Underground Natural Gas Storage Market Size and Analysis, Trends, Recent Developments, and Forecast Till 2030

[Latest Market Trends]

Underground Natural Gas Storage Market Overview

According to the MRFR analysis, the global Underground Natural Gas Storage Market size is projected to reach 597.603 Bcm by 2030 at a CAGR of 3.59%.

Underground Natural Gas Storage Market Competitive Landscape

The global underground natural gas storage market consists of various global and regional service providers who are continuously evolving to enhance their market position. Economic growth, urbanization, and low-carbon development are the key factors that are contributing to the market growth. However, high storage costs are expected to limit the growth of the market during the forecast period. The underground natural gas storage companies compete based on technology, efficiency, and reliability of services to sustain in the market. It is vital for underground natural gas storage manufacturers to provide solutions according to the need of the industry and customers’ needs and advanced technology to maintain their market position and gain a competitive advantage. Vendors in the underground natural gas storage market are focusing on improving their technologies and upgrading solutions and expanding into the developing economies.

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COVID-19 Analysis

The COVID-19 outbreak has shaped the dynamics of the world economically, geographically, politically, and socially. The novel coronavirus has been declared communicable and contagious even through surfaces which have been containment owing to in proximity of infected people. The entire world had shut to any communications, gatherings, and activities. People had been subjected to follow guidelines to act proactively while purchasing and utilizing the basics of daily lives. The industry experienced the wrath of the pandemic owing to stop on any transport movement sans any proper regulation.

Natural gas storage facilities are primarily used to meet seasonal demand. The gas is stored during periods of low demand and withdrawn from storage during peak/high demand periods. Natural gas is stored underground in large storage reservoirs. The three types of underground natural gas storage facilities are depleted gas reservoirs, aquifer reservoirs, and salt caverns. The COVID-19 outbreak has had detrimental effects on the global economy as many industries have been affected by the current circumstances, and operations of various sectors have come to a standstill. In the oil & gas industry, companies are dealing with several challenges due to a decline in prices amid the COVID-19 outbreak.

Underground Natural Gas Storage Market Segmentation:

Based on Type:

• Depleted Gas Reservoir: Depleted fields are generally used for seasonal storage instead of peak shaving storage. Depleted reservoirs are among the oldest and most popular forms of natural gas storage.
• Aquifer Reservoir: Aquifer reservoirs are natural water reservoirs formed from an underground layer of water-bearing permeable rock and rock fractures. Because geological categorization is required before storage, this is the least desirable and most expensive type of natural gas storage facility.
• Salt Caverns: Existing salt resources are used to create a salt cavern. They are useful for gas storage because their walls have steel structural strength, making the caverns resistant to reservoir degradation over the storage facility's lifetime.

Based on region:

• North America: North America covers the US, Canada, and Mexico. This region is anticipated to be the largest contributor of natural gas storage for underground storage facilities to the underground natural gas storage market.
• Europe: Europe region covers the UK, Germany, France, Italy, and the Rest of Europe. The underground natural gas storage market in this region is expected to register a high growth rate as the dependence of European countries on natural gas is increasing and the requirement for natural gas storage infrastructure is rising to ensure the availability of power, irrespective of the season.
• Asia-Pacific: Asia-Pacific comprises China, Japan, Australia, and the Rest of Asia-Pacific. Storage facilities are essential for the continuous supply required to provide rising energy demand.
• Rest of the world comprises CIS, Middle East, and Central & South America. The Middle East & Africa covers Saudi Arabia, the UAE, South Africa, and the Rest of the Middle East & Africa. The regional market is expected to witness significant growth during the forecast period.

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Key Players:

McDermott, NAFTA a. s, TC Energy Corporation, Royal Vopak, Chart Industries, Uniper SE, ENBRIDGE Inc are the major players in the market.