The worth of theGlobal Natural Gas Storage Marketis expected to reach USD 12.11 Billion by 2028 from USD 9.58 Billion in 2021, with a Compound Annual Growth Rate (CAGR) of 4.8% for the forecast period 2022 to 2028. Natural gas storage plays an important role in regulating the reliability of supply needed to meet consumer needs. Ten years ago, natural gas was a controlled asset; storage was part of a combined product sold by plumbing in distribution areas. Later, this was withdrawn and made available to anyone seeking storage for commercial purposes or operational requirements. Gas storage is primarily used to meet seasonal demand. It is kept in times of low need and taken out of storage during times of high value / high demand.
Factors such as the growing demand for natural gas in the chemical sector, the industrial sector, and the transport sector especially in the Asia-Pacific countries are expected to drive the Natural Gas Storage Market during the forecast period. Rapid industrial development coupled with increased urban growth in the emerging economy in the Asia Pacific region is expected to stimulate significant growth in the forecast period. In addition, the benefits of using natural gas such as hot, flexible, and efficient fuel for various purposes and global efforts for a low carbon economy are likely to increase the demand for natural gas in the future. However, the demand for seasonal and flexible demand, coupled with supply inequality and demand is expected to hamper the growth of the Natural Gas Storage Market. The requirement of high investment is another factor that could hinder the market growth
The Natural Gas Storage Market is divided into two, namely; underground gas storage and surface gas storage space. Underground storage facilities are widely used to store natural gas types. There are usually three types of underground storage areas, viz, salt cave construction, underground storage, and depleted dams in oil or gas fields. It can also be stored in two forms such as liquid and gas form. Different types of storage have their own distinctive features such as maturity, repair costs, and other relevant site capabilities. The growing demand for natural gas has led to an increase in the exploration of oil and gas resources which has led to an increase in underground storage facilities. Therefore, the Natural Gas Storage Market is expected to show significant growth in the coming years.
By 2021, North America dominated the Natural Gas Storage Market, followed by Europe. Due to increased exploration and development efforts, the Asia-Pacific region is likely to grow much faster in the coming years. Increased awareness of natural gas such as crude oil is also predicted to help the country prosper. Due to its high availability and good regulatory environment, Europe is predicted to grow at a rapid rate during the forecast period. Iran is poised to surpass the United Kingdom as the most powerful country in Europe. The Middle East in Africa, as well as Latin America, is expected to increase significantly due to increased energy use. The Asia Pacific is expected to grow significantly at the time of speculation due to the growing domestic demand from all the most widely used sectors in countries such as China, Japan, and India.
Some of the key companies in the Natural Gas Storage Market are Worley Parsons (Australia), Foster Wheeler (U.K.), Niska Gas Storage (U.S.), Centrica (U.K.), Samsung Heavy Industries (Korea), Spectra Energy (U.S.), E-on (Germany), Chiyoda Corporation (Japan), GDF SUEZ (France), and Technip (France). among others. These companies are involved in integration and acquisition, innovation and development, and partnerships to improve their market dominance. In addition, many companies have invested in increasing their production capacity to improve their position and regional presence.