Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global Natural Gas Storage Technologies Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ XX Bn by 2028, Likely to Grow with the CAGR of 3.2% During the Forecast Period.
Currently, natural gas storage technologies are playing an important role in order to have a reliable supply of natural gas as per the demand of consumers. Natural gasses are generally stored in storage facilities underground with greater pressure. Natural gas storages are essential in compensating the seasonal volatility of consumption. Thus, natural gases are stored by compressing during summer and are restrained in winter at the time of the increase in demand. The majority of the demand for natural gas storage technologies is exhibited by depleted reservoirs.
A key driver for its demand is rising the demand of natural gas in the chemical sector, industrial sector, and transportation sector is mostly by the Asia-Pacific countries, this is anticipated to have greater significance of natural gas storage market during the forecast period. However, the benefits of using natural gas as a clean-burning, flexible and efficient fuel in different requirements coupled with global efforts in reducing low-carbon emission are rising the demand of natural gas during forecast period. Moreover, seasonal and volatile properties of natural gas storage demand are attributed to supply and demand fluctuations is anticipated to limit the growth of the natural gas storage market.
Increased market penetrations and supplies of natural gas are causing the advancement of the latest natural gas facilities is essential by various organizations. Rise in reliance on natural gas enhances the need of natural gas storage. Global consumption of natural gas shall rise the significance in the market growth rate that is substantially dependent on the increase in power generation and customer shift towards the cleaner and greener energy. These factors are market drivers of the greater number of natural gas storage technologies. However, natural gas is a significant component in the industrial manufacturing and household applications. The consumption of natural gas is high during winter season thus demand arises from industries and residential heating purposes. An increase in the population globally is accelerating the application of natural gas that is positively impacting the market growth of natural gas storage technologies in order to store natural gasses. Customers are currently shifting towards the natural gasses automobiles that are stimulating the growth of these offerings. Subsequently, macroeconomic forces and regulations are supporting in the usage of substitutes of fossil fuels supporting the demand of natural gas storage technologies market.
The underground storage Segment is Expected to Witness Highest Growth in the Global Natural Gas Storage Technologies Market across the Globe
The underground storage facilities accounted for a higher share in gas storage facilities. It is again categorized depending on the mode of natural gas underground storage facilities for depleted reservoirs, salt formations, and aquifers. The need for underground storage facilities is increasing natural gas consumption by approximately 5.2% in 2019. The natural gas storage technologies play a vital role in maintaining balance in supply and demand. The underground storage facilities accounted to grow especially In the United States and Europe due to decreasing oil & gas fields, Various oil & gas storage facilities are present in Texas that are depleted oil and gas stores, whereas in Europe, and the United Kingdom’s offshore 130 bcm Rough field and the 43 bcm Severo-Stavropolskoye UGS facility in southern Russia standing out.
The Market in Europe Expected to Hold a Significant Share in Natural Gas Storage Technologies Market over the Forecast Period
Europe is projected to hold significant market growth for the Natural gas storage technologies market in terms of revenue and is anticipated to grow at healthy CAGR rate during the forecast period. The European countries are majorly dependent on natural gas is growing, and having a significant demand of natural gas storage infrastructure is rising for securing the natural gas reserves, irrespective of the season. Ukraine is known for its largest natural gas storage infrastructure. Germany, France, and Italy are also projected to store approximately one-third of its annual natural gas demand, therefore it is driving the market.
Global natural gas storage technologies market is fragmented among the number of local and global players. There is an increase in the competition of firms that are offering Natural Gas Storage Technologies to the end-users.
Key players operating in the global Natural gas storage technologies are listed as follows: Samsung Heavy Industries, and Spectra Energy. Technip, GDF SUEZ, Worley Parsons, E-on Group, Chiyoda Corporation, Foster Wheeler and Niska Gas Storage Samsung Heavy Industries, Centrica.
Global Natural Gas Storage Technologies Market Key Segments:
Global Natural Gas Storage Technologies Market, By Type
- Underground Storage
- Above-Ground Storage
Global Natural Gas Storage Technologies Market, by Storage:
- Salt cavern
- Aquifer storage
- Liquefied natural gas
- Depleted fields
- Compressed natural gas
Global Natural Gas Storage Technologies Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America