Natural Gas Storage Market By Type (Above Ground Natural Gas Storage, Underground Natural Gas Storage, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global natural gas storage market was valued at $300.8 billion in 2021, and is projected to reach $629.0 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
Natural gas is a mixture of hydrocarbons. It is a non-renewable form of energy source that is commonly found alongside oil and coal reserves. Even though it produces greenhouse gases when burnt, it is considered a clean fuel as it emits a relatively lower amount of carbon dioxide and air pollutants. The natural gas storage market is experiencing high demand owing to increased application in the automotive and industrial sectors. Natural gas is used in several combustion processes in several industries. Vehicles are being promoted that run on natural gas. This leads to increased investment in storage capacity for natural gas. The use of natural gas in the automotive industry drives the growth of other natural gas storage options. Similarly, the increased use of clean fuel has prompted a demand from the industrial, commercial, and residential sectors. Such attributes help drive the growth of the natural gas market. Developing economies are focused on increasing storage capacity which further drives the natural gas storage market growth.
Natural gas is largely stored in depleted oil fields and mines. Since it is easy to extract gas from oil fields and Mines. Moreover, during stocking season, natural gas can be reinjected into the storage location. the reinjection also takes place smoothly. Storing natural gas in depleted oilfields and mines is cost-effective as well as also has minimal loss of natural gas. almost all the gas can be extracted. The natural gas storage market is gaining high momentum, especially during the Russo-Ukrainian war. Furthermore, increased commotion for exploring natural gas storage in developing economies of Asia-Pacifc which are prioritizing it above any other.
The natural gas storage market size is analyzed on the basis of type and region. Depending on the type, the market is divided into above-ground storage, underground storage, and others. The underground storage market garnered the lion’s share and is expected to maintain its position during the forecast period. this is owed to ease in access of the gas for extraction and reinjection based on seasonal demand fluctuation. Region-wise, natural gas storage market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). North America dominated the market for 2021, however, Asia-Pacific is expected to grow at a relatively higher CAGR during the projection year. This is owed to increased activities for natural gas storage in developing economies like China, India, and South Korea. The key players in the market are Gazprom PJSC, Lukoil, Rosneft Oil Co., Total SA, Chevron Corporation, Shell plc, ExxonMobil Corporation, BP plc, Saudi ARAMCO, and China National Petroleum. Collaboration and business expansion activities are the recent trends for natural gas industry players as it opens new exploration sites and new markets for revenue generation.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investments. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the industry
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the natural gas storage market analysis from 2021 to 2031 to identify the prevailing natural gas storage market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the natural gas storage market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global natural gas storage market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Underground Natural Gas Storage
Others
Above Ground Natural Gas Storage
By Region
North America
U.S.
Canada
Mexico
Europe
Russia
Ukraine
Germany
Italy
France
Austria
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Iran, Islamic Republic Of
Qatar
UAE
Saudi Arabia
Iraq
Brazil
Rest of LAMEA
Key Market Players
Saudi Arabian Oil Co.
Exxon Mobil Corporation
Chevron Corporation
Shell Plc.
PJSC Rosneft Oil Company
Gazprom PJSC
Lukoil
TotalEnergies SE
BP p.l.c.
China National Petroleum Corporation
Please Note: It will take 7-10 business days to complete the report upon order confirmation.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook