Natural Gas Storage Market Analysis

Type (Underground, Floating)

The global natural gas storage market is segmented and analyzed for demand and supply by type into the underground, floating, and others. Out of these types, the underground segment is estimated to gain the largest market share in the year 2037. The growth of the segment can be attributed to the fact that a vast quantity of gas can be stored underground for a prolonged time period. It is beneficial to balance the fluctuation in energy generation based on different seasons. In modern society, gas is highly consumed by the global population, hence, higher demand for gas storage is estimated to propel the segment growth over the forecast period since underground gas storage provides all the required facilities. Furthermore, underground gas storage is noticed to eliminate the problem of water production owing to the coning phenomenon. It was estimated that currently, approximately 10 million standard cubic feet of gas can be delivered per day that is stored underground.

Application (Residential, Commercial)

The global natural gas storage market is also segmented and analyzed for demand and supply by application into residential, commercial, and others. Amongst these segments, the commercial segment is expected to garner a significant share in the year 2037. The segment's expansion can be attributed to increased implementation in a variety of applications such as cooking, farming, heating, forklift trucks, and others. The main application of natural gas is considered various industries such as food processing industries, pulp & paper, plastic, clay and glass, petroleum and chemical refining, and others. For instance, in 2021, approximately 35% of the natural gas was consumed by the industrial sector of the United States. Nowadays, natural gas is also highly consumed in house facilities at a higher scale. The commercial sector requires natural gas for cooking, drying clothes, operating cooling equipment, and others. Hence, all these factors are expected to boost segment growth over the forecast period.  

Our in-depth analysis of the global market includes the following segments: