Natural Gas Storage Market is expected to reach US$ 401.25 billion by 2031 | Enbridge Inc., ENGIE Group, Gassco, Kinder Morgan, MAN Naftogaz Group

Natural Gas Storage Market reached US$ 308.87 billion in 2023 and is expected to reach US$ 401.25 billion by 2031, growing with a CAGR of 3.4% during the forecast period 2024-2031.

The Natural Gas Storage Market report by DataM Intelligence provides comprehensive insights and analysis on key market trends, growth opportunities, and emerging challenges. With a commitment to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. By combining qualitative and quantitative research methodologies, the firm delivers in-depth reports that help clients navigate complex market dynamics, drive strategic growth, and seize new opportunities in an ever-evolving global landscape.

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Market Overview:

Natural gas storage refers to the use of dedicated facilities typically large underground reservoirs for storing natural gas to help balance fluctuations in supply and demand. These storage systems play a vital role in the energy sector by ensuring a reliable supply of gas, particularly during periods of peak demand or supply disruptions.

The rising global demand for natural gas is driven by its widespread application across residential heating and cooking, commercial use, and various industrial processes. According to the U.S. Energy Information Administration (EIA), in 2022, the electric power sector accounted for approximately 38% of total U.S. natural gas consumption. Moreover, natural gas represented about 33% of the sector's primary energy consumption, highlighting its significance in power generation.

In Europe, the natural gas storage market has gained considerable attention amid ongoing geopolitical tensions and growing concerns around energy security. In response, the European Union implemented a regulation in June 2022 mandating member states to fill underground gas storage facilities to at least 80% of capacity before the 2022/2023 winter and to 90% in subsequent years. This directive was swiftly executed, achieving a 90% fill rate by October 2022. Throughout 2023, storage levels remained consistently higher than previous years, and by the start of the 2023/2024 heating season, gas storage facilities across EU member states were nearly full.

Evolving Market Forces and Opportunities:

Rising Global Steel and Aluminum Production Boosts Demand for Natural Gas Storage

The continued growth in global steel and aluminum production is significantly contributing to the rising demand for natural gas storage. These energy-intensive industries depend on a steady supply of raw materials extracted through large-scale mining operations-many of which rely on natural gas for power generation and processing needs.

According to the World Steel Association, global crude steel production across 71 reporting countries reached 135.7 million tons in 2023, underscoring strong demand for iron ore and associated mining activities.

Likewise, the International Aluminum Institute reported that global aluminum production hit 70.59 million metric tons by the end of 2023-a 2.25% increase compared to 2022. This upward trend in production reflects the sustained expansion of mining and mineral processing operations, driving increased consumption of specialized chemicals used in extraction, beneficiation, and refining. As a result, the need for reliable energy sources, such as natural gas, and adequate storage infrastructure has become more critical than ever.

List of the Key Players in the Natural Gas Storage Market: CNPC, Enbridge Inc., ENGIE Group, Gassco, Kinder Morgan, MAN Naftogaz Group, Shell, Snam SPA, TransCanada and PipeLines Limited.

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Research Methodology:

Both primary and secondary data sources have been used in the global Natural Gas Storage Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

Segment Covered in the Natural Gas Storage Market:

By Storage Type (UnderGround Storage, Above Ground Storage)

By Storage Capacity (Small-Scale Storage (Up to 10 Bcf), Medium-Scale Storage (10 to 30 Bcf), Large-Scale Storage (More than 30 Bcf))

By End-User (Residential, Commercial, Industrial)

By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Recent Developments

In March 2024, Enbridge has entered a definitive agreement with WhiteWater/I Squared Capital and MPLX LP to form a joint venture focused on developing and operating natural gas pipeline and storage assets that connect Permian Basin supply to LNG and US Gulf Coast demand. The joint venture will be owned 50.6% by WhiteWater/I Squared, 30.4% by MPLX and 19% by Enbridge. It includes a 50% stake in Waha Gas Storage, a ~2.0 Bcf gas storage facility with additional injection and withdrawal capabilities.

In September 20223, ENGIE acquired Ixora Energy Ltd, a leading UK biomethane producer with three new production units totaling 160 GWh per year. This acquisition enhances ENGIE's position in the biomethane market as it aims to commercialize 30 TWh of biomethane and 30 TWh of renewable hydrogen annually by 2030. ENGIE is committed to achieving a 100% renewable gas mix by 2050, with a milestone target of producing 10 TWh of biomethane in Europe and establishing a 4 GW hydrogen production capacity via electrolysis by 2030.

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Regional Analysis for Natural Gas Storage Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Most Frequently Asked Questions in the Natural Gas Storage Market Research Industry:

➠ What are the global figures for sales, production, consumption, imports, and exports in the Natural Gas Storage market?

➠ Who are the top manufacturers in the global Natural Gas Storage industry, and what is their current status in terms of production capacity, output, sales performance, pricing structure, cost analysis, profit margins, and overall revenue?

➠ What key opportunities are available for vendors in the Natural Gas Storage market, and what challenges are they likely to encounter?

➠ Which application areas, end-user segments, or product types are projected to experience significant growth, and how is the market share distributed among them?

➠ What are the major drivers and barriers influencing the growth trajectory of the Natural Gas Storage market?

➠ What are the primary sales, marketing, and distribution strategies used across the global Natural Gas Storage industry landscape?

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