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...