Natural Gas Storage Market Is Expected to Reach USD 13.21 Billion By 2029 At A CAGR Of 4.28 percent

Pune, Nov 21, 2022: Maximize Market Research's Natural Gas Storage Market report contains extensive data for the forecast period of 2021 to 2027. The Natural Gas Storage Market is expected to grow at a CAGR of 4.28 percent and reach USD 13.21 billion by 2029, based on a careful analysis of the socioeconomic repercussions of the COVID-19 outbreak and related global economic downturn.

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Natural Gas Storage Market Overview:

Storage of natural gas is essential for managing supply reliability to satisfy customer demand. Natural gas is becoming more widely used in transportation, space heating, and power generation. Natural gas demand is rising globally as a result of its favourable effects on air quality and low carbon dioxide emissions.

Natural Gas Storage Market Dynamics:

In 2029, the natural gas market is predicted to continue expanding rapidly and set new records for consumption and international trade. A considerable volume of natural gas has been stored as a result of the plentiful supply, which has helped to keep gas prices low. Market liberalisation, the development of trading hubs, and the rise of financial derivatives are all facilitating the global trade in natural gas. Natural gas has kept up its trend of becoming more cost-competitive, improving the security of the world's energy supply, and lowering emissions and air pollution in 2021. Natural gas is currently used and consumed as the primary source of energy worldwide. Natural gas is likely to maintain its excellent competitive position among other resources because to its enormous natural gas deposits and vigorous production.

Natural Gas Storage Market Regional Insights:

The market key players are engaging in merger & acquisition, technological innovations, and expansion of their plant capacity to increase their dominance in the global natural gas storage tanks market. Furthermore, many key players have invested in the expansion of their production capabilities to enhance their portfolios and regional presence. Many markets are pushing for third-party access to LNG import and gas transmission infrastructure. India has recently launched a gas trading exchange, which are expected to increase the consumption of natural gas across the country. The U.S. Energy Information Administration reports that more than 120 organisations run more than 410 active underground storage facilities. The world's top producer of natural gas is the United States.

Natural Gas Storage Market Segmentation:

By Storage Type:

• Underground
• Floating
• Others

By Application:

• Residential
• Commercial
• Others

Natural Gas Storage Market Key Competitors:

• Worley Parsons
• Technip
• Samsung Heavy Industries
• Foster Wheeler
• GDF Suez
• Centrica
• Chiyoda Corporation
• E-On
• Spectra Energy
• Gazprom
• NAFTA A. S.
• Enbridge Gas Distribution Inc.
• Engie S. A.
• Spectra Energy Corporation
• Niska Gas Storage Partners, LLC.
• TransCanada Corporation
• Cardinal Gas Storage Partners LLC.

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