The global natural gas storage market revenue was around US$ 300.8 billion in 2022 and is estimated to reach US$ 571.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.4% during the forecast period from 2023 to 2031.
Natural gas is a mixture of various hydrocarbons, chiefly methane, and higher alkanes, and is an odorless, colorless gas. Although natural gas is a non-renewable source of energy, it is regarded as clean because it is widely accessible and creates little to no air pollutants and just a small amount of carbon dioxide. It can be used for a variety of purposes, including cooking, heating, and the production of electricity.
Market Driving Factors
The natural gas storage market is expected to register a high growth rate due to government support has had a significant impact on the demand for natural gas, which has pushed companies in the natural gas storage business to increase storage capacity. In addition, a favorable climate for promoting investment in the expansion of the natural gas storage industry has been created by the government and regulators to propel the market growth.
An increased focus on alternative fuels will boost demand in the market. The utilization of compressed natural gas (CNG) is expanding. Indian automakers like Tata Motors, Maruti Suzuki, and Hindustan Motors are creating new vehicles that can run on both gasoline and compressed natural gas (CNG). Compared to gasoline and diesel vehicles, CNG vehicles generate 70% fewer dangerous emissions while also costing low to operate. Compressed natural gas, also called CNG, is natural gas that has been compressed to five times the normal atmospheric pressure at 20 degrees Celsius. This reduces the volume of the gas by 600 times and makes it easier to store and maintain than gasoline or diesel.
Natural gas storage is expensive, and there are limitations on transmission capacity. Thus, this factor limits the market growth.
Regional Analysis
Asia Pacific dominates the market in terms of the largest share over the projection period. This is due to the favorable natural gas extraction conditions in the region and the sizable rural populations in nations like India, China, and Indonesia. In addition, growing natural gas prices are predicted to fuel the market growth in the region.
Europe is estimated to dominate the market in terms of revenue. This is due to the large market availability and favorable regulatory framework. Strict pollution norms and implementation of energy conservation policies have expanded the usage of natural gas utilization which stresses the demand for natural gas storage for energy security.
Segmentation Insights
In terms of type, the underground natural gas storage segment dominates the market in terms of shares over the forecast period. Like the majority of the other commodities, natural gas can also be stored for a long period. Natural gas production and exploration typically take time. In addition, the natural gas that reaches its destination is not always used instantly, so it is kept in storage facilities, most likely in underground facilities. This segment has become an important aspect of energy supply in seasonal demand, especially for North America and Europe. A constant and steady production stands in contrast to volatile consumption and demand, which pursues a seasonal cycle depending on the pattern. The rate of consumption has been recorded to constantly increase due to high demand.
Prominent Companies
Segmentation Outline
The global natural gas storage market segmentation focuses on Type and Region.
By Type
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL NATURAL GAS STORAGE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: NATURAL GAS STORAGE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL NATURAL GAS STORAGE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL NATURAL GAS STORAGE MARKET, BY TYPE
5.1 OVERVIEW
5.2 UNDERGROUND NATURAL GAS STORAGE
5.3 ABOVE GROUND NATURAL GAS STORAGE
5.4 OTHERS
6 GLOBAL NATURAL GAS STORAGE MARKET, BY GEOGRAPHY
6.1 OVERVIEW
6.2 NORTH AMERICA
6.2.1 NORTH AMERICA MARKET SNAPSHOT
6.2.2 U.S.
6.2.3 CANADA
6.2.4 MEXICO
6.3 EUROPE
6.3.1 EUROPE MARKET SNAPSHOT
6.3.2 WESTERN EUROPE
6.3.2.1 THE UK
6.3.2.2 GERMANY
6.3.2.3 FRANCE
6.3.2.4 ITALY
6.3.2.5 SPAIN
6.3.2.6 REST OF WESTERN EUROPE
6.3.3 EASTERN EUROPE
6.3.3.1 POLAND
6.3.3.2 RUSSIA
6.3.3.3 REST OF EASTERN EUROPE
6.4 ASIA PACIFIC
6.4.1 ASIA PACIFIC MARKET SNAPSHOT
6.4.2 CHINA
6.4.3 JAPAN
6.4.4 INDIA
6.4.5 AUSTRALIA & NEW ZEALAND
6.4.6 ASEAN
6.4.7 REST OF ASIA PACIFIC
6.5 MIDDLE EAST & AFRICA
6.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
6.5.2 UAE
6.5.3 SAUDI ARABIA
6.5.4 SOUTH AFRICA
6.5.5 REST OF MEA
6.6 SOUTH AMERICA
6.6.1 SOUTH AMERICA MARKET SNAPSHOT
6.6.2 BRAZIL
6.6.3 ARGENTINA
6.6.4 REST OF SOUTH AMERICA
7 GLOBAL NATURAL GAS STORAGE MARKET COMPETITIVE LANDSCAPE
7.1 OVERVIEW
7.2 COMPANY MARKET RANKING
7.3 KEY DEVELOPMENT STRATEGIES
7.4 COMPETITIVE DASHBOARD
7.5 PRODUCT MAPPING
7.6 TOP PLAYER POSITIONING, 2022
7.7 COMPETITIVE HEATMAP
7.8 TOP WINNING STRATEGIES
8 COMPANY PROFILES
8.1 PJSC ROSNEFT OIL COMPANY
8.1.1 OVERVIEW
8.1.2 FINANCIAL PERFORMANCE
8.1.3 PRODUCT OUTLOOK
8.1.4 KEY DEVELOPMENTS
8.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.2 PJSC GAZPROM
8.2.1 OVERVIEW
8.2.2 FINANCIAL PERFORMANCE
8.2.3 PRODUCT OUTLOOK
8.2.4 KEY DEVELOPMENTS
8.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.3 CHEVRON CORPORATION
8.3.1 OVERVIEW
8.3.2 FINANCIAL PERFORMANCE
8.3.3 PRODUCT OUTLOOK
8.3.4 KEY DEVELOPMENTS
8.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.4 LUKOIL
8.4.1 OVERVIEW
8.4.2 FINANCIAL PERFORMANCE
8.4.3 PRODUCT OUTLOOK
8.4.4 KEY DEVELOPMENTS
8.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.5 SAUDI ARABIAN OIL CO
8.5.1 OVERVIEW
8.5.2 FINANCIAL PERFORMANCE
8.5.3 PRODUCT OUTLOOK
8.5.4 KEY DEVELOPMENTS
8.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.6 BP P.L.C.
8.6.1 OVERVIEW
8.6.2 FINANCIAL PERFORMANCE
8.6.3 PRODUCT OUTLOOK
8.6.4 KEY DEVELOPMENTS
8.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.7 SHELL PLC
8.7.1 OVERVIEW
8.7.2 FINANCIAL PERFORMANCE
8.7.3 PRODUCT OUTLOOK
8.7.4 KEY DEVELOPMENTS
8.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.8 EXXON MOBIL CORPORATION
8.8.1 OVERVIEW
8.8.2 FINANCIAL PERFORMANCE
8.8.3 PRODUCT OUTLOOK
8.8.4 KEY DEVELOPMENTS
8.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.9 CHINA NATIONAL PETROLEUM CORPORATION
8.9.1 OVERVIEW
8.9.2 FINANCIAL PERFORMANCE
8.9.3 PRODUCT OUTLOOK
8.9.4 KEY DEVELOPMENTS
8.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.10 TOTALENERGIES SE
8.10.1 OVERVIEW
8.10.2 FINANCIAL PERFORMANCE
8.10.3 PRODUCT OUTLOOK
8.10.4 KEY DEVELOPMENTS
8.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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