Natural Gas Storage Market was valued at USD 9.45 Billion in 2021, and it is expected to reach USD 13.21 Billion by 2029, exhibiting a CAGR of 4.28 % during the forecast period (2022-2029)
Natural Gas Storage Market Overview:Natural gas can be stored in different ways such as Underground storage and Above Ground storage. Once more, aquifers, drained reservoirs, and salt caverns can be used to categorize subsurface storage. Additionally, it can be kept in two forms: liquid and gaseous. The weather has a significant impact on natural gas consumption, with heating season levels being higher than non-heating season levels. Natural gas is heavily utilized for space heating in the household and commercial sectors, which is what is causing this pattern. To know about the Research Methodology :- Request Free Sample Report More than double the reduction experienced in 2020, the world's natural gas consumption increased by 4.6% in 2021. Due to a string of catastrophic weather events and the economic recovery that followed the lockdowns the previous year, there was a significant increase in demand in 2021. The second half of 2021 saw a slowdown in demand growth due to tight markets, sharp price hikes, and a lack of supply that was not kept up with by unforeseen outages. Research Methodology Natural Gas Storage Market report provides an evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Based on the understanding of requirements, secondary research is conducted to identify the segment specifications, and qualitative and quantitative data along with the factors responsible for the growth of the market. The secondary source referred for the research are press releases, company annual reports, government websites, and research papers related to the market. Moreover, quantitative and qualitative data are extracted from paid databases like Reuters, Bloomberg, Hoovers, etc. The secondary research carried out at the primary level is verified by primary research. In MMR Report, Porter examines competition, new entrants in the market, supplier power, buyer power, and the threats of substitute products and services in the market. PESTLE identifies factors like political, economic, sociocultural, technological, legal, and environmental, that may affect an organization and its competitive standing. The main approach used to calculate accurate market size is the bottom-up market sizing approach, where a macro and micro view of all the potential customers, revenue, and the current market is considered as a whole. On the other hand, the research is also conducted by considering micro-level segments that can be realistically targeted and calculated, which results in better forecasting and more accurate data on a more granular level. This approach is conducted by obtaining data from reliable sources like Gartner, McKinsey, and the Bureau of Labor Statistics, and analysing multiple sources.
Natural Gas Storage Market Dynamics-Government Policies That Are Favourable Will Increase Demand for Natural Gas Storage: Governments all over the world are boosting the tax incentives already in place to further encourage the usage of Compressed Natural Gas (CNG) vehicles and infrastructure. Additionally, governments around the world, particularly in China and India, are increasing funding for CNG technology research and development and offering grants and loans to support the installation of CNG fuelling stations. These projects would boost the economy and create jobs in addition to lowering emissions and improving air quality. Greater Emphasis on Alternative Fuels to Drive Demand: The use of compressed natural gas (CNG) is expanding. Indian automakers like Maruti Suzuki, Tata Motors, and Hindustan Motors are developing new vehicles that can run on both gasoline and compressed natural gas (CNG). Compared to gasoline and diesel vehicles, CNG vehicles generate 70% fewer hazardous emissions while also costing less to operate. Compressed natural gas, also known as CNG, is natural gas that has been compressed to 5 times the standard atmospheric pressure at 20 degrees Celsius. This lowers the volume of the gas by 600 times and makes it easier to store and carry than gasoline or diesel. Natural Gas Storage Market Restraint: A strict infrastructure is needed to store natural gas in a controlled atmosphere. An enormous sum of money must be regularly spent on operation and maintenance chores in order to stop leaks from storage tanks. The market's growth is anticipated to be constrained by the high cost of natural gas storage and the restricted transmission capacity.
