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Niska Gas Storage Partners LLC
  • Gazprom
  • Enbridge Inc.
  • Spectra Energy Corp
  • TransCanada Corporation
  • Engie SA
  • GDF SUEZ SA
  • Cardinal Gas Storage Partners LLC
  • Midwest Gas Storage Inc.
  • Antero Resources Corporation
  • Centrica Storage Limited
  • Chiyoda Corporation
  • Dominion Energy Inc.
  • Southern Company Gas
  • EDF Trading Limited
  • Uniper SE
  • Royal Dutch Shell plc
  • National Grid plc
  • ONEOK Partners LP
  • Sempra Energy
Customization scope

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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Natural Gas Storage Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Natural Gas Storage Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Natural Gas Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Natural Gas Storage Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Natural Gas Storage Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Natural Gas Storage Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Natural Gas Storage Market size was valued at USD 8.99 billion in 2019 and is poised to grow from USD 9.4 billion in 2023 to USD 13.36 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

The natural gas storage market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability. 'Niska Gas Storage Partners LLC', 'Gazprom', 'Enbridge Inc.', 'Spectra Energy Corp', 'TransCanada Corporation', 'Engie SA', 'GDF SUEZ SA', 'Cardinal Gas Storage Partners LLC', 'Midwest Gas Storage Inc.', 'Antero Resources Corporation', 'Centrica Storage Limited', 'Chiyoda Corporation', 'Dominion Energy Inc.', 'Southern Company Gas', 'EDF Trading Limited', 'Uniper SE', 'Royal Dutch Shell plc', 'National Grid plc', 'ONEOK Partners LP', 'Sempra Energy'

Natural gas is the most economical and widely used fuel, making it the most ecologically benign kind of energy available. It also burns cleaner than other types of fossil fuels, enabling the expansion of natural gas storage. The market for natural gas storage is driven by the need for storage to provide energy security and fulfil the rising demand for natural gas...

The U.S. natural gas storage market is expected to develop as a result of growing necessity of storing gas from depleting reservoirs. Over the next several years, increased seasonal demand from a variety of end-use applications and industrial sectors in the area is expected to combine with expanding natural gas output to drive market expansion.

North American, European, Asian Pacific, Latin American, Middle Eastern, and African regions make up the segments of the natural gas storage market. Through a pipeline, the United States sells a sizable amount of natural gas to Canada and Mexico, as well as being a net exporter to a number of other nations. The widespread use of natural gas for space heating in residential and commercial buildings as a result of the inclement weather is anticipated to lead to an increase in natural gas storage in North America. Due to the plentiful market availability and suitable regulatory environment, Europe is anticipated to show a substantial growth rate for natural gas storage. Strict environmental regulations and the adoption of energy-saving measures have boosted the consumption of natural gas, which has highlighted the need for natural gas storage for energy security. The fastest-growing and one of the biggest consumers of fossil fuels is Asia Pacific. Extensive industrialization, urbanisation, and economic expansion all contribute to the need for natural gas storage. A significant rise in the Middle East is anticipated due to rising energy consumption.

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