Natural Gas Storage Market Analysis, Growth Factors & Regional Forecast to 2027

The natural gas storage system adds flexibility to the gas transportation network, thus benefiting the industrial sector. Rise in industrialization and increase in urbanization are the major factors driving the growth of the natural gas storage market. Increase in population leads to high usage of natural gas in transportation, electricity generation, and oil &gas exploration activities.

The natural gas storage system is versatile, and further, a gas storage facility is used for marinating commodity liquidity at the trading center to help in countering price uncertainty. The demand for natural gas storage is expected to increase during the forecast period, owing to its advantage such as cost-effectiveness. However, the installation process of natural gas storage is high and emits harmful gases such as carbon dioxide, carbon monoxide, and carbon compounds. These factors are the major restraints of the natural gas storage market.

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The natural gas storage market is segmented depending on its various characteristics. On the basis of storage type, it is categorized into the underground, above ground, and floating natural gas storage. Aquifers and depleted reservoirs are used for underground natural gas storage. Natural gas is environment friendly, hence, it is stored underground and in above ground reservoirs.

Region wise, North America, Europe, Asia-Pacific, and LAMEA contribute largely in demand for natural gas storage, which is anticipated to boost the growth of the natural gas storage market during the forecast timeframe.

The major players operating in the natural gas storage market are Centrica, Tenchip, Worely Parsons, Niska Gas storage, Spectra Energy, Foster Wheeler, and Samsung Heavy Industries. Expansions, acquisitions, partnerships, and new product developments are the key strategies adopted by these players to strengthen their foothold in the market and to expand their business in potential markets. They have been focusing on strategies such as organic and inorganic growth developments, including contracts and investments.

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COVID-19 scenario analysis

Natural gas market is less sensitive to COVID-19 impact in short-term growth, as natural gas has limited exposure in transportation compared to oil resources.

However, the long-term growth depends on the government regulations and policies in post pandemic period.

Natural gas import market is disrupted in Asia and Europe, which will further negatively impact the market for LNG. Buyers are postponing contracts and manufacturers are delaying ongoing projects, which will hamper the market growth of natural gas storage market.

Delay in the investment decisions (investment cuts) due to supply chain disruptions and limited labor force are anticipated to have a negative impact of the natural gas storage market.

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