Natural Gas Storage Industry - Regional Synopsis
APAC Market Statistics
In natural gas storage market, Asia Pacific region is anticipated to capture lucrative revenue share by the end of 2037, attributed majorly to favorable climatic conditions to produce natural gas, along with the presence of vast rural settlements in countries, such as, India, China, and Indonesia. Moreover, increasing the commercial viability of natural gas and the rising number of hotels is estimated to boost market growth in the region . Hotels have a higher demand for gas for cooking and providing other services. As of 2022, in Asia Pacific, the total hotel supply was estimated to reach around 250,000.
North American Market Forecast
In natural gas storage market, North American region is estimated to hold significant revenue share by the end of 2037, attributed majorly to the growing adoption of natural gas as an alternative to LPG, as it is cleaner and environmentally friendly. Moreover, the masses in this region are aware, which is estimated to encourage the usage of natural gas. As per the statistics of the U.S. Energy Information Administration (EIA), the production of natural gas surpassed 33,967,557 million cubic feet in 2019, with the consumption of natural gas rising to 31,099,061 million cubic feet. Furthermore, in 2021, the United States became the world’s largest natural gas generator reaching approximately 800 billion cubic meters of consumption.
Europe Market Forecast
In natural gas storage market, European region is estimated to capture significant revenue share by the end of 2037, attributed to the higher utilization of natural gas to generate heat in houses owing to the cold environment. Additionally, both the commercial and residential sectors of the region are noticed to have a higher demand for natural gas. Hence, all these factors are anticipated to flourish the market growth.
