Energy and Power

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...

According to Market Research Future (MRFR), The global underbalanced drilling market is estimated to grow at 5.24% CAGR from 2023 to 2030 (forecast period). The report evaluates the effects of the COVID-19 pandemic on the global underbalanced drilling market and offers a detailed estimation of the anticipated volatility of demand over the forecast period. Underbalanced drilling is a type of drilling process used to drill oil and gas wells. In this process, the pressure of the well is held lower than the pressure of the formations that are being drilled. This varies from traditional over-balanced drilling in which the circulating pressure of the bottom hole is lower than the formation pressure, allowing the well to flow while the drilling is proceeding. This approach is known to be appropriate for reducing the problems of invasion formation. Since the majority of hydrocarbons are found in existing fields with depleting pressures or in complicated and low-quality reservoirs, the e...