USD 8.99 billion
Report ID: SQMIG10B2025 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 62 | Figures: 75
Global Natural Gas Storage Market size was valued at USD 8.99 billion in 2021 and is poised to grow from USD 9.4 billion in 2022 to USD 13.36 billion by 2030, growing at a CAGR of 4.5% in the forecast period (2023-2030).
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.
Global Market Size
USD 8.99 billion
Above Ground Storage
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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.
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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.
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Natural Gas Storage Market Driver
Natural Gas Storage Market Restraint
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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
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.
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.
|Market size value in 2021||USD 8.99 billion|
|Market size value in 2030||USD 9.4 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Natural Gas Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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