Natural Gas Storage Market Segment AnalysisMMR provides an analysis of the key trends in each sub-segment of the Natural Gas Storage Market, along with forecasts at the global, regional and country level from 2022-2029. MMR report has categorized the market based on storage type and applications. Based On Storage Type, underground segment held the largest market share in 2021 and is projected to grow at the highest CAGR over 2022-2029. Aquifers, depleted reservoirs, and salt caverns make up the remaining segments of subsurface storage. While salt caverns are formed because of salt deposits in two types, salt beds and salt domes, aquifers are permeable and porous rock formations that act as natural water reservoirs beneath the ground. Depleted reservoirs are those formations that are still present after all of the site's recoverable natural gas has been extracted. Comparing above-ground storage to underground storage, previous research showed that underground storage accounted for a larger market share.
Natural Gas Storage Market Regional InsightsBecause of the continued scarcity of natural gas, the year came to an end (2021) with spot prices in Europe and Asia reaching record highs. The weather for the remainder of the heating season in the northern hemisphere will determine the direction of short-term demand. Assuming normal temperatures, higher gas costs, and a weaker economic expansion are predicted to restrict the growth of the natural gas market, while supply concerns should alleviate as offline capacity progressively starts to operate again. Beyond simply northern markets and the present season, the unusually high gas (and consequently electricity) costs are likely to have an effect; indeed, some ripple effects in both established and developing gas importing markets are already apparent. Asia Pacific: APAC held the largest market share in 2021 and is estimated to dominate the natural gas storage market during the forecast period. Due to the region's favourable climatic conditions for the production of natural gas as well as the presence of sizable rural settlements in nations like India, China, and Indonesia, the market in the Asia Pacific region is anticipated to experience notable growth over the course of the forecast period. Additionally, it is predicted that rising natural gas's economic viability will spur market expansion in the years to come. China, developing Asia, and India is anticipated to account for 66%, 26%, and 10%, respectively, of the region's net demand growth in 2022, while Japan and Korea are anticipated to have only slight declines. India: As stated in a speech by Prime Minister Modi in February 2021, the Indian government provided additional proof of its determination to replace a patchwork of higher local taxes with the centralized goods and services tax (GST). It is regarded as a crucial step toward making gas more affordable for consumers. The long-awaited unbundling of GAIL also received additional government support in the budget for 2021–2022, which formalized a plan to establish a separate gas transmission system operator and suggested the possibility of privatizing GAIL's pipeline assets, though the implementation schedule is still unknown. Europe: 73% of Europe's total natural gas needs would be met by imports, which has prompted large expenditures in pipeline infrastructure and storage. The strategic location of Europe's major ports and storage facilities serves as the focal point for all gas traffic between the west and the east. The pipeline network in Europe is also robust; there are currently 9 pipelines and 18 LNG terminals under construction. Between 2006 and 2012, the gas storage industry grew faster than the demand; the working storage capacity of gas increased at a rate of 5% per year and reached 146.9 bcm in 2016. The demand for gas is expected to rise as a result of new regulations requiring cleaner fuel, necessitating the addition of extra storage space. By 2030, the supply of natural gas in Europe is expected to increase at a moderate rate of 0.9% annually, from 251.02 bcm in 2015. More than 80% of the region's total natural gas output comes from three major producers: Norway, the Netherlands, and the United Kingdom. As production from shale gas, tight gas, and coal bed methane (CBM) resources come online after 2020, natural gas production is expected to gradually increase. Overall, it is anticipated that the supply of natural gas in Europe would rise over the long term, but it will not keep up with the demand, making it a region that depends on imports. Natural Gas Storage Market Key Findings The global Natural Gas Storage Market is expected to reach USD 13.21 billion by 2029. Based on Storage Type, the Underground segment led the market with a larger share and is expected to continue to dominate the segment. Region-Wise, APAC dominated the Natural Gas Storage market, with the highest market share in 2021. North America is expected to grow with the highest CAGR Over 2022-2027. EU is expected to account for the second-largest market during the forecast period.
