Press release
Underground Natural Gas Storage Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Underground Natural Gas Storage
What Is the Expected Underground Natural Gas Storage Market Size During the Forecast Period?
The underground natural gas storage market size will grow from $322.13 billion in 2024 to $339.93 billion in 2025 at a CAGR of 5.5%. The growth in the historic period can be attributed to the expansion of natural gas infrastructure, urbanization, population growth, LNG trade growth, and rising investments from public and private sectors.
The underground natural gas storage market size is projected to grow to $415.75 billion by 2029, at a CAGR of 5.2%. The growth is driven by increasing energy consumption, renewable energy expansion, LNG exports and imports, emergency preparedness, and resilience. Trends include improved cavern construction, better monitoring systems, renewable energy integration, safety and environmental impact improvements, and digital technologies adoption.
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What Are the High-Growth Segments in the Underground Natural Gas Storage Market?
The underground natural gas storagemarket covered in this report is segmented -
1) By Type: Depleted Gas Reservoir, Salt Caverns, Aquifers, Other Types
2) By Product: Natural Gas, Hydrogen, Other Products
3) By Application: Residential, Commercial, Other Applications
Subsegments:
1) Depleted Gas Reservoir: Onshore Reservoirs, Offshore Reservoirs
2) Salt Caverns: Solution-Mined Caverns, Compacted Salt Caverns
3) Aquifers: Freshwater Aquifers, Brine Aquifers
4) Other Types: Geological Formations, Non-Conventional Storage
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What Key Drivers Are Expected to Influence Future Underground Natural Gas Storage Market Growth?
The rising production of natural gas is expected to drive the growth of the underground natural gas storage market. Natural gas, primarily composed of methane, is in demand due to its cleaner energy potential compared to other fossil fuels. Increased natural gas production is driven by factors like industrial growth and energy security. Underground storage plays a critical role in balancing supply and demand, providing backup energy during low renewable energy periods. In September 2024, the Energy Information Administration reported that US natural gas production rose by 4.3% in 2023, further supporting the underground natural gas storage market.
Which Companies Hold the Largest Share Across Different Underground Natural Gas Storage Market Segments?
Major companies operating in the underground natural gas storage market are Exxon Mobil Corporation, Equinor ASA, Uniper Energy Storage GmbH, Gazprom, Enbridge Inc., Southern Company, ONEOK Inc., Targa Resources Corp., DTE Energy, Sempra, TC Energy Corporation, The Williams Companies Inc., EnLink Midstream LLC, NiSource Inc., Weatherford International, Atmos Energy, Naftogaz Group, National Fuel Gas Company, Hess Midstream LP, NAFTA a. s., Texas Brine Company LLC
What Trends Are Driving Growth in The Underground Natural Gas Storage Market?
In the underground natural gas storage market, companies are working on innovative solutions such as hydrogen storage in salt caverns to improve energy security and reduce emissions. In March 2024, the European Consortium, coordinated by Storengy, launched the FrHyGe project. This project, funded by the EU's Clean Hydrogen Partnership, aims to validate large-scale hydrogen storage in salt caverns, with a budget of €43 million ($46.91 million). The initiative will test the injection and withdrawal of hydrogen and explore replicability across Europe.
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What Are the Emerging Geographies for The Underground Natural Gas Storage Market Growth?
Europe was the largest region in the underground natural gas market in 2024. The regions covered in the underground natural gas storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Underground Natural Gas Storage Market?
2. What is the CAGR expected in the Underground Natural Gas Storage Market?
3. What Are the Key Innovations Transforming the Underground Natural Gas Storage Industry?
4. Which Region Is Leading the Underground Natural Gas Storage Market?
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