Natural Gas Storage - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Natural Gas Storage Market is accounted for $62.49 million in 2017 and is expected to reach $96.94 million by 2026 growing at a CAGR of 5.0% during the forecast period. The factors driving the market growth are rising natural gas demand coupled with energy security and favorable government regulations. However, the factor for which natural gas is highly combustible is restraining the market.
Natural gas, like many other goods, can be stored for an imprecise period of time in natural gas storage facilities for later consumption. Gas storage is principally used to meet load variations. Gas is injected into storage during periods of low demand and withdrawn from storage during periods of peak demand.
By application, the underground storage segment is driven due to low operational and low infrastructure cost. Based on the geography, Middle East & Africa is expected to grow in emerging countries due to rising demand for natural gas and the growing focus on clean energy in the region.
Some of the key players in the Natural Gas Storage market are The Williams Companies, Technip, ONEOK Inc, NAFTA A.S, Michigan Gas Storage Company, Kinder Morgan Inc, GDF Suez Energy, E.ON SE, DTE Energy, Blue Lake Gas Storage Company and ANR Storage Company.
• Floating LNG
• Gas Storage
• Liquid Storage
• Rock Caverns
• Above-ground storage
• Underground storage
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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