Increasing Commercial Application of Natural Gas Is Proliferating the Natural Gas Storage Market

 

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?