Natural Gas Storage Market to Reach $629.0 Billion, Globally, by 2031 at 7.4% CAGR: Allied Market Research

Allied Market Research published a report, titled, Natural Gas Storage Market by Type (Above Ground Natural Gas Storage, Underground Natural Gas Storage, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global natural gas storage industry generated $300.8 billion in 2021, and is estimated to reach $629.0 billion by 2031, witnessing a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Download Report Sample:

Drivers, Restraints, and Opportunities

Growing applications of natural gas in households and various industries due to its innumerable benefits, rise in investment in increasing the natural gas storage capacity by countries worldwide, and the involvement of private players in the natural gas storage value chain owing to attractive leverages offered by the government in the sector drive the growth of the global natural gas storage market. However, fluctuations in prices, demand-supply gaps due to ongoing crises, and changing political dynamics hamper the global market growth. On the other hand, businesses and manufacturers with sustainability goals are driving the renewable energy development by building their own facilities, obtaining renewable electricity through power purchase agreements, and purchasing renewable energy certificates (RECs). This factor presents new growth opportunities for the global market in the coming years.

Covid-19 Scenario

  • The consumption of natural gas exhibited recovery in 2021, with an estimated 4.5% y-o-y increase.
  • This is attributed to the rebound in economic activity post lockdowns of 2020, when consumption of natural gas rose in the industrial and power generation sectors, and a succession of extreme weather events that led to an increase in demand for heating and power generation.
  • The growth of the market slowed down in the second half of 2021, owing to a challenging price environment and softening of the economic recovery.

The underground natural gas storage segment to maintain its lion’s share during the forecast period

Based on type, the underground natural gas storage segment was the largest market in 2021, contributing to more than four-fifths of the global natural gas storage market share, and is expected to maintain its leadership status during the forecast period. Moreover, the same segment is projected to witness the fastest CAGR of 7.5% from 2022 to 2031. This growth is owed to the ease in extraction and reinjection of natural gas during the seasonal changes in supply and demand.

Interested to Procure the Data? Inquire Here @

North America to maintain its dominance in terms of revenue during the forecast period

Based on region, North America was the largest market in 2021, capturing nearly one-third of the global natural gas storage market, and is expected to maintain its leadership during the forecast period. This is attributed to the presence of large proven natural gas resources in the region. However, the market in Asia-Pacific is expected to manifest the fastest CAGR of 7.7% during the forecast period¸ owing to increased activities for natural gas storage in the developing economies such as China, India, South Korea, and others in the region.

Buy This Report (158 Pages PDF with Insights, Charts, Tables, and Figures) @

Leading Market Players

  • PJSC Gazprom
  • PJSC Rosneft Oil Co.
  • TotalEnergies SE
  • Chevron Corporation
  • Shell plc
  • ExxonMobil Corporation
  • BP p.l.c.
  • Saudi Aramco
  • The China National Petroleum Corporation

The report analyzes these key players of the global natural gas storage market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975

Follow Us on Blog:

Follow Us on | Facebook | LinkedIn | YouTube

Leave a Reply

Your email address will not be published. Required fields are marked *