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Key Companies Covered in The global natural gas storage market McDermott International, Inc.; NAFTA A.S.; TransCanada Corp.; Royal Vopak N.V.; Chart Industries; Uniper; Enbridge, Inc.; Gazprom; Martin Midstream Partners L.P.
Storage facilities are vital for continuous supply required to cater to rising energy demand. Rapid industrialization coupled with increasing urbanization in emerging economies of the Asia Pacific region is projected to spur the growth significantly over the forecast period.
The global natural gas storage market size was valued at 491.8 BCM in 2022 and is projected to register a growth rate (CAGR) of 3.6% from 2022 to 2031. A report on Global Natural Gas Storage Market was added by Kenneth Research which covers the market size and growth over the forecast period 2022-2031.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The global natural gas storage market size was valued at 491.8 BCM in 2022 and is projected to register a growth rate (CAGR) of 3.6% from 2022 to 2031. The fluctuating energy demand during the peak and off-peak seasons meets natural gas storage solutions that enhance the market growth of the natural gas storage market. Natural gas storage reduces the demand and supply of gas and increases the reliability of supply for natural gas. The adoption of underground storage facilities is mainly used to store gaseous forms of natural gas which will boost the market demand of natural gas storage over the forecast period. Factors such as increasing demand for natural gas and increase in awareness towards the benefits of Natural Gas would lucrative the demand of the market. The rising global population along with heavy funding by government organizations for storage facilities and the increasing adoption by end-users will drive the market growth. The growing technological advancements and awareness towards a healthy environment will boost the growth of global Natural Gas Storage market over the forecast period of 2019-2026.
The regional analysis of the global Natural Gas Storage Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world. Whereas, Asia Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as growing population, rising awareness towards a healthy environment and implementation of various technologies in Natural Gas Storage industries would create lucrative growth prospects for the Natural Gas Storage Market across the Asia Pacific region.
Major market player included in this report are:
ANR Storage Company (Canada)
Blue Lake Gas Storage (US)
DTE Energy (US)
E. ON SE (Germany)
GDF Suez Energy (France)
Technip (France)
The Williams Companies (US)
Kinder Morgan (US)
Michigan Gas Storage (US)
ONEOK, Inc (US)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Liquid Storage
Gas Storage
By Application:
Above Ground Storage
Underground Storage
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016,2017
Base year – 2018
Forecast period – 2022 to 2031
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Target Audience of the Global Natural Gas Storage Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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Phone: +1 313 462 0609
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