Underground Natural Gas Storage Market Outlook 2024-2033: Trends and Projections
Underground Natural Gas Storage Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Underground Natural Gas Storage Market Analysis 2024: Size Forecast and Growth Prospects
Underground Natural Gas Storage Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Underground Natural Gas Storage Market Overview 2024: Size, Growth Rate, and Segments
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The underground natural gas storage global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Underground Natural Gas Storage Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The underground natural gas storage market size has grown strongly in recent years. It will grow from $306.46 billion in 2023 to $322.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to expansion of natural gas infrastructure, rapid urbanization, and population growth, growth of liquefied natural gas trade, and increasing investment from both public and private sectors.
The underground natural gas storage market size is expected to see strong growth in the next few years. It will grow to $395.43 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to increasing energy consumption, expansion of renewable energy sources, growth of liquefied natural gas (LNG) exports and imports, emergency preparedness, and resilience. Major trends in the forecast period include improved cavern construction techniques and better monitoring systems, expanding and upgrading storage facilities, integration with renewable energy, increasing emphasis on improving the safety and environmental impact, and adoption of digital technologies.
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Scope Of Underground Natural Gas Storage Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Underground Natural Gas Storage Market Overview
Market Drivers –
The increasing production of natural gas is expected to propel the growth of the underground natural gas storage market going forward. Natural gas is mainly made up of methane (CH4), with trace amounts of other hydrocarbons such as ethane, propane, and butane, which are considered cleaner alternatives to other fossil fuels. The demand for natural gas is rising due to several factors, such as the transition to cleaner energy, industrialization, and energy security. Underground storage manages natural gas fluctuations by storing excess gas during low-demand periods and withdrawing it during peaks, ensuring a stable supply and pricing. It also supports grid stability and renewable energy integration by providing backup when renewable generation is low. For instance, in September 2024, the Energy Information Administration (EIA), a US-based government administration, reported that US dry natural gas production in 2023 reached 37.8 trillion cubic feet (Tcf), or 103.6 billion cubic feet per day (Bcf/d), a 4.3% increase from the 2022 level of 99.3 Bcf/d. Therefore, the increasing production of natural gas will drive the underground natural gas storage market.
Market Trends –
Major companies operating in the underground natural gas storage market are focused on developing advanced solutions, such as the hydrogen storage salt caverns initiative, to enhance energy security and reduce carbon emissions. The hydrogen storage salt caverns initiative focuses on utilizing the unique features of salt deposits to securely and efficiently store hydrogen. For instance, in March 2024, the European Consortium, a UK-based association formed by 17 partners and coordinated by Storengy, a UK-based natural gas storage company, launched the FrHyGe project. This project, funded by the European Union’s Clean Hydrogen Partnership, intends to validate subterranean hydrogen storage in salt caverns on an industrial scale. The budget is €43 million ($46.91 million). It aims to build an industrial prototype in Manosque, France, and investigate replicability in Harsefeld, Germany, with potential applications throughout Europe. The objectives of this project include converting natural gas or brine salt caverns into hydrogen storage facilities, demonstrating the ability to inject and withdraw 100 metric tons of hydrogen over cycles ranging from one hour to one week, investigating market penetration and supply chains, and planning for replication at other European sites. Furthermore, it will assess environmental implications, safety criteria, and laws in advance of deployment on the GeoH2 (Manosque) and SaltHy (Harsefeld) projects.
The underground natural gas storage market covered in this report is segmented –
1) By Type: Depleted Gas Reservoir, Salt Caverns, Aquifers, Other Types
2) By Product: Natural Gas, Hydrogen, Other Products
3) By Application: Residential, Commercial, Other Applications
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Regional Insights –
Europe was the largest region in the underground natural gas market in 2023. The regions covered in the underground natural gas storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the underground natural gas storage market are Exxon Mobil Corporation, Equinor ASA, Uniper Energy Storage GmbH, Gazprom, Enbridge Inc., Southern Company, ONEOK Inc., Targa Resources Corp., DTE Energy, Sempra, TC Energy Corporation, The Williams Companies Inc., EnLink Midstream LLC, NiSource Inc., Weatherford International, Atmos Energy, Naftogaz Group, National Fuel Gas Company, Hess Midstream LP, NAFTA a. s., Texas Brine Company LLC
Table of Contents
1. Executive Summary
2. Underground Natural Gas Storage Market Report Structure
3. Underground Natural Gas Storage Market Trends And Strategies
4. Underground Natural Gas Storage Market – Macro Economic Scenario
5. Underground Natural Gas Storage Market Size And Growth
…..
27. Underground Natural Gas Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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