Market Size of Natural Gas Storage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Natural Gas Storage Market Analysis
The global natural gas production is expected to grow at a CAGR of more than 3.5% over the period of 2020-2025. Factors such as increasing demand for natural gas in chemical sector, industrial sector, and transportation sector majorly from Asia-Pacific countries is expected to drive the natural gas storage market during the forecast period. Moreover, the advantages for usage of natural gas as a clean-burning, versatile and efficient fuel for variety of purposes along with global efforts for low-carbon economy is likely to increase the demand for natural gas in the future. However, seasonal and volatile nature of demand, coupled with supply and demand imbalance is expected to hinder the growth of 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.
- 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.
