Natural Gas Storage Market Size

Natural Gas Storage Market size was over USD 8.34 Billion in 2023 and is expected to reach USD 14.42 Billion by the end of 2036, growing at around 4.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of natural gas storage is assessed at USD 8.66 Billion. The growth of the market can be attributed to the increasing demand for natural gas in multiple sectors rapidly such as homes, businesses, cooking and heating, and others. In modern times there is a higher demand for natural gas since there are enhanced machines available that are either powered by electricity or gas. For instance, in 2021, the global production of natural gas was anticipated to be around 35,000,000 MMcf.

In addition to these, global natural gas storage market trends such as higher demand for natural gas in the industrials sector are anticipated to influence the market growth positively over the forecast period. the industrial uses of natural gas are observed to be in producing chemicals, hydrogen, and fertilizers. It also used the manufacturing of steel, bricks, cement, glass, ceramic, and others. For instance, as of 2022, the total production of cement across the globe was evaluated to be around 4 billion tons.