Global Natural Gas Storage Market Size, Share, Growth Analysis, By Type(Above Ground Storage, Underground storage), By Region(North America, Europe) - Industry Forecast 2022-2028

Natural Gas Storage Market size was valued at USD 8.72 billion in 2021, and it is expected to reach a value of USD 12.11 billion by 2028, at a CAGR of more than 4.8% over the forecast period (2022-2028).

Natural gas storage is the practise of keeping natural gas in subterranean locations like aquifers, salt caverns, and depleted gas fields. When demand is at its highest or when the supply is interrupted, the natural gas that has been stored can be used to satisfy it. Due to rising natural gas demand and the need for energy security, the global market for natural gas storage is anticipated to expand considerably over the next few years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Natural Gas Storage Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The natural gas storage market is segmented based on the type and region. Based on the type, the natural gas storage market is segmented as above ground storage and underground storage. Based on region, Natural Gas Storage Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

The key driver of the global natural gas storage market is the increasing demand for natural gas from various end-use industries such as power generation, residential, and commercial. Natural gas is a clean and efficient source of energy and is being increasingly used as a replacement for coal and oil. Moreover, the need for energy security and the growing adoption of natural gas as a primary fuel for transportation is driving the market growth.

Restraint

The global natural gas storage market is also facing several challenges such as the high cost of storage and the limited availability of storage sites. Building and maintaining natural gas storage facilities require significant investment, and the cost of storage can be high. Moreover, the availability of suitable storage sites is limited, which can hinder the growth of the market.

Market Trends

The global natural gas storage market is the increasing use of salt caverns for storage. Salt caverns offer several advantages over other storage options such as high deliverability rates, low cost of storage, and long-term stability. Additionally, there is a growing trend towards the use of natural gas as a transportation fuel, which is expected to drive the demand for natural gas storage.