New York, US, June 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Underground Natural Gas Storage Market Information by Type and Region - Forecast till 2032”, Underground Natural Gas Storage Market could thrive at a rate of 3.59% between 2023 and 2032. The market size will be reaching around USD 550.67 Billion by the end of the year 2032.
Underground Natural Gas Storage Industry Overview:
Underground natural gas storage refers to the process of storing natural gas in underground reservoirs such as depleted gas fields, aquifers, and salt caverns. This method allows for the temporary storage of excess natural gas during periods of low demand, which can be later withdrawn and supplied to meet peak demand or in cases of supply disruptions. It serves as an essential component of the natural gas infrastructure, ensuring a reliable and continuous supply of natural gas throughout the year.
The uses and applications of underground natural gas storage are diverse. It plays a crucial role in balancing the supply and demand dynamics of natural gas, particularly during seasonal variations and unforeseen circumstances. Underground storage facilities enable energy providers to optimize their gas supply portfolios, manage price volatility, and mitigate the impact of supply interruptions. Additionally, natural gas storage supports the stability and resilience of the overall energy system by providing a backup supply during extreme weather conditions or emergencies.
Market Competitive Landscape:
The affluent companies in the Underground Natural Gas Storage industry include
- McDermott
- NAFTA
- TC Energy Corporation
- Royal Vopak
- Chart Industries
- Uniper SE
- ENBRIDGE Inc
- Among others.
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August 2021:
McDermott, through its subsidiary CB&I Storage Solutions, has successfully concluded the design phase of a colossal liquid hydrogen sphere, boasting a capacity of 40,000 cubic meters. The conceptual design for this double-wall liquid hydrogen sphere is approximately eight times bigger than the current world record holder for the largest liquid hydrogen sphere.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 550.67 billion |
| CAGR during 2023-2032 | 3.59% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and Region |
| Key Market Opportunities | Exploration of Unconventional Reservoirs |
| Key Market Dynamics | Increasing demand for natural gas storage systems |
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Underground Natural Gas Storage Market USP Covered:
Market Drivers:
The market driving factors for the underground natural gas storage market include the increasing global demand for natural gas, the growing importance of energy security, and the rising penetration of renewable energy sources. The rising demand for natural gas, driven by factors such as urbanization, industrialization, and the transition to cleaner fuels, necessitates the need for efficient storage facilities to ensure a reliable supply. Energy security concerns, including geopolitical uncertainties and natural disasters, propel the investments in underground gas storage infrastructure as a strategic reserve. Moreover, the integration of renewable energy sources, such as wind and solar, requires flexible and efficient storage solutions to address the intermittency of these sources and maintain a stable energy grid.
Market Restraints:
The underground natural gas storage market faces certain restraints. Factors such as high upfront costs associated with infrastructure development, environmental concerns related to underground storage operations, and regulatory complexities pose challenges to market growth. Additionally, the availability of alternative energy sources and the increasing focus on decarbonization efforts may impact the long-term demand for natural gas storage.
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Underground Natural Gas Storage Market COVID 19 Analysis:
The COVID-19 pandemic had a mixed impact on the underground natural gas storage market. During the initial phase, the market witnessed disruptions due to the decline in industrial activities and reduced natural gas demand. However, as economies began to recover and industries resumed operations, the market regained momentum. The pandemic highlighted the importance of energy security and reliable gas supply, leading to increased investments in storage infrastructure. In the post-COVID scenario, the underground natural gas storage market is expected to witness steady growth as countries strive to enhance their energy resilience and ensure a stable gas supply.
Underground Natural Gas Storage Market Segmentation:
By Type
By Type, the segment includes Depleted Gas Reservoir, Aquifer Reservoir, and Salt Caverns.
Underground Natural Gas Storage Market Regional Insights:
North America commands a significant market share in the underground natural gas storage industry, primarily due to its well-established natural gas infrastructure. The region boasts an extensive network of pipelines, storage facilities, and distribution systems, which contribute to its dominant position. Moreover, North America's abundant shale gas reserves and robust production capabilities further enhance its market share.
Europe, on the other hand, focuses on energy security and the transition to cleaner fuels, which drives substantial investments in underground gas storage. The region recognizes the importance of ensuring a stable and secure gas supply to meet its energy demands. As Europe progresses towards decarbonization and reducing its reliance on fossil fuels, underground gas storage plays a pivotal role in managing the integration of intermittent renewable energy sources.
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Asia Pacific is experiencing rapid growth in the underground natural gas storage market, propelled by increasing natural gas consumption, expanding industrial sectors, and the need for energy diversification. The region's rising population, urbanization, and industrialization contribute to the surging demand for natural gas as a cleaner and more efficient fuel source. Underground gas storage facilities in Asia Pacific play a vital role in ensuring a stable gas supply for various applications, including power generation, industrial processes, and residential usage.
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