The storage of gas for future use is an effective way of balancing stable gas supply with volatile gas demand that is often characterized by significant seasonal, daily, and sometimes hourly variations. Natural gas in storage also serves as insurance against any unforeseen accidents, maintenance requirements, equipment failures in the logistics chain, natural disasters, or other occurrences that may affect the production or delivery of natural gas. The production of natural gas fluctuates according to the availability of raw materials, environmental conditions, and other variable factors. Due to this, there has been a need for controlling and maintaining flow in the pipeline, and supply gas when the demand is higher.
The Natural gas
storage Market is expected to grow at a steady rate of around 4% in the
forecasted period. Moreover, the
marketability of natural gas is increasing, which is estimated to promote
natural gas storage for unhindered supply throughout the year. The growing
investment in this direction is also estimated to boost market growth.
Furthermore, people are becoming more aware of the environmental benefits of
using natural gas, which is estimated to fuel market growth.
According to UnivDatos Market Insights (UMI)’ research report “Global
Natural gas storage Market”, the market
is expected to witness robust growth during the forecast period (2022-2028).
Based on type, the natural gas storage market is
bifurcated into above-ground storage and underground storage. The underground
storage segment caters substantial share of the market. As exploration and production of
natural gas usually take time. Also, the natural gas that reaches its
destination is not always used immediately, so it is stored in storage
facilities, most likely in underground facilities. Aquifers, salt caverns, and
depleted gas reserves are other categories for underground storage. The most
typical kind of storage facility is a depleted gas reservoir since it can store
natural gas for future use and can remove gas quickly. As they are economically
viable, underground storage locations are frequently employed for depleted oil
and natural gas reserves.
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Based on application, the natural gas storage market is
classified into residential, commercial, and others. Among these, the residential
segment holds a significant share in the market. Natural gas has been a
seasonal fuel and demand is usually higher during the winter, partly because it
is used for heat in residential settings. In addition, the recent trend toward
electricity generation using natural gas as fuel had caused demand to increase during
the summer months due to the need for electricity to power air conditioners is
escalating the market size of natural gas storage.
North America to witness extensive growth
For a better understanding of the market
adoption of the Natural gas storage industry, the market is analyzed based on
its worldwide presence in the countries such as North America (U.S., Canada, Rest of North
America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe),
Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), LAMEA (Mexico,
Brazil, UAE, Saudi Arabia, and Rest of LAMEA). North America is anticipated to grow at a
substantial CAGR during the forecast period. This is mainly attributed to the increasing
exploration and production activities in the region coupled with rising
seasonal demand for natural gas. Also, the United States exports an enormous
amount of natural gas to Canada and Mexico through a pipeline and is also a net
exporter to several other countries. Due to extreme weather conditions, natural
gas is broadly used for space heating in residential and commercial buildings
which is expected to the growth in natural gas storage in North America.
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According to UnivDatos Market Insights (UMI)’,
the key players with a considerable market share in the Natural gas storage market
are Engie SA, Enbridge Inc, TransCanada, Sempra Energy, Trafigura, WorleyParsons,
DTE Energy, Centrica, Technip, and Spectra Energy.
“Global
Natural
gas storage Market” provides comprehensive qualitative and quantitative insights on
the industry potential, key factors impacting sales and purchase decisions,
hotspots, and opportunities available for the market players. Moreover, the
report also encompasses the key strategic imperatives for success for
competitors along with strategic factorial indexing measuring competitors’
capabilities on different parameters. This will help companies in the
formulation of go-to-market strategies and identifying the blue ocean for its
offerings.
Market Segmentation:
1.
By Type (Above Ground Storage (Fixed LNG
Terminal, Floating LNG Terminal), Underground Storage (Salt Cavern, Depleted
Reservoirs, Aquifers))
2.
By Application (Residential, Commercial, Others)
3. By
Region (North America, Europe, Asia-Pacific, LAMEA)
4. By
Company (Engie SA, Enbridge Inc, TransCanada, Sempra Energy, Trafigura, WorleyParsons,
DTE Energy, Centrica, Technip, and Spectra Energy)
Key
questions answered in the study:
1.
What are the current and future trends
of the global Natural gas storage industry?
2.
How the industry has been evolving in
terms of type, and application?
3.
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
4.
What are the key growth drivers and
challenges for the global Natural gas storage industry?
5.
What is the customer orientation,
purchase behavior, and expectations from the global Industrial lubricants’ suppliers
across various region and countries?
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