PUBLISHER: Grand View Research | PRODUCT CODE: 1633723
PUBLISHER: Grand View Research | PRODUCT CODE: 1633723
The global natural gas storage market size is anticipated to reach 742.3 bcm by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 4.8% from 2025 to 2030. Increasing natural gas usage over coal in industries owing to low cost and environmental benefits coupled with favorable government regulation is expected to drive the market growth during the forecast period.
Natural gas consumption is highest during the wintertime and lowest during mild-weather months in North America and Europe, in particular, thus there are significant variations in seasonal demand, which also drives the market. Storage facilities are vital for continuous supply required to cater to rising energy demand.
Demand for underground storage of natural gas is anticipated to register the fastest CAGR over the forecast period owing to energy security concerns with rising production. Storage providers are focusing on storing the gas with long-term contract. Numerous market players are engaged in the ownership of storage facilities, including pipeline operators, utilities, and storage owners, which offers investors the potential for profit.
Critical transmission capacity coupled with high installation price restraints are estimated to hinder the growth for the industry over the next seven years. However, ample supply of gas coupled with enhanced recovery technologies is projected to deliver several profitable opportunities to storage providers.