Depleted reservoirs is Expected to Dominate the Global Underground Natural Gas Storage Market
Increasing
demand for natural gas, particularly in the power generation and industrial
sectors and he increasing use of natural gas as a backup fuel for renewable
energy sources are the factors driving the market growth.
According
to TechSci Research report, “Global Underground Natural Gas Storage Market -
By Country, Competition, Forecast & Opportunities, 2028”. The Global Underground Natural
Gas Storage is anticipated to project robust growth in the forecast period with
a CAGR of 4.5 % through 2028.
Underground gas storage facilities are primarily developed to meet seasonal
demand for gases worldwide. Gases are kept in storage facilities during their
low-demand period and are taken out during their peak-demand period. Large
underground reservoirs are used to store gases. Depleted gas reservoirs, salt
caverns, and aquifer reservoirs are different types of underground natural gas
storage facilities used across the world. These storage facilities are
essential to ensure a continuous supply of gas to meet the rising global demand
for energy.
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The
U.S. market is anticipated to witness substantial growth over the forecast
period owing to the large volumes of natural gas produced in the country.
According to the U.S. Energy Information Administration, there are more than
400 active underground gas storage facilities in the country that are mostly
located in the Eastern states of the U.S. The majority of the existing
underground gas storage facilities are located in depleted natural gas or oil
fields that are close to their consumption centers. However, there has been a
surge in the number of underground gas storage facilities in the U.S. that are
based on natural aquifers and salt caverns. Over the past few years, the
industry has experienced tremendous growth across the world.
The
ongoing industrialization is the primary factor promoting the expansion of this
market. Natural gas is considered the most significant energy source worldwide.
This gas is expected to continue playing an increasingly significant role in
countries with high-energy requirements owing to its abundance and
eco-friendliness, along with its increased usage in a wide range of
applications. The U.S. has also been witnessing an increased demand for
hydrogen owing to the large-scale development and adoption of hydrogen cells
and hydrogen-powered vehicles in the country. A number of companies have
started to invest in underground hydrogen storage facilities in the U.S. to
fulfill the growing demand for hydrogen in the country.
Asia
Pacific is expected to witness significant growth over the forecast period
owing to increasing domestic demand from end-use industries in countries such
as China. In China, there has been increased investment in underground gas
storage and the development of new facilities. The country has built gas
storage facilities to fulfill the growing demand. China has newly built Bannan
gas storage and Suqiao gas storage and has formed Dagang, North China gas
storage clusters to store natural gas underground.
Key
market players in the Global Underground Natural Gas Storage Market are
following:-
- Gazprom
- Naftogaz
of Ukraine
- Centrica
Storage
- Uniper
SE
- E.ON
SE
- TransCanada
Corporation
- Enbridge
Inc.
- The
Williams Companies, Inc.
- Southern
Company
- Duke
Energy
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“Natural
gas not only offers an environmentally friendly form of energy but also burns
cleaner than other forms of fossil fuels turning it into the most affordable
and highly utilized fuel expanding the growth of the natural gas storage. To
meet the increasing demand for natural gas, storage is important to offer
energy security which drives the market of natural gas storage.A rigid
infrastructure is needed to store natural gas in a controlled environment. It
requires a huge periodic investment in operation and maintenance activities to
curb leak from storage tanks. Natural gas storage is quite expensive and
criticality in transmission capacity is the restraints are anticipated to
hamper the growth of the natural gas storage market.
Underground
storage (UGS) segment is expected to have the largest share in the market,
owing to its several advantages over above-ground storage and increasing number
of facilities due to low operational and infrastructural cost, led by North
America which has highest share of UGS capacity. Underground storage facilities
account for the largest share among gas storage facilities, which is further
segmented based on type of natural gas underground storage into depleted
reservoirs, salt formations and aquifers. With natural gas consumption
increasing by 5.3% in 2022, natural gas storage plays an important role in
maintaining the balance between supply and demand. Hence, the market is
expected to be driven with increasing natural gas demand during the forecast
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management
consulting firm.
Underground Natural Gas Storage Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type
(Depleted reservoirs, Salt caverns, Aquifers ), By Application( Residential,
Commercial, Others), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Underground Natural Gas Storage Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Underground Natural Gas
Storage Market.
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