Natural Gas Storage Market Size
| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 3.50% |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Natural Gas Storage Market Analysis
The Natural Gas Storage Market is expected to register a CAGR of greater than 3.5% during the forecast period.
- 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.
- The research being done by the United States Department of Energy regarding salt formations to be chilled for storing more gas, leading to cheaper development cost is creating opportunity for the market being studied.
- Europe is expected to be the fastest growing market, with increasing dependency on natural gas as a fuel and to secure natural gas availability irrespective of supply and demand.
Natural Gas Storage Market Trends
Underground Storage to Dominate the Market
- 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 2018, 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.
- In the United States and Europe, depleted oil & gas field account for the largest share in the storage facility, and several storage facilities are expected to come during the forecast period in Europe. Texas is home to numerous depleted oil and gas stores, while in Europe, the 43 bcm Severo-Stavropolskoye UGS facility in southern Russia and the United Kingdom's offshore 130 bcm Rough field standing out.
- Mexico lacks natural gas storage facility and policy for the same is expected to be drafted by the end of 2018. Underground storage is most favourable option of Mexico. As a result, the underground storage system is expected to account for the largest share in the coming years.
Europe to be the Fastest Growing Market
- The dependency of European countries on natural gas is increasing, and demand for natural gas storage infrastructure is increasing for securing the availability, irrespective of season. Ukraine has the largest natural gas storage facilities in the region. Germany, France, and Italy are also expected to store up to one-third of their annual natural gas demand, hence driving the market.
- As of 2018, Europe has 113 billion cubic meters of underground storage capacity and the total storage capacity represents 21% of the annual gas consumption in Europe. In coming years, gas storage is likely to be a back-up service for electricity generation, bolstering the market.
- Depleted fields account for around 70% of the region's storage facility. Several underground gas storage facilities are under construction or planned in Italy, Turkey, Germany, the United Kingdom, Bulgaria, and others.
- In 2019, European Union listed out 32 new gas facilities valued at over EUR 60 billion including natural gas storage facilities, for several end-users such as commercial and industrial sector.
Natural Gas Storage Industry Overview
The natural gas storage market is moderately fragmented. Some of the key players are John Wood Group PLC, Enbridge Inc., Engie SA, Gazprom PAO, and Uniper SE.
Natural Gas Storage Market Leaders
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John Wood Group PLC
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Enbridge Inc.
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Engie SA
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Gazprom PAO
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Uniper SE
- *Disclaimer: Major Players sorted in no particular order
Natural Gas Storage Industry Segmentation
The natural gas storage market report include:
| Type | Underground Storage |
| Above-Ground Storage | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
| Underground Storage |
| Above-Ground Storage |
| North America |
| Europe |
| Asia-Pacific |
| South America |
| Middle-East and Africa |
Natural Gas Storage Market Research FAQs
What is the current Natural Gas Storage Market size?
The Natural Gas Storage Market is projected to register a CAGR of greater than 3.5% during the forecast period (2025-2030)
Who are the key players in Natural Gas Storage Market?
John Wood Group PLC, Enbridge Inc., Engie SA, Gazprom PAO and Uniper SE are the major companies operating in the Natural Gas Storage Market.
Which is the fastest growing region in Natural Gas Storage Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Natural Gas Storage Market?
In 2025, the North America accounts for the largest market share in Natural Gas Storage Market.
What years does this Natural Gas Storage Market cover?
The report covers the Natural Gas Storage Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Natural Gas Storage Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Page last updated on: June 16, 2024
Natural Gas Storage Industry Report
Statistics for the 2025 Natural Gas Storage market share, size and revenue growth rate, created by Mordor Intelligenceâ„¢ Industry Reports. Natural Gas Storage analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
