Underground Gas Storage Market to increase by USD 9.80 billion between 2022 to 2027 | North America is estimated to contribute 39% to the growth of the global market- Technavio
NEW YORK, Oct. 16, 2023 /PRNewswire/ -- The underground gas storage market size is expected to grow by USD 9.80 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 5.36% during the forecast period. Growing energy demand is notably driving the underground gas storage market. However, factors such as challenges associated with the construction of underground storage facilities for gas may impede market growth. The market is segmented by Type (Depleted fields, Salt caverns, and Aquifer Reservoir ), Product (Natural gas, Hydrogen, and Others ), and Geography (Europe, North America, APAC, Middle East and Africa, and South America). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format
Key Segment Analysis
By type, the depleted fields segment is significant during the forecast period. These reserves are the most widely used underground gas reservoirs. The capability of containing gas in a depleted field is determined by geographic and geological factors. Furthermore, the nature of the wells creates favorable conditions for gas storage and depletion leading to low exploration and well drilling costs. However, the reuse of installed equipment reduces operating costs and reduces the need for periodic inspections. To know additional highlights and key points on various market segments and their impact in coming years, View Free PDF Sample Report.
Geographical Market Analysis
By geography, North America is estimated to contribute 39% to the growth of the global market during the forecast period. The dedication to energy security and supply flexibility factors in driving the regional underground gas storage market. Countries like Germany, the Netherlands, and Italy extensively use underground gas storage facilities. This enables these countries to store surplus gas during periods of low demand and withdraw during periods of peak usage. This results in a consistent reliable energy supply.
Company Insights
The underground gas storage market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
Cardinal Gas Storage, Centrica Plc, China National Petroleum Corp., Chiyoda Corp., Costain Group Plc, EARTHWORKS, Enbridge Inc., ENGIE SA, HOT Engineering GmbH, Japan Petroleum Exploration Co. Ltd., KAPPA Engineering, Koninklijke Vopak NV, Mitsubishi Heavy Industries Ltd., NAFTA as, RPS Group Plc, Samsung Heavy Industries Co. Ltd., SGS SA, SNC Lavalin Group Inc., TC Energy, Uniper SE
- View Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
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The gas engine market is estimated to grow at a CAGR of 6.32% between 2022 and 2027. The size of the market is forecast to increase by USD 2,168.62 million.
Underground Gas Storage Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.36% |
Market growth 2023-2027 |
USD 9.80 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
4.55 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, Russia, Germany, and Ukraine |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Cardinal Gas Storage, Centrica Plc, China National Petroleum Corp., Chiyoda Corp., Costain Group Plc, EARTHWORKS, Enbridge Inc., ENGIE SA, HOT Engineering GmbH, Japan Petroleum Exploration Co. Ltd., KAPPA Engineering, Koninklijke Vopak NV, Mitsubishi Heavy Industries Ltd., NAFTA as, RPS Group Plc, Samsung Heavy Industries Co. Ltd., SGS SA, SNC Lavalin Group Inc., TC Energy, and Uniper SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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