LONDON--(BUSINESS WIRE)--The global natural gas storage market is expected to post a CAGR close to 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The demand for natural gas is very high across various end-user industries because it is used for space heating, power generation, and transportation. Also, growing concerns about carbon dioxide emissions and poor air quality are encouraging governments across the globe to promote the use of natural gas. This will boost the demand for natural gas storage systems as they act as buffers to ensure undisrupted gas supply during higher and seasonal demand periods. Thus, the demand for natural gas will boost the growth of the natural gas storage market during the forecast period.
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As per Technavio, the advances in natural gas storage, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Natural Gas Storage Market: Advances in Natural Gas Storage
The advances in natural gas storage systems are anticipated to boost the growth of the natural gas storage market. Market players are incorporating technological advancements such as LUMEN and solidified natural gas (SNG) technology in natural gas storage systems. SNG is gaining prominence over conventional methods as it is considered to be a promising technology for large-scale storage of natural gas in hydrates. LUMEN technology is becoming popular as it helps in meeting the safety and regulatory requirements. Thus, with the adoption of new designs and advances in storage systems, the market for natural gas storage is expected to showcase a positive outlook during the forecast period.
“Apart from the advances in natural gas storage, the rising demand for natural gas from the transportation sector and growing initiatives to reduce climate change are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Natural Gas Storage Market: Segmentation Analysis
This market research report segments the global natural gas storage market by type (underground storage and above-ground storage) and geography (the Americas, APAC, and EMEA).
EMEA led the market in 2018, followed by the Americas and APAC, respectively. During the forecast period, EMEA is expected to maintain its dominance over the global market. This is due to the focus on clean energy and demand for gas to ensure security in energy supply.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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