Natural Gas Storage Market to Reach $629.0 Billion, Globally, by 2031 at 7.4% CAGR: Allied Market Research

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Dec 02, 2022, 06:25 ET

Growing applications of natural gas in households and various industries due to its innumerable benefits and rise in investment in increasing the natural gas storage capacity by countries worldwide drive the global natural gas storage market growth.

PORTLAND, Ore., Dec. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Natural Gas Storage Market by Type (Above Ground Natural Gas Storage, Underground Natural Gas Storage, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global natural gas storage industry generated $300.8 billion in 2021, and is estimated to reach $629.0 billion by 2031, witnessing a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Growing applications of natural gas in households and various industries due to its innumerable benefits, rise in investment in increasing the natural gas storage capacity by countries worldwide, and the involvement of private players in the natural gas storage value chain owing to attractive leverages offered by the government in the sector drive the growth of the global natural gas storage market. However, fluctuations in prices, demand-supply gaps due to ongoing crises, and changing political dynamics hamper the global market growth. On the other hand, businesses and manufacturers with sustainability goals are driving the renewable energy development by building their own facilities, obtaining renewable electricity through power purchase agreements, and purchasing renewable energy certificates (RECs). This factor presents new growth opportunities for the global market in the coming years.

Covid-19 Scenario

The consumption of natural gas exhibited recovery in 2021, with an estimated 4.5% y-o-y increase.
This is attributed to the rebound in economic activity post lockdowns of 2020, when consumption of natural gas rose in the industrial and power generation sectors, and a succession of extreme weather events that led to an increase in demand for heating and power generation.
The growth of the market slowed down in the second half of 2021, owing to a challenging price environment and softening of the economic recovery.

The underground natural gas storage segment to maintain its lion's share during the forecast period

Based on type, the underground natural gas storage segment was the largest market in 2021, contributing to more than four-fifths of the global natural gas storage market share, and is expected to maintain its leadership status during the forecast period. Moreover, the same segment is projected to witness the fastest CAGR of 7.5% from 2022 to 2031. This growth is owed to the ease in extraction and reinjection of natural gas during the seasonal changes in supply and demand.

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North America to maintain its dominance in terms of revenue during the forecast period

Based on region, North America was the largest market in 2021, capturing nearly one-third of the global natural gas storage market, and is expected to maintain its leadership during the forecast period. This is attributed to the presence of large proven natural gas resources in the region. However, the market in Asia-Pacific is expected to manifest the fastest CAGR of 7.7% during the forecast period¸ owing to increased activities for natural gas storage in the developing economies such as China, India, South Korea, and others in the region.

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Leading Market Players

PJSC Gazprom
LUKOIL
PJSC Rosneft Oil Co.
TotalEnergies SE
Chevron Corporation
Shell plc
ExxonMobil Corporation
BP p.l.c.
Saudi Aramco
The China National Petroleum Corporation

The report analyzes these key players of the global natural gas storage market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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