Underground Storage Type is Expected to Dominate the Global 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 Natural Gas Storage
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”. The
Global Natural Gas Storage is anticipated to project robust growth in the
forecast period with a CAGR of 5.75%
through 2028. The U.S. market of natural gas storage is expected to develop as
a result of the rising necessity of storing gas from fractured reservoirs. Over
the next several years, increased seasonal consumption from a variety of
end-use industries and manufacturing companies in the area is expected to
combine with rising natural gas output to drive market expansion. Furthermore,
it is projected that favorable government rules favoring fuels with low carbon
content relative to certain other fossil fuels will continue to be a positive
factor for growth in natural gas consumption.The demand will also be increased
by technical developments as well as growing public knowledge of natural gas's
environmental benefits.
During the forecast timeframe, factors such as rising
natural gas consumption in the industrial, chemical, and transportation
sectors, mostly from Asia-Pacific countries, are anticipated to propel the
market of gas storage. Additionally, as the world works toward a low-carbon
economy, the benefits of using fossil fuel as a clean-burning, versatile, and
economical fuel are anticipated to lead to an increase in natural gas prices in
the future. However, it is anticipated that the demand's seasonality and
volatility, along with the mismatch between demand and supply will impede the
market's expansion for natural gas storage. It is anticipated that the high
natural gas production will spur oil and gas production and boost the
requirement for storage facilities.Subterranean storage areas and above storage
areas are the two categories that compose the market. Aquifers drained lakes,
and salt caves are the three main categories into which subterranean storage
facilities are separated. The region's expanding chemical, commercial, and
transportation industries will probably increase the need for natural pumped
storage. Future oil and gas demand is also projected to increase due to the
benefits of someone using gas as a spotless, versatile, and efficient fuel for
a range of uses, as well as the global shift toward a reduced society.
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Gas storage is
typically utilized to fulfill consumer needs; during times of economic
downturn, gas is stored, also during times of maximum supply, gas is extracted
from storage. The subterranean or above forms of storage of natural gas are the
two categories that make up the market. Gaseous types of fossil fuels are
primarily kept in subterranean storage facilities. Aquifer depletion, the
depleted reservoir in oil and gas sectors, and salt cavern formations are the
three main types of subterranean storage facilities.The various storage options
each have unique physical properties, including porosity, permeability,
maintenance costs, and other relevant site abilities. The growth in oil &
gas development that followed the rise in natural gas consumption resulted in
more above- and below-ground storage sites. Thus, it is anticipated that the
storage of the natural gas industry will experience steady expansion in the
years to come.Due to its many advantages placed above a white above-ground
stockpiling and the rising number of sites due to their low operational and
infrastructure costs, the subsurface memory (UGS) segment is anticipated to
have the largest percentage of the market, led by the United States, with the
greatest percentage of UGS capacity.The US Department of Energy's investigation
into chilling salt deposits to store more gas and reduce operating costs is
opening up opportunities for the industry under study.With a rising reliance on
natural gasoline and to ensure natural gas supply regardless of demand and
supply Europe is predicted to have the fastest-growing industry.
Key market
players in the Global 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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“Compressed natural gas usage
is rising. New automobiles that can run on both petroleum and natural gas
compressed are being developed by Indian manufacturers like Tata Motors, Maruti
Suzuki, and Hindustan Motors (CNG). CNG vehicles price less than that to
operate and produce 70% fewer dangerous emissions than equivalent gasoline and
diesel vehicles. Fossil fuels that have been squeezed to five times the normal
air pressure at 20° Celsius are called compression natural gas, or CNG. In
comparison to petrol or diesel, the amount of gas is reduced by 600 times,
making it simpler to keep and transport.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting firm.
Natural Gas Storage
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
By Type (Underground Storage and Above-Ground Storage), By Application(
Residential, Commercial, Others), By Region, Competition 2018-2028 has evaluated
the future growth potential of Global 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 Natural Gas Storage Market.
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