Natural Gas Storage Market Trends

Growth Drivers

• Growing Export and Import of Natural Gas – the surge in the export and import of natural gas has boosted the demand for natural gas storage. The stored gas is highly exported and imported across the globe at a higher scale based on seasonal demand. For instance, the total export volume of natural gas in the USA was estimated to be around 6,000,ooo MMcf, and the import was anticipated to be nearly 2,800,000 in 2021

• Rising Construction of Buildings across the Globe – as the construction of new buildings rises, the demand for gas pipelines is also estimated to hike since many people are living in these buildings who utilize gas for cooking and heating. As of 2022, nearly 200,000 dwellings were noticed to be completed in the United Kingdom alone.

• Increasing Number of Restaurants to Boost Market Growth - there is a higher demand for gas in restaurant facilities that are estimated to flourish the market growth over the forecast period. As of 2021, the total number of restaurants functioning in the United States was observed to be above 1 million.

• Growing Utilization of Natural Gas in Hospital Facilities – Natural gas is highly used in hospital facilities for powering medical equipment, cooking, dry cleaning, and many other purposes. As of 2020, The total number of hospitals was estimated to be in France (2500), Korea (4000), Germany (3000), and others.  

Challenges

• Comparatively Expensive Storage
• The storage of natural gas seems to be easier and it can be more convenient to transport than other types of fossil fuels, yet its storage is anticipated to be quite expensive since its volume is four times as big as petrol. It requires vast areas to be stored and this is the major factor expected to hamper the market growth over the forecast period.
• Slow Adoption Rate of Natural Gas
• Lack of Awareness in Low-income Economies