Natural Gas Storage Market Size, Share & Forecast (2022-27)

 

Market Overview:

Over the years 2020–2025, the world’s natural gas production is anticipated to increase at a CAGR of more than 3.5%. During the forecast period, factors such as rising natural gas demand in the chemical, industrial, and transportation sectors, primarily from Asia-Pacific countries, are anticipated to propel the market for natural gas storage. Additionally, as the world works toward a low-carbon economy, the benefits of using natural gas as a versatile, clean-burning, and efficient fuel are likely to lead to an increase in demand for natural gas in the future. However, it is anticipated that the demand’s seasonality and volatility, along with the imbalance between supply and demand, will impede the market’s expansion for natural gas storage.

Due to its many advantages over above-ground storage and the rising number of facilities due to their low operational and infrastructure costs, led by North America, which has the highest share of UGS capacity, the underground storage (UGS) segment is anticipated to hold the largest share of the market.
The United States Department of Energy is conducting research on how to chill salt formations to store more gas at a lower cost, which is opening up opportunities for the market under study.

Scope of the report

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