Natural Gas Storage Market: Current Analysis and Forecast (2022-2028)

Report Description

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The global Natural gas storage Market is expected to grow at a significant rate of around 4% during the forecast period. The storage of gas for future use is an effective way of balancing stable gas supply with volatile gas demand that is often characterized by significant seasonal, daily, and sometimes hourly variations. Natural gas in storage also serves as insurance against any unforeseen accidents, maintenance requirements, equipment failures in the logistics chain, natural disasters, or other occurrences that may affect the production or delivery of natural gas. The production of natural gas fluctuates according to the availability of raw materials, environmental conditions, and other variable factors. Due to this, there has been a need for controlling and maintaining flow in the pipeline, and supply gas when the demand is higher.

Moreover, the marketability of natural gas is increasing, which is estimated to promote natural gas storage for unhindered supply throughout the year. The growing investment in this direction is also estimated to boost market growth. Furthermore, people are becoming more aware of the environmental benefits of using natural gas, which is estimated to fuel market growth.

Engie SA, Enbridge Inc, TransCanada, Sempra Energy, Trafigura, WorleyParsons, DTE Energy, Centrica, Technip, and Spectra Energy.

Insights Presented in the Report

“Amongst type, underground storage category to witness robust CAGR during the forecast period”

Based on type, the natural gas storage market is bifurcated into above-ground storage and underground storage. The underground storage segment caters substantial share of the market. As exploration and production of natural gas usually take time. Also, the natural gas that reaches its destination is not always used immediately, so it is stored in storage facilities, most likely in underground facilities. Aquifers, salt caverns, and depleted gas reserves are other categories for underground storage. The most typical kind of storage facility is a depleted gas reservoir since it can store natural gas for future use and can remove gas quickly. As they are economically viable, underground storage locations are frequently employed for depleted oil and natural gas reserves.

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“Amongst application, residential segment to hold a significant share in the market in 2020”

Based on application, the natural gas storage market is classified into residential, commercial, and others. Among these, the residential segment holds a significant share in the market. Natural gas has been a seasonal fuel and demand is usually higher during the winter, partly because it is used for heat in residential settings. In addition, the recent trend toward electricity generation using natural gas as fuel had caused demand to increase during the summer months due to the need for electricity to power air conditioners is escalating the market size of natural gas storage.

“North America to hold a significant share in the market”

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the increasing exploration and production activities in the region coupled with rising seasonal demand for natural gas. Also, the United States exports an enormous amount of natural gas to Canada and Mexico through a pipeline and is also a net exporter to several other countries. Due to extreme weather conditions, natural gas is broadly used for space heating in residential and commercial buildings which is expected to the growth in natural gas storage in North America.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Natural gas storage market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Natural gas storage Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Natural gas storage market were the three major steps undertaken to create and analyze the adoption of Natural gas storage in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Natural gas storage market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Natural gas storage market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Natural gas storage market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Natural gas storage market. Further, we conducted factor analysis using dependent and independent variables such as various type, and application. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Natural gas storage market sector across the globe. 

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global natural gas storage market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Natural gas storage market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Natural gas storage market in terms of the service offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Natural gas storage market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, and application in the global Natural gas storage market.

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The main objective of the Global Natural gas storage Market Study

The current & future market trends of the global Natural gas storage market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Natural gas storage market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, and application.
• Define and analysis of the regulatory framework for the Natural gas storage
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Natural gas storage market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, LAMEA.
• Company profiles of the Natural gas storage market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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