- Rising demand for natural gas is estimated to drive the natural gas storage market. Also, energy safety concerns will propel the market in the coming seven years. Escalating applications in the end-use sectors of industrial, electricity production, and transportation would fuel demand in the future. Supportive governmental regulations because of low carbon levels compared to coal are also predicted steer market revenues.
Natural gas’s easy availability and its market deregulation also boost the demand for storage amenities in commercial and operational sectors. Augmented demand for natural gas is anticipated to drive oil & gas exploration operations. This would contribute demand for storage amenities, thereby propelling the natural gas storage market.
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Natural gas storage is utilized for maintaining product liquidity at business centers. Its widespread distribution infrastructure, and low costs and emissions are furthering the market in transportation sector. The worldwide market is split into amenities, vehicles, and regions. Underground storage and above ground storage are the amenities. Underground storage is sub-divided into aquifers, depleted reservoirs, and salt caverns formation.
Bi-fuel, dedicated, and dual-fuel are the market vehicles. The expanding industrial sector in UAE, China, Russia, Brazil, and India is projected to have a positive impact on the natural gas storage market. Due to increasing production and exploration activities, North America would lead the market over the forecast period. Rising consciousness about natural gas as a clean fuel will steer this region.
Asia Pacific will undergo considerable growth in years ahead. This is mainly due to domestic demand from India and China. Increasing per capita incomes in Thailand and Vietnam would also drive Asia Pacific. Due to favorable regulatory framework, the European natural gas storage market will exhibit significant growth. Russia will surface as a dominating nation in the region. The rest of the world is estimated to experience decent expansion owing to energy requirements.
Depleting coal reserves, coupled with low cost natural gas availability, are anticipated to boost natural gas usage in steel and petrochemicals. This will also positively affect the global market. Some of the players in the natural gas storage market comprise Spectra Energy, GDF SUEZ, Foster Wheeler, and Worley Parsons.
Information Source: Grand View Research
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