Global Underbalanced Drilling Market Industry Trends, Growth, and Forecasts (2023-2030)
The underground natural gas storage market is expected to grow at a CAGR of 3.59% from 2023 to 2032, reaching a market value of $ 550.67 billion by 2032. The market growth is attributed to the increasing demand for natural gas and the need to ensure a reliable supply of the fuel.
Underground natural gas storage
facilities are used to store natural gas during periods of low demand and
withdraw it during periods of high demand. This helps to balance the supply and
demand of natural gas, and it also helps to reduce price volatility.
Strong gas infrastructure helps
increase LNG and underground gas storage capacity. Extensive natural gas
infrastructures support domestic as well as national energy security.
Governments reform standards for
responsible energy development, focusing on environmental, social, and
governance (ESG). Well-developed certification standards aim to bring
transparency to an opaque market and drive demand for certified natural gas.
Improved standards also help operators
differentiate themselves through overall energy production. The price
volatility and the acute shortages of natural gas encourage governments to
increase natural gas storage facilities.
Major Players
·
McDermott
(US)
·
NAFTA a s
(Slovakia)
·
TC Energy
Corporation (Alberta)
·
Royal Vopak
(Netherlands)
·
Chart
Industries (Georgia)
·
Uniper SE
(Germany)
·
ENBRIDGE
Inc (Canada)
Global Underground Natural Gas
Storage Market – Segmentations
The market is segmented into type and
region. The type segment comprises depleted gas reservoirs, aquifer reservoirs,
and salt caverns. The region segment comprises the
Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.
Global Underground Natural Gas
Storage Market – Geographical Analysis
North America is the largest market for
underground natural gas storage. The continually increasing natural gas
production, mainly in the US, has been increasing the market demand. Besides,
the rising demand for natural gas storage from the oil & gas industry
across the region drives the market growth. The rising need for strategically
developed depleted gas and aquifer reservoir storage spaces fosters market
revenues in this region.
Moreover, the large petroleum industry
in this region substantiates market revenues. Favorable government regulations
to reduce fossil fuel use and initiatives to promote low-carbon fuels
contribute to the rise in demand for natural gas and its storage facilities.
Large technological upgrades and the vast awareness of natural gas benefits in
developing clean fuel increase the market demand.
The underground natural gas storage
market is brisk in Europe. The presence of well-established industry players
and automotive sectors in the region escalates the market value, creating a
vast demand for natural gas. Additionally, vast industrialization and rising
LNG production capacities in various end-use industries such as chemicals,
metals, food & beverages, and healthcare & construction substantiate
market revenues.
Global Underground Natural Gas
Storage Market – Competitive Analysis
Fiercely competitive, the Underground
gas reservoirs market appears fragmented, with various
notable players forming a competitive landscape. These players increasingly
focus on product development and incorporate strategic approaches, such as
collaboration, mergers & acquisitions, expansion, and product launches, to
gain a larger competitive share.
Leading market players develop
innovative solutions to boost natural gas storage capacity. They also take
projects to provide a wider opportunity to diversify LNG supply options and
strengthen energy security. Such developments will be crucial in responding to
concerns over supply, price, and climate impacts, as well as expanding natural
gas consumption.
Industry/ Innovation/ Related
News
Nov 10, 2022 --- Enbridge Gas Inc. (Canada), a leading natural
gas storage, transmission, and distribution company, announced a partnership
with EQT Corporation (EQT), a leading natural gas producer in the US, to bring
responsibly sourced gas (RSG) to its facility. Enbridge Gas will purchase
around 15 petajoules (PJ) of RSG from EQT from November 2022 to October 2023
and deliver and blend it into its distribution system.
Enbridge Gas aims for a sustainable
energy future and is committed to meeting strict industry-wide criteria for
quality. The addition of RSG would help escalate the current standards to
ensure sustainability across the value chain as well as minimize environmental
and community impacts.
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