Natural Gas Storage Market

SKU: DMEP702 | Last Updated On: Sep 21 2022 | Available Formats

> Global Natural Gas Storage Market Expected to reach a high CAGR 4.26% by 2029: DataM Intelligence

Global Natural Gas Storage Market is segmented by Type (Under Ground Storage, Above Ground Storage), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[195 Pages Report] The Global "Natural Gas Storage Market" is expected to grow at a high CAGR of 4.26% during the forecasting period (2022-2029).

  • Natural gas, like most other commodities, can be stored for an indefinite period. The natural gas supply chain from exploration and production to transportation – is a time-consuming process, and the natural gas that reaches its destination is not always needed.

Metrics

Details

Market CAGR

4.26%

Segments Covered

By Type, And By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Outlook

  • The higher demand for natural gas storage during the winter, partly owing to its use for heat in residential and commercial settings is a significant factor in propelling the market growth.
  • Increasing natural gas storage gives all participants in the gas market arbitrage opportunities, for example between spot and futures markets.
  • So a supplier or trader can seize price opportunities by buying gas cheap, storing it, and selling it when the price rises. These are some of the reasons mentioned above which may fuel the demand over the forecast period.
  • On the other side, despite these benefits, unconventional gas development can affect local and regional air quality. Some areas where drilling occurs have experienced increases in concentrations of hazardous air pollutants regulated by the EPA because of their harmful effects on health and the environment.
  • Exposure to elevated levels of these air pollutants can lead to adverse health outcomes, including respiratory symptoms, cardiovascular disease, and cancer. These factors may act as a roadblock to the growth of the market.

Market Segmentation Analysis

  • The global natural gas storage market is segmented into types such as underground storage and above-ground storage. Of these, the underground storage market is dominating the market due to its storage systems. Companies are expanding their storage capacity to meet consumer demands.
  • For instance, in July 2018, China expanded underground gas storage to stabilize seasonal demand and price fluctuations in the Asian LNG markets.
  • The underground natural gas storage is a vital component of the natural gas chain. It is initially developed to balance gas supply and demand, optimize the transmission network size and management, and provide security of supply in case of an interruption in gas supplies.
  • As markets developed and liberalized, market hubs emerge, and spot markets evolve along with these trading hubs. Storage acquires an additional commercial role as a supporting tool to trading (CEDIGAZ).
  • Furthermore, underground gas storage has been developed mainly in four regions: North America, Europe, the Commonwealth of Independent States (CIS), and Asia-Oceania.
  • North America concentrates more than 67% of all facilities in the world, with 414 in the United States and 59 in Canada, with a working gas capacity of 152 cm (40% of total volume).
  • Europe is second in rank regarding some facilities with 144 (99 cm), followed by the CIS which has 51 facilities, but it is in second place regarding working gas capacity (115.5 cm). The Asia-Oceania has only 18 facilities with 9.3 bcm of working gas capacity.
  • In the rest of the world, there are only two other facilities, one in Argentina and another in Iran.

Market Geographical Share

  • Global Natural Gas Storage Market is segmented into various types of regions such as North America, South America, Europe, Asia Pacific, and RoW. Among all, North America dominates the market in the production and consumption of natural gas storage.
  • In the U.S, Natural gas storage is used to balance seasonal fluctuations in production and consumption. The most significant fluctuations in this province are natural gas consumption in the residential and commercial sectors, where natural gas is used as heating fuel.
  • Across all sectors, U.S. consumption of natural gas during winter months tends to be about 30% to 35% higher than in the spring and fall months, when temperatures are relatively mild.
  • Additionally, in 2018, relatively cold winter weather led to more withdrawals from storage, and inventories transitioned from being near the previous five-year average to being lower than average.
  • According to the EIA Report in 2018, U.S. dry natural gas production will average a record 82.7 Bcf/d in 2018, an 11% increase from 2017.

Market Competitive Trends

  • The global natural gas storage market is fragmented with the presence of many local and international players. However, Engine S.A, Gazprom, and Enbridge Inc. hold a dominant market share in the market. Engine S.A. is the market leader with approximately 15% of the total demand followed by Enbridge Inc. and Gazprom.

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FAQ

What is the Growth Rate of the Natural Gas Storage Market?

Grow at a high CAGR of 4.26% during the forecasting period (2022-2029).

What Companies Are Included in the Natural Gas Storage Market?

Engine S.A, Gazprom, and Enbridge Inc. hold a dominant market share in the market. Engine S.A. is the market leader with approximately 15% of the total demand followed by Enbridge Inc. and Gazprom.

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