The global natural gas storage market was recorded at 392,831.22 mcm in 2014. After progressing at a CAGR of 3.7%, this market is expected to stand at 548,798.39 mcm by 2023. The statistical details and their theoretical explanations are included in a research report published by leading market intelligence firm, Transparency Market Research. The report is titled “Natural Gas Storage Market, - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023,” and will play a key role in the formulation of successful business strategies by market players and investors alike.
There is a high level of disparity between supply and demand of natural gas. Additionally, the production and exploration of natural gas takes much longer than the rate required to meet the demand. Since it is relatively easier to store natural gas for long durations, it is usually stored after production till required for use.
According to the report, the key reason for the growth of the global natural gas storage market is the rapidly increasing demand for fuels around the world. Both developing and developed economies are exhibiting high demand for coal and natural gas in order to sustain their levels of industrial development.
The global natural gas storage market is further boosted by the rising production rate of natural gas, along with a higher awareness rate of the advantages that the modern natural gas storage methods can offer. A large number of players in the global natural gas storage market can offer insurance and storage options against natural disasters or other unforeseen problems.
natural-gas-storage-marketThe TMR analysts use a segmented pattern to explain the global natural gas storage market and its scope of development in the near future. These segments are created under the categories of type and region.
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On the basis of types of storage, the global natural gas storage market is divided into above-ground storage and underground storage. The latter has consistently dominated the global natural gas storage market and held a share of 95% in 2014. The underground storage segment is further divided into depleted reservoirs, aquifers, and salt caverns.
One of the major restraints on the global natural gas storage market currently, is the high cost of installation and maintenance of natural gas storage units.
Geographically, the global natural gas storage market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. A dominant share of more than 50% of the global natural gas storage market was held by Europe in 2014, while 40% of the market was held by North America in the same year. On the other hand, Asia Pacific held the smaller share in 2014, but is currently expanding at the fastest rate.
The key players in the global natural gas storage market are Engie S.A., Spectra Energy Corporation, Cardinal Gas Storage Partners LLC, Gazprom, Enbridge Gas Distribution Inc., Niska Gas Storage Partners LLC, TransCanada Corporation, NAFTA A.S., and Centrica Storage Ltd.
Global Natural Gas Storage Market: By Type
Above-ground Storage
Underground Storage
- Depleted Reservoirs
- Salt Caverns
- Aquifers
Global Natural Gas Storage Market: By Region
North America
- The U.S.
- Rest of North America
Europe
- Russia
- Ukraine
- Germany
- France
- Italy
- Rest of Europe
Asia Pacific
- China
- Australia
- Rest of Asia Pacific
Rest of World (RoW)
- Iran
- Argentina
- Other Countries
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