The increasing utilization of natural gas in end-use industries such as transportation, electricity generation, and industrial operations is expected to propel the demand over the future years.
India, Pune, Dec.13, 2017 (GLOBE NEWSWIRE) -The rising demand for natural gas along with energy security concerns is expected to drive the growth of natural gas storage market over the next few years.
Therefore, the storage facilities are necessarily required for managing natural gas supply in order to cater to the rising energy demand. Moreover, owing to the growing industrialization and urbanization in developing economies such as Latin America and Asia-Pacific, the global natural gas storage market growth is estimated to be fuelled significantly over the future years.
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The high demand for natural gas is expected to fuel the oil & gas exploration activities that will further lead to an increased demand for storage facilities. The entire market is sub-divided in two categories, underground storage facilities and above ground storage.
Further, the underground storage facilities are segmented into salt caverns formation, depleted reservoirs, and aquifers.
The favorable governmental policies pertaining to low carbon content as compared to coal are expected to propel the market growth over the future years. At times of low production and supply in the market, these storage facilities are used as speculative tool.
Gas storage is also used to deal with price uncertainty as they maintain commodity liquidity at trading centers. High demand from transportation industry owing to attributes such as extensive distribution infrastructure, low cost, and low emission rate is expected to fuel the demand over the next few years.
The rapid industrial growth in various countries such as India, Brazil, China, Russia, and UAE is expected to further augment the market growth.
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For reasons such as unforeseen accidents, natural disasters, and distribution or production malfunctions, the gas storage facilities are necessary. High demand for fuel gas-fired electric generators owing to commercial, industrial, and residential cooling is expected to further augment the market growth.
However, high installation cost along with transmission capacity restraints are expected to damage the market growth and challenge industry players over the future period. The infinite natural gas supply together with improved recovery technologies is expected to provide profitable opportunities to storage operators.
North America is estimated to hold huge market share in both aboveground and underground storage facilities owing to increasing production and exploration activities. Rising awareness pertaining to natural gas being clean fuel is further expected to drive the growth in this region.
However, during the future years, Asia-Pacific is expected to display rapid growth due to high domestic demand from end-use industries in countries such as India and China. The availability of low cost labor along with decreasing coal reserves is expected to propel the usage of natural gas in end-use industries such as steel and petrochemicals in emerging countries.
The growth of industrial sector along with high per capita income in regions such as Thailand and Vietnam is expected to fuel the demand in this region.
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Market – Global Natural Gas Storage Market
Analysis Period – 2014 – 2024
Historic Data – 2014 – 2015
Base Year – 2016
Forecast Data – 2017 – 2024
Market Stratification – Storage Type, Geography, Regional Scope, North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA), Report Coverage Market Trends, Drivers, Restraints, Porter’s Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis
The key players operating in this market are Foster Wheeler, Samsung Heavy Industries, GDF SUEZ, and Spectra Energy. The other major players include Technip, Worley Parsons, Centrica, Chiyoda Corporation, E-on Group, and Niska Gas Storage.
The high demand for natural gas is expected to fuel the oil & gas exploration activities that will further lead to an increased demand for storage facilities.
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Market By Storage Type
Underground natural gas storage
o Salt caverns formation
o Depleted reservoirs
Above ground natural gas storage
Market By Geography
o Rest of Europe
o Rest of Asia-Pacific
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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