Natural Gas Storage Market Share

APAC Market Statistics

The Asia Pacific natural gas storage market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be 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 over the forecast period. 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

The North American natural gas storage market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be 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

The European natural gas storage market, amongst the market in all the other regions, is projected to hold a remarkable share during the forecast period. The growth of the market in the region can be 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 over the forecast period.