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The recent 2020 Gas Storage Market outlook through 2026 by Og Analysis identifies emerging trends and market drivers across key regions as well as market players. The gas storage market research overview is a comprehensive layout of market application, market segments, and prospects as well as global upcoming market drivers. The gas storage market size and value is set to grow at a CAGR of 3.41% during 2020-2026.
Regional Gas Storage Market trends and drivers during 2020-2026
Presence of huge gas reserves, increasing financial support for gas storage companies, growing energy security concerns, and technological advancements in gas storage are the factors propelling market growth in the US.
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Depleted fields across developing countries hold major market share amidst key end-users. The United States and Italy are emerging as pioneer contributors to the fact of owing huge gas storage capacity.
Further, Russia is expected to be the major contributor to the growth of the underground working gas storage capacity. Haidach underground gas storage offers security of Russian gas exports in the direction of Baumgarten, and supplies to consumers in Slovenia, Croatia, Hungary, Austria, Germany, Slovakia, and Italy.
Whereas, depleting coal reserves is likely to drive the consumption of gas across end-use industries including petrochemicals and steel in Asia Pacific. China, Australia, and Japan are the major revenue contributors to gas storage market opportunities during the forecast period. For instance, China National Petroleum Corp’s (CNPC) unit Liaohe Oilfield started the construction of its gas storage group project in Liaoning province.
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Moreover, Middle East & Africa are set to witness considerable growth rate driven by increasing energy demand, increase in the country-wise gas production capacity, and prioritizing of construction and development of the natural gas storage facilities. Expanding pipeline network and investment by market vendors coupled with the availability of resources are propelling the gas storage market growth.
For example, Iran (NIGC) is investing in the development project of Shourijeh gas storage facility in the northeastern Khorasan Razavi Province. The project is taken up by a prominent market player as a build-operate-transfer (BOT) contract.
10 market drivers enticing the gas storage market size to reach a recordable value during the forecast
The rise in consumption of energy with a growing population and high GDP in developing regions is set to trigger the gas storage market growth. With more demand for electricity, the resources and utilities are investing in storage capabilities to deliver reliable and continuous energy supply.
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The depleting sources of coal and fuels have pushed emerging regions to rely on natural gas to provide electricity to cities and transport sectors. The active presence of governments and private sectors to meet energy demand with high-end storage facilities drive the gas storage market growth.
Furthermore, with global warming crisis and concerns of growing carbon footprint, economies and regions are investing in LNG, hydrogen as well as biogas to meet the green electrification goals. Subsidies, project auctions, niche investments in renewables with more focus on conservation and storage by these regions is set to shape the gas storage market size.
Increase in consumption of energy drives market players to expand storage capability and opens market growth opportunities through 2026
Leading players of gas storage market include ANR Storage Company, Blue Lake Gas Storage Company, DTE Energy, E.ON SE, GDF Suez Energy, Technip, The Williams Companies, Kinder Morgan Inc, Michigan Gas Storage Company, and NAFTA A.S
On the basis of electricity consumption and demand, gas producers are expanding gas storage capacity. For example, oil and gas producer Equinor will transfer a 30 terawatt hour gas storage portfolio to its subsidiary trading company Danske Commodities (DC). The portfolio consists of gas storage contracts in four European markets, November 2019.
Furthermore, key players are seeking approvals to construct new facilities to meet spikes in consumption in cold winter days, accordingly, We Energies and Wisconsin Gas are seeking approval to build two plants to store liquefied natural gas to fulfill energy demands.
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