Rise in industrialization and increase in urbanization are the major factors driving the growth of the natural gas storage market. Increase in population leads to high usage of natural gas in transportations, electricity generation, and oil &gas exploration activities. The natural gas storage system is versatile, and further, a gas storage facility is used for marinating commodity liquidity at the trading center to help in countering price uncertainty. The demand for natural gas storage is expected to increase during the forecast period, owing to its advantage such as cost-effectiveness. However, the installation process of natural gas storage is high and emits harmful gases such as carbon dioxide, carbon monoxide, and carbon compounds. These factors are the major restraints of the natural gas storage market.
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The natural gas storage market is segmented depending on its various characteristics. On the basis of storage type, it is categorized into the underground, above ground, and floating natural gas storage. Aquifers and depleted reservoirs are used for underground natural gas storage. Natural gas is environment friendly, hence, it is stored underground and in above ground reservoirs. Region wise, North America, Europe, Asia-Pacific, and LAMEA contribute largely in demand for natural gas storage, which is anticipated to boost the growth of the market during the forecast timeframe.
The major players operating in the natural gas storage market are:
- Centrica
- Tenchip
- Worely Parsons
- Niska Gas storage
- Spectra Energy
- Foster Wheeler
- Samsung Heavy Industries
Key segments covered
By Storage Type
Underground Natural Gas Storage
Above Ground Natural Gas Storage
Floating Natural Gas Storage
By Region
North America
Europe
Asia-Pacific
LAMEA
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Key benefits of the report
This study presents the analytical depiction of the global natural gas storage market industry along with the current trends and market estimation to determine the imminent investment pockets
The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the natural gas storage market share
The current market is quantitatively analyzed from 2020 to 2027 to highlight the natural gas storage market growth scenario
The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years
This report helps users in comprehending the key product segments and their future.
COVID-19 scenario analysis
Natural gas market is less sensitive to COVID-19 impact in short-term growth, as natural gas has limited exposure in transportation compared to oil resources.
However, the long-term growth depends on the government regulations and policies in post pandemic period.
Natural gas import market is disrupted in Asia and Europe, which will further negatively impact the market for LNG. Buyers are postponing contracts and manufacturers are delaying ongoing projects, which will hamper the market growth of natural gas storage market.
Delay in the investment decisions (investment cuts) due to supply chain disruptions and limited labor force are anticipated to have a negative impact of the market.
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