New York, US, Oct. 18, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR),”Underground Natural Gas Storage Market Research Report Information by Type, and Regions-Forecast 2030”, the global market is predicted to attain a size of approximately USD 597.603 Bcm to thrive substantially during the assessment period from 2022 to 2030 at a robust CAGR of around 3.59%.
Underground Natural Gas Storage Market Overview:
Natural gas storage facilities are mainly utilized to fulfill seasonal demand. The gas is stored during times of low demand and withdrawn from storage in peak/high demand times. Natural gas is stored underground in massive storage reservoirs. The three kinds of underground natural gas storage plants are dwindling gas reservoirs, salt caverns, and aquifer reservoirs. Storage facilities are crucial for the constant supply needed to serve the growing energy demand across the globe. The global underground natural gas storage market has shown massive growth in the last few years. The main parameter supporting the market’s growth is fast industrialization across most of the world.
Underground Natural Gas Storage Market Competitive Analysis
The catalog of key participants across the global market for underground natural gas storage includes players such as:
- McDermott (US)
- Chart Industries (Georgia)
- NAFTA a. s. (Slovakia)
- Uniper SE (Germany)
- TC Energy Corporation (Aberta)
- ENBRIDGE Inc (Canada)
- Royal Vopak (Netherlands)
Furthermore, the growing urbanization in developing nations across the Asia-Pacific region is predicted to boost the market’s growth over the coming years. Moreover, immediate regulations for low-carbon content fuels compared with other fossil fuels are predicted to catalyze the market’s growth over the assessment timeframe. Additionally, the technological advancements and the growing awareness related to natural gas being a clean fuel are also predicted to boost the market’s growth over the review period.
