With the emergence and long-term Impact of COVID-19, Global Natural Gas Storage Market to reach USD xx billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Natural Gas Storage Market points towards a potential rise to USD xx billion by 2030. Natural gas storage is the process of storing natural gas for future use. This is essential because the demand for natural gas can vary throughout the year, with higher demand during the colder months for heating and during peak times for electricity generation. Storing natural gas allows for a reliable and continuous supply to meet fluctuations in demand.
The key factors driving the market growth are growing demand for natural gas, rising investments in the development and expansion of natural gas storage infrastructure, and supportive government policies and regulations that are anticipated to support the market growth during the forecast period 2023-2030.
Geographically, the global Natural Gas Storage market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the increasing natural gas production, ongoing investments in natural gas infrastructure, and supportive regulatory frameworks and policies. Whereas, the Asia Pacific is expected to grow with the highest CAGR over the forecast period, owing to factors such as the increasing energy demand, the growing shift towards natural gas, and cohesive government initiatives and policies.
The global Natural Gas Storage market is highly competitive owing to the presence of several key players such as PJSC Rosneft Oil Company Saudi Arabian Oil Co. Chevron Corporation Gazprom PJSC Exxon Mobil Corporation TotalEnergies SE China National Petroleum Corporation BP p.l.c. Lukoil Shell Plc, and others.
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Key findings of the study suggest:
- Global Natural Gas Storage Market is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030.
- In the Type segment, Underground Natural Gas Storage emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing natural gas production in the region.
- Asia Pacific is expected to grow at higher rate owing to increasing energy demand in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Underground Natural Gas Storage
- Above Ground Natural Gas Storage
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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