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Jan 13, 2021 (The Expresswire) —
The global natural gas storage market is likely to witness considerable growth in the coming years due to recent product innovations in storage systems. According to a report by Fortune Business Insights, titled “Natural Gas Storage“Market Size, Share and Global Trend by Type (Above Ground Storage and Underground Storage), and Geography Forecast till 2026,” the market will benefit from the escalating demand for natural gas as alternatives to other combustion fuels.
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Top Players Overview:
- Engie SA
- Enbridge Inc
- Sempra Energy
- DTE Energy
- Chiyoda Corporation
- Spectra Energy
- Amec Foster Wheeler
- NAFTA A.S
Key Market Driver Soaring demand for natural gas
Key Market Restraint Expensive and rigid infrastructure needed to store natural gas
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Overall Spending on Mergers and Acquisitions Has Increased, it Subsequently Aids Market Growth
Due to the increasing demand for natural gas, companies are focusing on implementing efficient delivery systems as well as initiating enhanced natural gas storage systems. The challenges faced during natural gas storage have given rise to several technological innovations. Modern technological concepts have certainly favored the growth of the overall natural gas storage market. In a bid to establish a strong market brand, companies are adopting some standout business strategies in a market that consists of several big name players. Among the numerous strategies that these natural gas storage companies are adopting, mergers and acquisitions have stood out and it is seen that most companies are benefiting are able to generate substantial natural gas market revenue. In 2018, Trafigura signed an agreement with Singapore LNG (SLNG) for the deployment of storage and reload services. Fortune Business Insights has predicted that such company collaborations are bound to have a direct impact on the growth of the global natural gas market.
Key Segmental Overview:
1. By Type
Above Ground Storage
- Fixed LNG Terminal
- Floating LNG Terminal
- Salt Cavern
- Depleted Reservoirs
2. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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Enormous Spending on Natural Gas Exports to Favor Market in North America
The increasing trade activities conducted by several companies in North America involving natural gas exports have favored the growth of the natural gas storage market in this region. The US natural gas exports are inclined towards the countries of Canada and Mexico. Fortune Business Insights labels increasing trade activities as one of the major growth catalysts for the natural gas storage market in North America. Furthermore, the use of natural gas in temperature control in residential and commercial spaces will create the need for efficient natural gas storage units, which in turn will favor the growth of the market in North America. Having said that, the natural gas storage market in the Asia Pacific will witness a high growth rate in the coming years due to the fast-paced industrialization and extensive urbanization.
Key Industry Developments
- In April 2020, Sempra Energy announced that it has completed the divestiture of its US renewable business and non-utility natural gas storage assets generating around D2.5 billion in cash.
- In October 2018, The executive members of Gazprom and VNG meet at 8th Petersburg International Gas Forum to discuss gas imports and storage-related issues. The main attention was paid to joint efforts in the field of underground gas storage including a joint project for the Katharina UGC facility in Germany.
- In January 2018, Trafigura has signed a second deal with Singapore LNG Corp., for storage and reload services of liquefied natural gas (LNG). Under the new deal, Trafigura will have access to 160000m³ of LNG storage capacity for the next 24months.
The adoption of natural gas liquids has risen drastically in recent years due to awareness regarding global warming. As air pollution plays a significant role in global warming, there is a need to create sustainable alternatives with the same operational efficacies. Due to the outcry for sustainable alternatives, natural gas liquids have witnessed a huge demand across the world. The huge demand for natural gas liquids has subsequently initiated greater challenges, among which natural gas storage has emerged as one of the more difficult problems. As a result of this, companies are highly engaged in the research and development of enhanced natural gas storage systems. The growing adoption of natural gas, combined with its exceptional properties such as reduced gas emissions has led to several product innovations. Fortune Business Insights highlights some of the latest industry developments and gauges the impact of these developments on the global natural gas liquids market.
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Major Table of Content For Natural Gas Storage Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Natural Gas Storage Analysis, Insights and Forecast, 2026
- North America Natural Gas Storage Analysis, Insights and Forecast, 2026
- Europe Natural Gas Storage Market Analysis, Insights and Forecast, 2026
- Asia Pacific Natural Gas Storage Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Natural Gas Storage Market Analysis, Insights and Forecast, 2026
- Latin America Natural Gas Storage Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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To view the original version on The Express Wire visit Natural Gas Storage Market Strength, Major Type, Key Application And Leading Companies Forecast Till 2026 | Fortune Business Insights
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