Transparency Market
Research has released a new market research report titled Natural
Gas Storage Market - Global Industry Analysis, Size, Share, Growth
Trends and Forecast, 2015 - 2023. According to the report, 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.
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.
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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.
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
About Us
Transparency Market
Research (TMR) is a global market intelligence company providing
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distinctive data sets and research material for business reports.
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