Natural Gas Storage Market Projected to Reach 548,798.39 mcm in 2023 at a CAGR of 3.70%: Transparency Market Research
Natural Gas Storage Market, By Type {Above-ground Storage and Underground Storage (Depleted Reservoirs, Salt Caverns, and Aquifers)} - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023
Albany, NY, Dec. 14, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled Natural Gas Storage Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023. The report defines and segments the natural gas storage market, providing analysis and forecasts of the global storage volume. According to the report, the global natural gas storage market stood at 392,831.22 mcm in 2014 and is likely to reach 548,798.39 mcm by 2023, expanding at a CAGR of 3.7% between 2015 and 2023.
The global natural gas storage market has been segmented on the basis of type into above-ground storage and underground storage. Underground storage type is further sub-segmented into depleted reservoirs, salt caverns, and aquifers. Natural gas storage facilities provide energy security and insurance against unforeseen accidents, natural disasters, and other events that may affect the production or delivery of natural gas. Overall, increasing natural gas demand, growing energy security concerns, and favorable government regulations and incentives have boosted the global natural gas storage market. Additionally, increasing natural gas production and rising awareness about benefits of natural gas storage have augmented the demand for natural gas storage facilities. However, higher installation and capital costs are anticipated to hamper the global natural gas storage market in the near future. Underground natural gas storage was the largest storage type segment of the global natural gas storage market, accounting for more than 95% of the market share in 2014.
In terms of geography, the global market for natural gas storage has been segmented into North America, Europe, Asia-Pacific, and Rest of World (RoW). Europe accounted for more than 50% of the global natural gas storage market share in 2014. North America accounted for around 40% of the market share in 2014. However, the natural gas storage market in Asia Pacific is anticipated to grow at the fastest rate during the forecast period.
Some of the leading companies in the global natural gas storage market include Spectra Energy Corporation, Gazprom, Niska Gas Storage Partners LLC, Chiyoda Corporation, Centrica Storage Ltd., NAFTA A.S., TransCanada Corporation, Enbridge Gas Distribution Inc., Cardinal Gas Storage Partners LLC, and Engie S.A. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decisionmakers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Mr. Sudip.S
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
Source: GlobeNewswire
(December 14, 2015 - 6:36 AM EST)
