Rise in the demand for natural gas coupled with increased concern for energy security is likely to propel the expansion of the global natural gas storage market over the timeframe of assessment. Augmented use of natural gas in various end-use industries such as industrial operations, electricity generation, and transportation is likely to stimulate demand for natural gas storage over the assessment timeframe.
To cater to the ever-increasing demand for energy worldwide, it is essential to have proper storage facilities in place. Rapid urbanization and industrialization in regions like Latin America and Asia Pacific is opening up new avenues of growth for the global natural gas storage market over the assessment tenure, from 2015 to 2023.
Samsung Heavy Industries, Engie SA, Uniper SE, Costain Group PLC, Royal Vopak N.V., and Enbridge Inc. are some of the well-known names found in the global natural gas storage market.
Transparency Market Research has come up with a detailed report on the global natural gas storage market, which predicts the market to rise at 3.7% CAGR over the review period.
Increased Exploration and Production Activities to Keep North America at the Forefront
North America natural gas storage market is estimated to ride high on augmented production and exploration activities. The region is estimated to fare quite well in the both aboveground and underground segment of the global natural gas storage market due to increased exploration and production activities in the region. In addition, rise in awareness about natural gas being a clean is adding stimulus to the growth of the market in North America.
Growing demand for natural gas from various end use industries in countries like India and China is thrusting Asia Pacific to prominence in the global natural gas storage market. Depletion in the coal reserves and low cost availability of natural gas is escalating the demand for use of natural gas on industries like steel, petrochemicals in India and China. Rapid expansion of industrial sector and increased per capita income in Thailand and Vietnam is likely to offer lucrative growth opportunities for the regional market.
Low Carbon Emission and Positive Impact on Air Quality Makes it a Popular Choice
Most of the growth of the global natural gas storage market is owing to rise in the demand for the product from various end use industries, thanks it low cost availability and depletion to fossil fuels. Various end use industries such as transportation, space heating, and power generation are estimated to generate huge demand for natural gas over the forecast tenure.
Amidst growing concern for environmental pollution, the positive impact of natural gas on the quality of air and low carbon emission makes it a popular choice amongst many of the end use industries. Furthermore, easy availability and natural gas deregulation have led to its augmented demand for different purposes, both commercial and operational. All these factors are estimated to contribute substantially toward the growth of the global natural gas storage market over the review period.