Global Natural Gas Storage Technologies Market: Introduction
Natural gas storage technologies play vital role in maintaining the reliable supply needed to cater the demands of consumers. Natural gas is most commonly stored as an inventory underground under high pressure or in liquid or gaseous form in above–ground tanks. Natural gas reservoirs are required to compensate for seasonal fluctuations in consumption. For that reason, natural gas is compressed into the underground reservoirs in the summer and withdrawn again in the winter when the demand increases. Among the type of storage, depleted reservoir dominates the global natural gas storage technologies market in terms of daily deliverability and working gas capacity.
Thus, natural gas storage technologies make an important contribution to the consistent and reliable supply of energy. In order to manage natural gas inventories and to provide energy security, natural gas storage technologies are inevitable. Additionally, natural gas consumption is expected to grow at a significant pace as compared to oil and coal, coupled with the rapid growth of liquefied natural gas accessibility across the globe.
Global Natural Gas Storage Technologies Market: Market Dynamics
Rising market penetrations and increasing supplies of natural gas are making the development of new natural gas facilities a priority for many companies. Increased reliance on natural gas soars need for increased natural gas storage. Global energy outlook predicts that consumption of natural gas will increase with a significant growth rate, mainly driven by increase in electricity generation and shift towards cleaner and green energy. Aforementioned factors underpins market prospects for large number of natural gas storage technologies. Moreover, natural gas is a substantial component for industrial production and household heating. During cold months, natural gas demand for heating in commercial and residential purpose generally increases overall natural gas demand. Consequently, in broader aspect growing population and expanding economy proliferate the demand for natural gas storage technologies. Switching to natural gas vehicles also stimulate the demand for efficient supply of natural gas at distant locations. Subsequently, macroeconomic factors and government policies encouraging a move away from other fossil fuels support the growth of natural gas storage technologies market.
It is also possible that the growth of natural gas mat be susceptible if there is less government support promising a switch from coal into natural gas. Political and economic disputes among the countries lead to cutoffs and hampers the supply of natural gas. Moreover, competition with other fuels may dampen the growth of natural gas storage technologies market.
Global Natural Gas Storage Technologies Market: Market Segmentation
Global natural gas storage technologies market can be segmented on the basis of storage type and regions
On the basis of storage type, global natural gas storage technologies market can be segmented as
Global Natural Gas Storage Technologies Market: Regional Outlook
Among Middle East countries, Qatar dominates the world as an exporter of LNG, which saw a few major developments over the last few years. In the coming years, natural gas storage technologies market is expected to witness substantial growth in the Australian and American market owing to increase in LNG production. Countries adopting natural gas power generation offer the best prospects for natural gas storage technologies market. Declining production rate of the natural gas in the UK creates the need of increased natural gas storage volumes to smooth out sudden demands. Indonesia and China are the countries that are likely to dominate the Asia Pacific natural gas storage technologies market owing to the presence of large reserves of natural gas in the region. In the coming years, growing demand for natural gas in Japan, Canada, Mexico, and Germany is anticipated to bolster the need for natural gas storage technologies market.
Global Natural Gas Storage Technologies Market: Key Participants
Example of some of the market participants in the global natural gas storage technologies market discerned across the value chain include
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