Chemically,
natural gas is a colourless, odourless, and gaseous hydrocarbon. The
exploration, production, and transportation of natural gas take time
and hence, the storage of natural gas in underground storage
facilities and in above-ground tanks is much needed. The global
natural gas storage market has gained impetus from the growing demand
for natural gas. In 2014, the overall market stood at 392,831.22 mcm
and is estimated to reach 548,798.39 mcm by 2023, expanding at a CAGR
of 3.7% during the period from 2015 to 2023.
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Gas Storage Market
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Hydraulic
Fracking and Shale Gas Boom to Create New Opportunities for Global
Natural Gas Storage Market
Growing
energy security concerns and favourable government regulations are
bolstering the global natural gas storage market. However, the high
capital-intensive nature of the market will restrain its growth in
the coming years. Hydraulic fracking and shale gas boom has led to
increased natural gas production. This will create new opportunity
for the growth of the global natural gas storage market.
Among
Underground Storage Facilities, Depleted Reservoirs are the Cheapest
On
the basis of storage type, the global natural gas storage market has
been broadly segmented into underground storage and above-ground
storage. Underground storage has been further categorized into salt
caverns, depleted reservoirs, and aquifers. The global natural gas
storage market has been dominated by underground storage facilities
that account for more than 95% market share.
In
2014, depleted reservoirs were the largest number of underground
storage facilities constructed across the globe. Depleted reservoirs
are those structures where the recoverable natural gas has been
already tapped and the underground formation is geologically capable
to store natural gas. In terms of development, maintenance, and
operations, depleted reservoirs are the cheapest. On the other hand,
salt caverns are formed out of existing salt deposits and offer very
high deliverability. Aquifers are underground porous rock formations
that act as natural water reservoirs and can be also used as natural
gas storage facilities. However, both salt caverns and aquifers are
quite expensive. Further, the Environmental Protection Agency (EPA)
has set certain regulations regarding the usage of aquifers as
natural gas storage facilities to restrict the contamination of fresh
water resources.
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Europe
Dominated Global Natural Gas Storage Market in 2014
The
global natural gas storage market has been segmented into four key
regions: Europe, Asia Pacific, North America, and Rest of the World.
In 2014, Europe accounted for more than 50% of the global market in
terms of storage volume. Germany, Ukraine, Russia, Italy, and France
are the key markets for natural gas storage in the European region.
North America emerged as the second-largest natural gas storage
market in 2014, followed by Asia Pacific.
Key
Players in Global Natural Gas Storage Market
Some
of the key players in the global natural gas storage market are
Gazprom, Spectra Energy Corporation, Niska Gas Storage Partners LLC,
Centrica Storage Ltd., Chiyoda Corporation, TransCanada Corporation,
NAFTA A.S., Cardinal Gas Storage Partners LLC, Engie S.A., and
Enbridge Gas Distribution Inc.
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