May 18, 2023 SOURCE: BusinessWire

Global Underground Gas Storage Market Report 2023: Growing Industrialization Fuels the Sector - ResearchAndMarkets.com

The "Underground Gas Storage Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.

The global underground gas storage market is expected to grow at a CAGR of 3% during the forecast period of 2023 to 2031.

Companies Mentioned

ADNOC
Baker Hughes Company
Chart Industries
Enbridge Inc.
NAFTA a. s.
NOV Inc.
Royal Vopak
TransCanada PipeLines Ltd

Underground gas storage facilities are generally constructed to meet the global seasonal demand for gases. Gases are retained in storage facilities during periods of low demand and removed during periods of high demand. Utilizing large underground reservoirs to store gases.

Globally utilized underground natural gas storage facilities include depleted gas reservoirs, salt caverns, and aquifer reservoirs. These storage facilities are crucial for ensuring a steady supply of gas to fulfill the expanding worldwide energy demand.

The key element driving the expansion of this industry is growing industrialization. Natural gas is regarded as the world's most important energy source. It is anticipated that this gas will continue to play an increasingly important role in countries with high energy demands due to its abundance, eco-friendliness, and expanding use in a wide variety of applications.

Hydrogen consumption has also surged in the United States as a result of the widespread development and acceptance of hydrogen cells and hydrogen-powered cars. Several corporations have begun investing in underground hydrogen storage facilities in the United States to meet the nation's rising need for hydrogen.

Natural Gas Segment Dominated the Market by Product

Due to the widespread applications of natural gas, hydrogen, and others in many industries, the natural gas segment led the industry in 2022 and accounted for 92% of the worldwide volume share. In the business sector, natural gas is used to heat buildings and water, operate refrigeration and cooling equipment, cook, dry clothes, and illuminate outdoor areas.

Natural gas is also employed in heat and power systems as a fuel. In 2022, the commercial sector accounted for around 11% of total natural gas consumption and 20% of total commercial energy consumption in the United States.

Storage of natural gas underground is necessary to meet the demand for gas supply. Nearly 430 billion cubic meters (bcm) of natural gas have been stored globally as of 2022, which is almost 10% of the total demand. Gas storage facilities can meet both short-term and seasonal swings in demand.

Depleted Gas Reservoirs Dominated the Market by Type

The segment of types includes depleted gas reservoirs, aquifer reservoirs, salt caverns, and others. Due to rising gas production, the depleted gas reservoir segment led the market in 2022 and accounted for 65 % of the worldwide volume share.

In use for decades, depleted natural gas reservoirs account for 76% of the world's total natural gas storage volume. Gas fields are more extensive and contain more volume than salt caverns. The global demand for these reservoirs is anticipated to be driven by rising government regulation of their expansion.

Europe remains the Global Leader

Europe dominated the global industry in 2022, accounting for about 55% of the market share. Russia has the world's largest proven natural gas reserves, at 38 trillion cubic meters (1,341 trillion cubic meters).

In Europe, approximately 4,269.6 bcf (billion cubic feet) of underground gas storage is available at over 170 locations, 42% of which are in Germany. In terms of depleted reservoirs, the demand for natural gas storage is greatest in France, Germany, Russia, and Italy. Due to their depth and natural hydrocarbon resources, depleted fields contain the greatest quantity of natural gas.

During the projection period, North America is anticipated to emerge as the leading regional market. This is due to the region's increased exploration and production of natural gas and hydrogen. The United States is the largest market for underground gas storage in North America due to its massive production of natural gas.

Historical & Forecast Period

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.

Market Segmentation

Product

Natural Gas
Hydrogen
Others

Type

Depleted Gas Reservoir
Aquifer Reservoir
Salt Caverns
Others

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of Underground Gas Storage market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Underground Gas Storage market?
Which is the largest regional market for Underground Gas Storage market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Underground Gas Storage market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Underground Gas Storage market worldwide?

For more information about this report visit https://www.researchandmarkets.com/r/1luo8p

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