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Natural Gas Storage Market

Natural Gas Storage Market

Natural Gas Storage Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

183

Base Year:

2021

Date

Jan - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1220

Segments Covered
  • By Type Underground Storage, Above-Ground Storage
  • By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 9.58 Billion
Revenue 2028Revenue 2028: USD 12.11 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 4.8%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Natural Gas Storage  Market Share

Natural Gas Storage Market: By Type and Region

Market Synopsis:

Global Natural Gas Storage Market is projected to grow at a CAGR of 4.8% during the forecast period, 2022–2028. Natural Gas Storage offers a range of benefits to energy utilities and natural gas consumers. As the natural gas market has become increasingly deregulated over the past few decades, Natural Gas Storage has evolved into an important component of natural gas supply and demand management. There are several types of Natural Gas Storage operating across North America: depleted natural gas wells, aquifers, salt caverns, and underground natural bodies like coal beds. For example, the Southern Star Central Gas Pipeline (SSCGP) in Texas operates three Natural Gas Storage facilities with almost 50 Bcf of working natural gas capacity; SSCGP operates depleted oil and natural gas wells through which natural gas can be injected during low demand periods and drawn from during high demand periods.

Natural Gas Storage Market Size, 2021 To 2028 (USD Billion)

Growing Reliance on Natural Gas an Energy Source to Drive Demand for Natural Gas Storage Market

The natural gas market is changing more than ever and the Natural Gas Storage industry is changing too. Demand for Natural Gas Storage has risen as natural gas production has increased and the natural gas industry has become more globalized. Other factors also affect storage demand, including processing of natural gas liquids (NGLs) to help meet rising demand for petrochemical feedstocks; rising reliance on natural gas for electricity generation; energy efficiency efforts that reduce electricity use or shift it from off-peak hours to on-peak hours; reduced plant utilizations that constrain output during certain hours, forcing companies to store the excess output until needed; changes in pipeline connections with adjacent facilities that can allow shortfalls at one location to be made up by drawing down another adjacent facility; and other factors.

Market Segmentation:

Global Natural Gas Storage Market is segmented by type and region. The type segment is further categorized into underground, above ground, and floating. Wherein, the underground segment is holding the dominance due to widescale adoption of the underground storage of natural gas for various end-use, especially for power generation. On the other hand, North America is holding the prominent share of the market and is projected to continue leading the Global Natural Gas Storage Market.

Below tree is interactive. You can click the nodes to get more information.

By Storage Type, Underground Segment to Dominate the Natural Gas Storage Market

Natural Gas Storage is defined as natural gas stored within the natural underground reservoir over time, which could be used at a later stage. Natural gas is stored in an isolated underground natural reservoir for future use instead of selling it immediately to customers. The extent to which natural gas accumulates in the form of Natural Gas Storage depends on the price of natural gas that varies with supply and demand. The existing findings found that natural gas prices are increasing due to growing global natural gas consumption combined with increased production costs, mainly due to natural gas shortage.

The underground gas storage segment is expected to dominate the Natural Gas Storage Market during the forecast period. North America and Europe are expected to show high growth rates in terms of investment development and infrastructure developments, because economic conditions in these regions allow companies to achieve maximum ROI with minimal investments, growing NGLs activities throughout the value chain, increased demand for natural gas as a cleaner burning fuel source leading large number of new LNG import/export terminals being built or expanded and growing petrochemical industry that needs feedstock such as ethane and propane.

North America to Dominate Natural Gas Storage Market

The Natural Gas Storage industry in North America is growing at a rapid pace. The use of natural gas in the region, especially in the US has changed significantly over the last few years, impacting the Natural Gas Storage Market in terms of demand for natural storage. As per our analysis, the US is dominating the regional market by holding more than 80% share of the regional market due to the increased natural gas production due to shell gas discovery and growing demand from various industries such as manufacturing, power generation and transportation.

The Natural Gas Storage Market in North America is growing at a rapid pace due to its increasing use as natural storage and various other factors such as natural gas production, expanding natural gas distribution network and government regulations. According to IEA (International Energy Agency), the total natural gas consumption will grow from 24 billion cubic meters per day in 2010 to 29 billion cubic meters per day by 2015 and 37 billion cubic meters per day by 2035. To meet this demand, North America has more than 150 Natural Gas Storage facilities with more than 160 Bcf of working capacity. US is one of the biggest importers of natural gas accounting for around 40% share in global trade and holds one-third of the total world recoverable natural gas reserves. In addition, natural gas accounts for a significant share of the US electricity generation accounting to more than 38% in 2019. This is forecasted to reach 40% by 2025. Also, with increasing natural gas production from shale gas and growing demand from various industries such as manufacturing, power generation and transportation, natural storage market would see an exponential growth in North America region.

Key Players:

Some of the key vendors in the Global 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)..

Natural Gas Storage Market is segmented as folllows:

Parameter Details
Segments Covered
  • Type (Underground Storage, Above-Ground Storage)
  • Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • 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).
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Natural Gas Storage Market is tabulated as folllows:

Natural Gas Storage Market Anticipated to Reach USD 12.11 Billion by 2028
The Natural Gas Storage Market is expected to reach USD 12.11 Billion by 2028, growing at a CAGR of 4.8% in between 2022 to 2028. Increasing demand for natural gas storage in the U.S. on account of the rising importance of depleted reservoir storage is anticipated to boost the market growth. Growing...
FAQ
Frequently Asked Question
  • The global Natural Gas Storage valued at USD 9.58 Billion in 2020 and is expected to reach USD 12.11 Billion in 2028 growing at a CAGR of 4.8%.

  • The prominent players in the 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)..

  • The market is project to grow at a CAGR of 4.8% between 2021 and 2028.

  • The driving factors of the Natural Gas Storage include

    • Growing Reliance on Natural Gas an Energy Source

  • Asia Pacific was the leading regional segment of the Natural Gas Storage in 2020.