Natural Gas Storage Market

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

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

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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).

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 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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