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Global Natural Gas Storage Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US$ 9.45 Bn. Forecast Period 2022 to 2029 CAGR: 4.28 %. Market Size in 2029: US$ 13.21 Bn. Segments Covered: by Storage Type • Underground • Floating • Others by Application • Residential • Commercial • Others
Natural Gas Storage Market by Region:• North America • Europe • The Asia Pacific • The Middle East and Africa • South America
Natural Gas Storage Market Key Players:• Worley Parsons • Technip • Samsung Heavy Industries • Foster Wheeler • GDF Suez • Centrica • Chiyoda Corporation • E-On • Spectra Energy • Gazprom • NAFTA A. S. • Enbridge Gas Distribution Inc. • Engie S. A. • Spectra Energy Corporation • Niska Gas Storage Partners, LLC. • TransCanada Corporation • Cardinal Gas Storage Partners LLC. Frequently asked questions: 1. What is the market growth of the Natural Gas Storage Market? Ans. The Natural Gas Storage Market was valued at USD 9.45 Billion in 2021 and is expected to reach USD 13.21 Billion by 2029, at a CAGR of 4.28 % during the forecast period. 2. Which are the major key players in the Natural Gas Storage Market? Ans. The key players in this market Worley Parsons, Technip and Samsung Heavy Industries. 3. Which region is anticipated to account for the largest market share? Ans. APAC is anticipated to dominate the Natural Gas Storage Market, 4. what is the forecast period for the Natural Gas Storage Market? Ans. The forecast period for the Natural Gas Storage Market is from 2022 to 2029. 5. what is the segment in which the Natural Gas Storage Market is divided? Ans. The Natural Gas Storage Market is fragmented based on Storage Type, Application.
1. Global Natural Gas Storage Market: Research Methodology 2. Global Natural Gas Storage Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Natural Gas Storage Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Natural Gas Storage Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Natural Gas Storage Market Segmentation 4.1 Global Natural Gas Storage Market, By Storage Type (2021-2029) • Underground • Floating • Others 4.2 Global Natural Gas Storage Market, By Application (2021-2029) • Residential • Commercial • Others 5. North America Natural Gas Storage Market (2021-2029) 5.1 North America Natural Gas Storage Market, By Storage Type (2021-2029) • Underground • Floating • Others 5.2 North America Natural Gas Storage Market, By Application (2021-2029) • Residential • Commercial • Others 5.3 North America Natural Gas Storage Market, by Country (2021-2029) • United States • Canada • Mexico 6. Asia Pacific Natural Gas Storage Market (2021-2029) 6.1. Asia Pacific Natural Gas Storage Market, By Storage Type (2021-2029) 6.2. Asia Pacific Natural Gas Storage Market, By Application (2021-2029) 6.3. Asia Pacific Natural Gas Storage Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Natural Gas Storage Market (2021-2029) 7.1 Middle East and Africa Natural Gas Storage Market, By Storage Type (2021-2029) 7.2. Middle East and Africa Natural Gas Storage Market, By Application (2021-2029) 7.3. Middle East and Africa Natural Gas Storage Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Natural Gas Storage Market (2021-2029) 8.1. Latin America Natural Gas Storage Market, By Storage Type (2021-2029) 8.2. Latin America Natural Gas Storage Market, By Application (2021-2029) 8.3. Latin America Natural Gas Storage Market, by Country (2021-2029) • Brazil • Argentina • Rest of Latin America 9. European Natural Gas Storage Market (2021-2029) 9.1. European Natural Gas Storage Market, By Storage Type (2021-2029) 9.2. European Natural Gas Storage Market, By Application (2021-2029) 9.3. European Natural Gas Storage Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 10. Company Profile: Key players 10.1. Worley Parsons 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Technip 10.3 Samsung Heavy Industries 10.4 Foster Wheeler 10.5 GDF Suez 10.6 Centrica 10.7 Chiyoda Corporation 10.8 E-On 10.9 Spectra Energy 10.10 Gazprom 10.11 NAFTA A. S. 10.12 Enbridge Gas Distribution Inc. 10.13 Engie S. A. 10.14 Spectra Energy Corporation 10.15 Niska Gas Storage Partners, LLC. 10.16 TransCanada Corporation 10.17 Cardinal Gas Storage Partners LLC.