Global Natural Gas Storage Market Size study & Forecast, by Type (Underground and Above Ground) and Regional Forecasts 2025-2035

The Global Natural Gas Storage Market is valued at approximately USD 565.2 billion in 2024 and is anticipated to grow at a CAGR of more than 4.80% over the forecast period 2025-2035. Natural gas storage forms the backbone of modern energy security as it enables economies to balance demand fluctuations, stabilize prices, and safeguard supply integrity during seasonal or unforeseen disruptions. By injecting surplus gas into underground reservoirs or above-ground facilities, operators create strategic buffers that strengthen national resilience and support uninterrupted energy distribution. The market expansion is driven by the world's accelerating shift toward natural gas as a transitional, cleaner-burning fuel, rising urban energy consumption, and surging investment in infrastructure modernization across both mature and emerging regions.

The rise in natural gas production and the growing reliance on gas-fired power infrastructure have pushed global utilities to scale storage capacity, thereby strengthening their ability to withstand supply volatility. Industrial users, gas distributors, and power producers increasingly depend on optimized storage systems to manage peak loads and navigate price swings throughout the year. As geopolitical tensions and supply-chain uncertainties persist, policymakers have doubled down on strategic gas reserves, compelling storage operators to invest in advanced compression systems, upgraded caverns, and high-integrity tank technologies. However, substantial capital requirements and complex regulatory approval cycles restrain growth momentum in some developing economies during the forecast timeline of 2025-2035.

The detailed segments and sub-segments included in the report are:

By Type:

• Underground
• Above Ground

By Region:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Italy
• ROE

Asia Pacific

• China
• India
• Japan
• Australia
• South Korea
• RoAPAC

Latin America

• Brazil
• Mexico

Middle East & Africa

• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Underground Storage is Expected to Dominate the Market

Underground gas storage continues to dominate the market landscape due to its exceptional capacity, cost-efficiency, and ability to stabilize large-scale supply networks. Salt caverns, depleted reservoirs, and aquifers-each engineered to handle immense pressure-offer unparalleled safety and operational flexibility. As gas consumption intensifies during winter peaks or industrial upswings, underground facilities step in to balance supply seamlessly. Energy suppliers remain inclined toward underground storage due to its long-term economic advantages and superior integrity. While this segment leads today, above-ground facilities are rapidly becoming attractive for regions lacking geological formations suitable for subterranean storage, particularly in fast-growing urban belts.

Underground Storage Leads in Revenue Contribution

In revenue terms, underground storage also remains the largest contributor, supported by its ability to handle significantly higher injection and withdrawal volumes. These facilities are essential to national energy frameworks, particularly across regions that rely heavily on natural gas for heating, industrial feedstock, and electricity generation. Natural gas producers and pipeline operators favor underground options for their scalability, durability, and risk mitigation characteristics. Although above-ground storage-comprising high-pressure tanks and LNG terminals-continues to gain ground due to rising LNG trade and flexible deployment benefits, underground systems remain the highest-earning segment owing to entrenched infrastructure and long-standing utility reliance.

The key regions considered for the Global Natural Gas Storage Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America dominated the market in 2025, driven by vast shale gas production, expansive pipeline networks, and advanced subsurface engineering capabilities that support large-scale underground storage. Europe, committed to fortifying energy security amid geopolitical tensions, continues to invest aggressively in both strategic and commercial storage capacity. Asia Pacific is projected to be the fastest-growing region during the forecast period due to soaring natural gas consumption in China and India, ongoing LNG terminal expansions, and government mandates to establish emergency gas reserves. Meanwhile, the Middle East & Africa and Latin America are witnessing steady adoption as they diversify energy infrastructure and expand cross-border gas trade.

Major market players included in this report are:

• Chevron Corporation
• ExxonMobil Corporation
• Royal Dutch Shell
• BP Plc
• TotalEnergies SE
• Gazprom
• China National Petroleum Corporation (CNPC)
• Enbridge Inc.
• Kinder Morgan
• Sempra Infrastructure
• Cheniere Energy
• Williams Companies
• Equinor ASA
• Tenaris
• ENGIE SA

Global Natural Gas Storage Market Report Scope:

• Historical Data - 2023, 2024
• Base Year for Estimation - 2024
• Forecast period - 2025-2035
• Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained above.

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of the geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of the competitive structure of the market.
• Demand side and supply side analysis of the market.