Globally increasing natural gas demand coupled with energy security concern is anticipated to drive natural gas storage market growth over the next seven years. Increasing usage in end-use industries such as electricity generation, transportation, and industrial operations is expected to fuel the demand over the forecast period.
Storage facilities are essential for managing supply required to cater to globally rising energy demand. Rapid industrialization along with growing urbanization in emerging economies of Asia Pacific and Latin America is anticipated to propel market growth significantly over the forecast period. Natural gas market deregulation and easy availability have resulted in increasing storage demand for various purposes such as operational and commercial.
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Rising natural gas demand is expected to drive oil & gas exploration activities, which in turn increases storage facilities demand. The market is divided in two types, above ground storage and underground storage facilities. Underground storage facilities are further divided into depleted reservoirs, salt caverns formation, and aquifers.
Favorable government regulations owing to low carbon content in comparison to coal are expected to remain a key driving factor for market growth over the forecast period. These storage facilities are utilized as a speculative tool at the time of low supply and production in the market.
Gas storage is further used for maintaining commodity liquidity at trading centers to counter price uncertainty and volatility. Increasing demand from transportation industry owing to features such as low cost, extensive distribution infrastructure, and low emissions is expected to drive the demand over the next seven years. Natural gas vehicles include dedicated, bi-fuel, and dual fuel vehicles.
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Growing industrial sector in countries such as China, India, Brazil, Russia, and UAE is expected to complement market growth. Increasing natural gas usage over coal in industries owing to low cost and environmental benefits is further expected to propel the demand over the forecast period.
These storage facilities are essential owing to reasons such as natural disasters, unforeseen accidents, and production or distribution malfunctions. Increasing fuel gas-fired electric generators demand owing to industrial, commercial, and residential cooling is expected to further complement market growth.
High installation price coupled with critical transmission capacity restraints are anticipated to hamper market growth and challenge industry participants over the forecast period. Abundant natural gas supply coupled with improved recovery technologies is anticipated to offer lucrative opportunities to storage operators.
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