Natural Gas Storage Market: Big Players Focusing On Product Advancements For Business Expansion 2028
A recent market intelligence report that is published by Data Insights Partner on the global Natural Gas Storage Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Natural Gas Storage Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Natural Gas Storage Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Natural Gas Storage Market is offered. In accordance with the report, the global Natural Gas Storage Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
A hydrocarbon gas of natural origin that is a mixture of methane, alkanes, carbon dioxide, helium, hydrogen sulfide, nitrogen in varying proportions leads to the formation of natural gas. Natural gas in its liquid state is called liquified natural gas (LNG). Natural gas is imperishable regardless of the time for which it is kept in custody. The huge containers in which natural gas is stored is called natural gas storage facilities. Natural gas storage can be measured with by a number of metrics like total gas storage capacity, working gas capacity, cycling rate, injection capacity and many more.
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Market Drivers
As a result of attaching importance to depleted reservoir storage, the demand for natural gas storage is rising. Being a non-renewable energy, the storage and efficient utilization of this resources is necessary to avoid production malfunction, distribution glitch, happening of natural disasters and accidents. This factor is providing the initial impetus to the natural gas storage market.
In order to ensure the uninterrupted supply of natural gas to cater to the needs of the end users, the demand for natural storage gas is rising. In addition to this, the seasonal demand of natural gas on behalf of the end user is powering the storage of excessively available natural gas and fueling the natural gas storage market.
With industrialization at a lightning speed, rapid urbanization, and electrification of the underdeveloped regions of the emerging nations, the natural gas storage market is thriving.
Natural Gas is a good that can be stored for unrestricted time period and this brings the necessity of storing them for an indefinite period and drives the natural gas storage market.
Natural gas is a clean energy, efficient fuel and imparts to versatility. In has a negligible carbon emission. The surging demand among end users for the employment of clean energy coupled with the government’s incentive in the widespread adoption of clean energy is indirectly fueling this market. Moreover, rising environmental concerns of the people and the government to reduce carbon footprint is empowering the growth of the natural gas storage market.
The rising drilling and exploration activities would lead to the discovery of chunks of natural gas. The further steps of processing, storing and transporting is necessary.
Market Restraints
The fluctuating and seasonal demand of natural gas storage coupled with the lack of equilibrium of demand and supply forces is blocking the growth of this market.
The requirement for heavy capital investment during the initial stages and transmission capacity bottleneck is hindering the growth of this market.
The maintenance and operational cost associated with the working of the natural gas storage is high and is hampering the growth of the natural gas storage market.
Opportunities
The government incentives are carving a niche to act as a support system for enhancing the prospects of the natural gas storage in the near future. The government’s support for reducing carbon emission is indirectly setting up steps in the upward direction.
Technological advancement in the obtainability of natural gas and research and development in new storage techniques is a good set of circumstances for this market.
Depleting reserves of fossil fuels and the constantly spurring demand for energy is likely to sustain and nurture the natural gas storage market.
Trends
North America is projected to showcase rapid market growth in the forecast period owing the growing transition from traditional energy sources to clean energy source and the rising awareness among consumers with regard to the above stated fact. Asia Pacific is estimated to project notable market growth because of the rising exploration and drilling works, urbanization, industrialization, drive for clean energy sources, constantly growing economies and spurring demand for power for end users. Europe is expected to emerge as the fastest growing market because of the increasingly growing demand for energy for industrialization and infrastructural development.
Segment Covered:
This market intelligence report on the global Natural Gas Storage Market encompasses market segments based on product type, underground storage type, end use and country.
By Product Type the global Natural Gas Storage Market has been divided into:
q Aboveground Storage
q Underground Storage
By Underground Storage Type the global Natural Gas Storage Market has been divided into:
q Salt Caverns
q Aquifer Reservoir
q Depleted Gas Reservoir
By country/region, the global Natural Gas Storage Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q NAFTA A.S.
q Berkshire Hathaway Energy
q Gas Authority India Limited
q Enbridge Inc
q Uniper
q Gazprom
q Martin Midstream Partners L.P.
q TransCanada Corp
q Chart Industries
q Royal Vopak N.V.
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Natural Gas Storage Market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
NAFTA
On March 2018, NAFTA entered into an agreement with DEA Deutsche Erdoel to acquire DEA’s three underground storage of natural gas. The facilities are Wolfersberg, Inzenham-West and Eggstatt facilities. The sale was completed by January 2019.
Berkshire Hathaway Energy
By November 2020, Berkshire Hathaway Energy has completed the acquisition of gas transmission and storage assets of Dominion Energy. The asset includes gas storage of 775 Bcf and was acquired at a price of $2,7 billion in cash.
Gas Authority India Limited (GAIL)
By November 2020, GAIL completed the construction of natural gas pipeline of Kochi-Mangalore that was 444 km long.
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Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Natural Gas Storage Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Natural Gas Storage Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Natural Gas Storage caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Natural Gas Storage Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Natural Gas Storage Market
v Identification of key factors driving investment opportunities in the Natural Gas Storage Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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