Westford, USA, Nov. 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Natural Gas Storage Market size will attain the value of USD 15.25 Billion by 2031, with a CAGR of 4.5% during the forecast period (2024-2031). The factors such as increasing demand for natural gas from Asia-Pacific, especially in the pharmaceutical, industrial and transport sectors, are expected to drive the natural gas storage market forecast. In addition, the benefits of using natural gas as a cleaner, more versatile and more efficient fuel for the purposes of global efforts towards a low-carbon economy could drive demand for natural gas is increasing in the future. Weak demand and volatility trends, natural gas storage supply, demand imbalance is expected to restrain natural gas storage market growth.
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Natural Gas Storage Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 10.72 Billion |
| Estimated Value by 2031 | USD 15.25 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Underground Storage Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing economies especially in Asia-Pacific and Africa |
| Key Market Opportunities | Innovations in storage technology |
| Key Market Drivers | Increased Investments in Natural Gas Infrastructure |
Underground Storage Segment to Dominate Due to Increased Demand for Volatile Consumption
The underground storage segment held the largest natural gas storage market share in 2023. Natural gas can be stored for a long time just like other commodities as the exploration and production of natural gas usually takes time. Furthermore, natural gas is not always used immediately at its destination, so it is stored in storage, mostly underground facilities. Underground natural gas storage has become an important interim supply chain, especially for European and North American countries.
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Depleted Reservoir Segment is Growing Due to Maintain Pressure in Depleted Reservoirs
The depleted reservoir segment held the natural gas storage market size in 2023. One of the first and most common types of gas storage takes place in dry tanks. The reservoirs had previously been drained of all their recoverable natural gas. Approximately 50% of the natural gas in the formation must be retained as a cushion gas to maintain pressure in a depleted reservoir. With gas storage facilities already in place, these tanks have been used extensively for this purpose. They provide a long gas cycle of 70 to 200 days and a gas gradient.
Asia-Pacific to Growing Owing to Increasing Research and Production
Asia-Pacific has registered the fastest CAGR from 2024 to 2031 due to increasing research and production in the region along with natural gas flow. Registration is expected. China is among the largest markets in the region due to the rapid expansion of end-use products in these countries. Many economies that do not have much natural gas in the country use natural gas reserves to meet their demand. Such countries include Korea, Taipei, Indonesia and Malaysia. All these factors are expected to drive the market growth in the Asia-Pacific region.
Natural Gas Storage Market Dynamics:
Drivers
- Increasing Energy Demand
- Transition to Cleaner Energy
- Infrastructure Investments
Restraints
- Stringent Regulations and Compliance Requirements
- Environmental Concerns
- Concerns Among Communities and Regulators
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Prominent Players in Natural Gas Storage Market
- Niska Gas Storage Partners LLC
- Gazprom
- Enbridge Inc.
- Spectra Energy Corp
- TransCanada Corporation
- Engie SA
- GDF SUEZ SA
- Cardinal Gas Storage Partners LLC
- Midwest Gas Storage Inc.
- Antero Resources Corporation
- Centrica Storage Limited
- Chiyoda Corporation
- Dominion Energy Inc.
- Southern Company Gas
- EDF Trading Limited
- Uniper SE
- Royal Dutch Shell plc
- National Grid plc
- ONEOK Partners LP
- Sempra Energy
Key Questions Answered in Natural Gas Storage Market Report
- What are the key drivers of the market?
- Which is the growing region in the market?
- What are the key restraints of the market?
- What are the key trends of the market?
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This report provides the following insights:
Analysis of key drivers (increasing energy demand, transition to cleaner energy), restraints (stringent regulations and compliance requirements, environmental concerns, concerns among communities and regulators), opportunities (innovations in storage technology) influencing the growth of Natural Gas Storage Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Natural Gas Storage Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Natural Gas Storage Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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