WASHINGTON, Jan. 26, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the global natural gas storage market finds that increasing awareness among consumers is expediting market growth. Primarily driven by increasing demand for natural gas in chemical sector, as well as industrial sector. The total global Natural Gas Storage market is estimated to reach USD 12.11 Billion by 2028, up from USD 9.58 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 4.8%.
Furthermore, the increasing demand from transportation sector, especially in APAC, is also anticipated to augment the growth of the global natural gas storage market, states Vantage Market Research, in a report, titled “Natural Gas Storage Market by Type (Underground Storage, Above-Ground Storage), by Region (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Increasing focus on Alternative fuel to Propel Demand
Compressed Natural Gas (CNG) is already gaining momentum. Car manufacturers in India like Maruti Suzuki, Tata Motors and Hindustan Motors are working on new models to make them run on both Compressed Natural Gas (CNG) and petrol. CNG cars emits 70% less harmful gases compared to petrol/diesel cars while also saving money on fuel cost. CNG or Compressed Natural Gas is natural gas which is compressed to 5 times of normal atmospheric pressure at 20 degrees Celsius, this reduces its volume by 600 times, making it easier to store and transport like petrol/diesel. All these factors are projected to drive growth of natural gas storage market. Compressed Natural Gas (CNG) are also becoming popular because they are reliable. Unlike gasoline and diesel, CNG is not subject to price fluctuations. This means that consumers can rely on CNG to provide a consistent fuel supply. Thus, consequently increasing the demand for CNG and further propelling the natural gas storage market growth over the forecast period.
Favourable Government Regulations to Boost Demand for Natural Gas Storage
In order to further incentivize the use of Compressed Natural Gas (CNG) vehicles and infrastructure, the governments around the globe is increasing the tax incentives currently in place. Additionally, the governments around the globe, especially in India and China are providing more funding for research and development of CNG technology, or offer grants or loans to help finance the construction of CNG fuelling stations. These initiatives would not only help reduce emissions and improve air quality, but would also create jobs and stimulate the economy. By making it more affordable and convenient to switch to CNG, more drivers will be encouraged to make the switch, which will help reduce reliance on oil. This is adding fuel to the growth of natural gas storage market.
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COVID-19 Impact Analysis:
Covid-19 pandemic has affected almost all sectors. Due to the implementation of lockdowns in various countries there has been a significant impact on various sectors that had a major role to play in the natural gas storage market and had led to decline in growth of the market. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Natural Gas Storage Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Asia Pacific Dominates the Global Natural Gas Storage Market
Asia Pacific has dominated the global Natural Gas Storage market in 2021 and is likely to continue the same trend during the forecast period. According to U.S. Energy Information Administration, The South-Central region reported the biggest increase in demonstrated peak capacity in 2020, increasing 10 Bcf (0.7%) over the previous year. Salt facilities accounted for 8 Bcf of this year-over year increase. The Midwest had the next largest increase at 7 Bcf, followed by the Mountain region at 7 Bcf and the East region at 3 Bcf. These are some of the factors driving the market growth in the region.
Asia Pacific is likely to witness fastest growth in the Natural Gas Storage market during the forecast period. The market growth is attributed to Increasing awareness regarding natural gas being a clean fuel. Thus, further anticipated to boost the market growth in the region.
List of Prominent Players in the Natural Gas Storage Market:
- Worley Parsons (Australia)
- Foster Wheeler (U.K.)
- Niska Gas Storage (U.S.)
- Centrica (U.K.)
- Samsung Heavy Industries (Korea)
- Spectra Energy (U.S.)
- E-on (Germany)
- Chiyoda Corporation (Japan)
- GDF SUEZ (France)
- Technip (France)
Browse market data Tables and Figures spread through 183 Pages and in-depth TOC on “Natural Gas Storage Market by Type (Underground Storage, Above-Ground Storage), by Region (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/natural-gas-storage-market-712637
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Natural Gas Storage Market?
- How will the Natural Gas Storage Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Natural Gas Storage Market?
- What is the Natural Gas Storage market drivers and restrictions?
- What will be the CAGR and size of the Natural Gas Storage Market throughout the forecast period?
December, 2021: ATCO Group Expands Natural Gas Storage Capacity in Canada.
October, 2021: ENN Natural Gas (600803.SH) issued a suspension announcement, announcing plans for a major asset restructuring. After nearly a week of trade suspension, ENN officially released a restructuring plan on the evening of the 26th. The company plans to purchase 90% of ENN Zhoushan held by ENN Technology, ENN Group and ENN Holdings via cash, and share issue.
This market titled “Natural Gas Storage Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size in 2021||USD 9.58 Billion|
|Projected Market Size in 2028||USD 12.11 Billion|
|CAGR Growth Rate||CAGR) of 4.8% from 2022 to 2028|
|Historic Years||2016 – 2020|
|Forecast Years||2022 – 2028|
|Segments Covered||Type: – Underground Storage, Above-Ground Storage|
|Quantitative Data – Units||Revenue in USD Million/Billion and CAGR from 2022 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and
Middle East & Africa
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy,
Spain, China, India, Japan, South Korea, Brazil, Argentina,
GCC Countries, and South Africa, among others
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s
five forces analysis, PEST analysis, value chain analysis,
regulatory landscape, market attractiveness analysis by
segments and region, company market share analysis, and
COVID-19 impact analysis.
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