The
global natural gas storage market stood at 392,831.22 mcm in 2014 and
is likely to reach 548,798.39 mcm by 2023, expanding at a CAGR of
3.7% between 2015 and 2023.
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Natural Gas Storage Market Report with Full TOC at :
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The
global natural gas storage market was dominated by Europe in 2014.
Demand for natural gas storage facilities is anticipated to be high
in the region due to increasing concerns of energy security
(uninterrupted supply of natural gas at affordable rates). A natural
gas storage facility is vital as it balances the seasonal peak load
demands and provides sustained supply of natural gas. Countries such
as Germany, Italy, and France are increasing their natural gas
storage capacity to reduce dependence on natural gas imports and to
improve local natural gas inventory for applications such as district
energy and combined heat and power (CHP) generation.
Factors
such as increasing natural gas demand, growing energy security
concerns, and favorable government regulations and incentives are
anticipated to boost the natural gas storage market in Europe in the
near future. However, higher capital costs and installation costs
have hampered the growth of the natural gas storage market in the
region. Russia is the market leader in terms of natural gas storage
capacity in Europe.
North
America was the second-largest market globally in terms of storage
volume of natural gas in 2014. Underground storage facilities
accounted for the major share of the market in North America in 2014.
The U.S. was the leading player in terms of natural gas storage
capacity in North America. Increasing production of natural gas,
owing to shale gas and hydraulic fracturing technologies, has boosted
the construction of natural gas storage facilities in North America.
Natural
gas storage capacity in Asia Pacific is increasing due to rising
awareness about benefits of natural gas storage and energy security.
China is expected to be the leading player in the natural gas storage
market in Asia Pacific in the near future. Growth in natural gas
storage capacity in Asia Pacific is primarily driven by increasing
demand for natural gas and rising concerns of energy security. Asia
Pacific is expected to be the fastest growing market for natural gas
storage during the forecast period. Rest of the World (RoW) accounted
for the least share of the global natural gas storage market in 2014.
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Key
participants in the global natural gas storage market include Spectra
Energy Corporation, Gazprom, Niska Gas Storage Partners LLC, Chiyoda
Corporation, Centrica Storage Ltd., NAFTA A.S., TransCanada
Corporation, Enbridge Gas Distribution Inc., Cardinal Gas Storage
Partners LLC, and Engie S.A. The report provides an overview,
financial revenues (on availability), business strategies, and recent
developments of these companies. The global natural gas storage
market has been segmented as follows:
Global
Natural Gas Storage Market: By Type
- Above-ground Storage
- Underground Storage
- Depleted Reservoirs
- Salt Caverns
- Aquifers
Global
Natural Gas Storage Market: By Region
North
America
- The U.S.
- Rest of North America
Europe
- Russia
- Ukraine
- Germany
- France
- Italy
- Rest of Europe
Asia
Pacific
- China
- Australia
- Rest of Asia Pacific
Rest
of World (RoW)
- Iran
- Argentina
- Other Countries
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