Research Nester published a report titled “Natural Gas Storage Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global natural gas storage market in terms of market segmentation by storage, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global natural gas storage market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of application into residential, commercial and others. Out of these, the commercial segment is estimated to gain the largest market share over the forecast period, on the back of increasing commercialization of natural gas. The commercial segment is also estimated to grow on account of increasing need for storage of natural gas to keep a steady supply throughout the year.
The global natural gas storage market is estimated to grow on the back of increasing adoption of natural gas as an alternative for liquid petroleum gas as it is cheaper, easily available, can be produced locally, and is environment friendly. the production of natural gas is higher in summer, as the weather conditions are favorable for the bacteria, however, it is significantly lower in winters. The storage of natural gas is important to avoid fluctuations in supply of natural gas, and level the flow in pipelines. The increasing commercial viability of natural gas is estimated to boost the market growth.
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On the basis of geographical analysis, the global natural gas storage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to gain largest market share over the forecast period, owing to the expanding adoption of natural gas in developed countries, along with the surge in production and consumption of natural gas in the region. As per the statistics of the U.S. Energy Information Administration (EIA), the production of natural gas surpassed 33.9 million cubic feet in 2019, with the consumption of natural gas crossed 31 million cubic feet in the same year.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Increasing Consumption of Natural Gas to Boost the Market Growth
According to the data by International Energy Agency (IEA,) global natural gas production grew by 1 trillion cubic meters between 2010 and 2019.
The increasing adoption of natural gas over petroleum-based gases, backed by various advantages of natural gas, such as, low cost, and eco-friendly nature, is estimated to boost the market. The growing consumption of natural gas has promoted the commercialization of natural gas which is estimated to boost the market growth.
However, slow adoption and lack of awareness in poor economies are expected to operate as key restraint to the growth of the global natural gas storage market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global natural gas storage market which includes company profiling of Foster Wheeler AG, WorleyParsons Limited, Centrica plc, Niska Gas Storage Partners, Samsung Heavy Industries Co., Ltd., E. ON SE, Spectra Energy Corp, Chiyoda Corporation, Technip S.A., and Engie SA. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global natural gas storage market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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