LONDON--(BUSINESS WIRE)--The global underground gas storage market is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in unconventional gas production. In 2017, as per the IEA, a 4% increase in upstream investments was observed, when compared to 2016, and these investments are expected to increase to 5% by the end of 2018, primarily driven by the shale sector in the US, which is expected to grow by around 20%. In countries such as the US, Canada, China, and Argentina, the growth in unconventional oil and gas exploration and production activities as an alternative to conventional production has led to the identification of major unconventional oil and gas reserves in and according to the EIA the working capacity of underground gas storage of the lower 48 states in the US as of November 2017, was found to be 4.725 bcm.
This market research report on the global underground gas storage market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the global initiatives to reduce GHG emissions as one of the key emerging trends in the global underground gas storage market:
Global underground gas storage market: Global initiatives to reduce GHG emissions
The increasing use of clean energy source in energy production faces competition from fossil fuels. The adoption of renewable energy is supported by global clean energy initiatives as well as government subsidies and incentives that motivate people and companies to adopt this form of energy. Globally, the major reason for harnessing renewable energy gaining importance is owing to the greenhouse gas (GHG) emissions caused because of the combustion of conventional fuels.
“One of the major sources of air pollution across the globe is the transportation sector. As per the IEA, in 2017, the transportation sector was responsible for 24% of direct carbon emissions. The combustion of fossil fuels leads to carbon dioxide emissions, which are a major contributor to GHG emissions, leading to climate change and the decline in air quality. GHG emissions from the transportation sector are increasing, and this increase will lead to a negative impact on the environment, Hence, there are increasing initiatives to reduce GHG emissions globally,” says a senior analyst at Technavio for research on oil and gas.
Global underground gas storage market: Segmentation analysis
This market research report segments the global underground gas storage market by type (depleted fields, aquifers, and salt caverns) and geographical regions (APAC, EMEA, and the Americas).
The depleted fields segment held the largest market share in 2018, accounting for nearly 79% of the market. This type segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2018 with a market share of over 58%. This region is expected to dominate the market through 2023, with over 2% increase in its market share.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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