Global Natural Gas Storage Market 2019-2023
About this market
The rising initiatives for reducing climate change across the globe will directly influence the natural gas storage market. Several countries are increasingly shifting their focus from using conventional fuel to clean sources for reducing the emission of hazardous gases. Governments are also deciding on decarbonizing various sectors for reducing the greenhouse gas emission effect. This will eventually increase the demand for natural gas, in turn, boosting the natural gas storage market growth during the forecast period. Technavio’s analysts have predicted that the natural gas storage market will register a CAGR of close to 3% by 2023.
Undisrupted gas supply
Several countries have built natural gas storage facilities to ensure undisrupted gas supply. Underground natural gas storage facilities are used to meet the peak and seasonal demands. The natural gas demand is based on the weather cycle. The demand is the highest during winter season, because the heating needs as well as for the power generation.
Technical challenges associated with storage systems
One of the challenges in the growth of the global natural gas storage market is the technical challenges associated with storage systems. The high cost involved in transporting the gas from a distant storage point to the consumption center will negatively impact on the adoption of underground gas storage facilities.
For the detailed list of factors that will drive and challenge the growth of the natural gas storage market during 2019-2023, view our report.
The market appears to be moderately fragmented with the presence of several market players. Many countries such as the US and Canada have been working to increase the gas fueling stations to reduce the dependency on petrol and diesel. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Natural Gas Storage Market 2019-2023
Technavio recognizes the following companies as the key players in the global natural gas storage market: Costain Group PLC, ENBRIDGE INC., ENGIE, Royal Vopak, and Uniper SE.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rising demand for natural gas in the transportation sector.”
According to the report, one of the major drivers for this market is the undisrupted gas supply.
Further, the report states that one of the major factors hindering the growth of this market is the technical challenges associated with storage systems.
Costain Group PLCENBRIDGE INC.ENGIERoyal VopakUniper SE
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