Underground Natural Gas Storage Market To Register a 3.59% CAGR by 2030 - Report by Market Research Future (MRFR)

Underground Natural Gas Storage Market Growth Boost by Rising Feasibility of Storing Chilled Natural Gas In Mined, and Hard-Rock Facilities

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New York, US, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),”Underground Natural Gas Storage Market Research Report Information by Type, and Regions-Forecast 2030”, the global market is predicted to attain a size of approximately USD 597.603 Bcm to thrive substantially during the assessment period from 2022 to 2030 at a robust CAGR of around 3.59%.

Underground Natural Gas Storage Market Overview:

Natural gas storage facilities are mainly utilized to fulfill seasonal demand. The gas is stored during times of low demand and withdrawn from storage in peak/high demand times. Natural gas is stored underground in massive storage reservoirs. The three kinds of underground natural gas storage plants are dwindling gas reservoirs, salt caverns, and aquifer reservoirs. Storage facilities are crucial for the constant supply needed to serve the growing energy demand across the globe. The global underground natural gas storage market has shown massive growth in the last few years. The main parameter supporting the market's growth is fast industrialization across most of the world.

Underground Natural Gas Storage Market Competitive Analysis

The catalog of key participants across the global market for underground natural gas storage includes players such as:

  • McDermott (US)
  • Chart Industries (Georgia)
  • NAFTA a. s. (Slovakia)
  • Uniper SE (Germany)
  • TC Energy Corporation (Aberta)
  • ENBRIDGE Inc (Canada)
  • Royal Vopak (Netherlands)

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Furthermore, the growing urbanization in developing nations across the Asia-Pacific region is predicted to boost the market's growth over the coming years. Moreover, immediate regulations for low-carbon content fuels compared with other fossil fuels are predicted to catalyze the market's growth over the assessment timeframe. Additionally, the technological advancements and the growing awareness related to natural gas being a clean fuel are also predicted to boost the market's growth over the review period.

Underground Natural Gas Storage Market USP Covered

Underground Natural Gas Storage Market Drivers

The global Underground Natural Gas Storage Market has shown maximum growth in the last few years owing to the growing demand for natural gas storage systems, growing applications in power generation, and exploration of unconventional reservoirs.

Underground Natural Gas Storage Market Report Scope:

Report MetricsDetails
  Market Size by 20302030: 597.603 Bcm
  CAGR during 2022-20303.59%
  Base Year2021
  Forecast 2022-2030
 Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market OpportunitiesExploration of Unconventional Reservoirs
  Key Market DriversIncreasing demand for natural gas storage systems

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Underground Natural Gas Storage Market Restraints

On the other hand, the limited storage space and increased rates will likely restrict the market's growth.

COVID-19 Impact

The world has been through various unexpected changes, given the arrival of the global health crisis in the form of COVID-19, which affected most of the industry sectors across the globe. Like all the market areas, the global underground natural gas storage market has also witnessed several unexpected challenges during the pandemic. But with the rapid growth in industrialization across the globe, the global underwater natural gas storage market is anticipated to overgrow over the coming years.

Underground Natural Gas Storage Market Segment Analysis

Among all the types, the Depleted Gas Reservoir segment is predicted to hold the top spot across the global market for underground natural gas storage over the assessment timeframe. The segment will show the maximum growth rate over the coming years. Depleted fields are usually utilized for seasonal storage rather than peak shaving storage. Depleted reservoirs are amongst the most popular and oldest forms of natural gas storage. As the working natural gas storage capacity of depleted fields manages to be greater than that of other storage facilities, injection and deliverability rates are usually low relative to size. About maintaining pressure in depleted natural gas reservoirs, Gas storage is primarily utilized to fulfill the seasonal energy demand; it is stored in low demand and removed from storage during peak/high demand periods.

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Underground Natural Gas Storage Market Regional Analysis

The global underground natural gas storage market is analyzed across five central regions: Asia-Pacific, Europe, North America, Larin America, and the Middle East & Africa.

According to the research reports by MRFR, the North American region is anticipated to hold the top spot across the global market for underground natural gas storage over the review era. The region gas nations such as Mexico, Canada, and the US as the leading growth contributors. The main parameter supporting the regional market's growth is the urgent requirement for storage space for strategic petroleum reservoirs of underground natural gas storage across the region. Moreover, the favorable government regulations to lower carbon content fuels compared with other fossil fuels are also predicted to boost demand for natural gas, which in turn is anticipated to boost the growth of the regional market over the assessment era. Additionally, the increasing awareness of natural gas as a clean fuel and technological advancements are predicted to catalyze the regional market's growth over the coming years.  Moreover, the rising exploration and production activities across the region and the growing seasonal demand for natural gas are also likely to influence the regional market's growth over the review era.

The European region's underground natural gas storage market is predicted to grow substantially over the assessment era. The region has nations such as Italy, France, Germany, and the UK as the leading growth contributors. The region has witnessed the growth in reliance of European countries on natural gas, and the need for natural gas storage infrastructure is growing to guarantee power availability, regardless of the season. By the reports, in 2018, Europe had 113 billion cubic meters of underground storage capacity, and thus the net storage capacity contributes to almost 21% of the annual gas consumption in Europe. Over the review era, gas storage is anticipated to be a backup service for electricity generation, accelerating the regional market's growth.

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The underground natural gas storage market for the Asia-Pacific region is predicted to grow at the maximum CAGR over the coming years. the main parameter supporting the growth of the regional market is the rising demand from end-use industries across the region. India and China are some of the major markets in this region, given the rapidly growing end-use applications across these nations.

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