Natural Gas Storage Market – Industry Outlook, Growth, Trends and Forecast 2023
Rise in the demand for natural gas coupled with increased concern for energy security is likely to propel the expansion of the global natural gas storage market over the timeframe of assessment. Augmented use of natural gas in various end-use industries such as industrial operations, electricity generation, and transportation is likely to stimulate demand for natural gas storage over the assessment timeframe.
To cater to the ever-increasing demand for energy worldwide, it is essential to have proper storage facilities in place. Rapid urbanization and industrialization in regions like Latin America and Asia Pacific is opening up new avenues of growth for the global natural gas storage market over the assessment tenure, from 2015 to 2023.
Samsung Heavy Industries, Engie SA, Uniper SE, Costain Group PLC, Royal Vopak N.V., and Enbridge Inc. are some of the well-known names found in the global natural gas storage market.
Transparency Market Research has come up with a detailed report on the global natural gas storage market, which predicts the market to rise at 3.7% CAGR over the review period.
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Low Carbon Emission and Positive Impact on Air Quality Makes it a Popular Choice
Most of the growth of the global natural gas storage market is owing to rise in the demand for the product from various end use industries, thanks it low cost availability and depletion to fossil fuels. Various end use industries such as transportation, space heating, and power generation are estimated to generate huge demand for natural gas over the forecast tenure.
Amidst growing concern for environmental pollution, the positive impact of natural gas on the quality of air and low carbon emission makes it a popular choice amongst many of the end use industries. Furthermore, easy availability and natural gas deregulation have led to its augmented demand for different purposes, both commercial and operational. All these factors are estimated to contribute substantially toward the growth of the global natural gas storage market over the review period.
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