Natural Gas Storage Market

Market Overview:

The global natural gas storage market size reached 555.7 Billion Cubic Meters in 2023. Looking forward, IMARC Group expects the market to reach 748.5 Billion Cubic Meters by 2032, exhibiting a growth rate (CAGR) of 3.3% during 2024-2032.  The rising natural gas applications in industrial and chemical processes, improvements in natural gas storage infrastructure, and favorable government initiatives represent some of the key factors driving the market.

Natural gas is a non-renewable energy source comprising a gaseous mixture of hydrocarbons, mainly methane, ethane, and higher alkanes. It is a highly flammable, colorless, and odorless gas widely used as a clean fuel for cooking, heating, and electricity generation. It can be stored for long periods of time in storage facilities for later use. It is generally stored underground in depleted oil and gas fields, aquifer reservoirs, and salt caverns and above the ground in liquid form in tanks and containers. Since it assists in stocking excess supply delivered during low-demand periods to meet the increased demand later, natural gas storage is gaining immense traction across the globe.

Natural Gas Storage Market Trends:

Natural gas is extensively used as feedstock in various chemical and industrial processes and as a fuel for vehicles in the transportation industry. As a result, the escalating demand for natural gas storage from the automotive and industrial sectors represents the primary factor driving the market growth. Moreover, there has been a substantial shift toward green and clean burning fuels, such as natural gas, that produce zero carbon emissions, smoke, and air pollutants. Along with this, due to the increasing reliance on natural gas, the shifting focus toward improving natural gas storage infrastructure to secure its availability and continuous supply is another major growth-inducing factor. In addition, the heavy investments in ongoing exploration and production activities coupled with the growing seasonal demand for natural gas have accelerated product adoption rates. Furthermore, governments of numerous countries are taking favorable initiatives to encourage the uptake of low-carbon content fuels as a sustainable and environment-friendly alternative to fossil fuels. In line with this, the rising government funding and support to expand storage capacities are offering lucrative growth opportunities to the key players. Besides this, the increasing production of natural gas and the growing awareness regarding the importance of depleted reservoir storage have augmented the demand for natural gas storage. Other factors, including surging environmental concerns, escalating usage of natural gas in the power generation sector, increasing energy demand worldwide, rapid urbanization and industrialization, and ongoing technological advancements, are also anticipated to provide a positive thrust to the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global natural gas storage market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on the type and underground storage type.

Type Insights:

• Underground
• Aboveground
   

The report has provided a detailed breakup and analysis of the natural gas storage market based on the type. This includes underground and aboveground. According to the report, underground accounted for the majority of the market share.

Underground Storage Type Insights:

• Depleted Gas Reservoir
• Aquifer Reservoir
• Salt Caverns
   

A detailed breakup and analysis of the natural gas storage market based on the underground storage type has also been provided in the report. This includes depleted gas reservoir, aquifer reservoir, and salt caverns. According to the report, depleted gas reservoir represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for natural gas storage. Some of the factors driving the North America natural gas storage market included the escalating demand for natural gas from the industrial and transportation sectors, the implementation of favorable government initiatives, various technological advancements in storage technologies, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global natural gas storage market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Cardinal Gas Storage Partners LLC (Hartree Bulk Storage LLC), DTE Energy Company, Enbridge Inc., Engie SA, McDermott International Ltd, NAFTA a.s. (SPP Infrastructure a. s.), TC Energy Corporation, Uniper SE, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Natural Gas Storage Market Report Scope:

Key Questions Answered in This Report:

• How has the global natural gas storage market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global natural gas storage market?
• What is the impact of each driver, restraint, and opportunity on the global natural gas storage market?
• What are the key regional markets?
• Which countries represent the most attractive natural gas storage market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the natural gas storage market?
• What is the breakup of the market based on the underground storage type?
• Which is the most attractive underground storage type in the natural gas storage market?
• What is the competitive structure of the global natural gas storage market?
• Who are the key players/companies in the global natural gas storage market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the natural gas storage market from 2018-2032. 
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global natural gas storage market. 
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter’s five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the natural gas storage industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.