Excess natural gas produced is either exported to other nations or consumed immediately. Storage systems ensure that the commodity is readily available in the natural gas storage market. Producers often store natural gas to control pricing volatility and function as a hedge, ensuring energy security. The prices of natural gas have been trending downward for the past seven years, compelling producers to invest in natural gas storage facilities.
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Massive Demand-supply Mismatch Compels Stakeholders to Invest in Natural Gas Storage
A rapid population increase coupled with an economic boom in emerging economies, fuels the demand for natural gas storage systems. Most natural gas is directed towards electricity generation and this is likely to continue for the foreseeable future. China has begun importing huge volumes of natural gas from large producers such as the U.S and Russia to avoid future shortages. The surge of investment due to the importance of shale gas has led to new natural gas storage facilities across North America, China, and India. Production far outstrips demand, benefiting the global natural gas storage market.
Address Environmental Protests to Prevent Bottlenecks in the Natural Gas Storage Market
A major challenge to overcome in the natural gas storage market is the high cost associated with these facilities. Furthermore, the potential leakages from natural gas storage facilities can pollute entire ecosystems. This makes governments and regulatory authorities keep a close watch on the oil & gas (O&G) industry. Lastly, several environmental protection agencies vociferously protest against natural gas storage facilities because of their pollutant nature.
Better Safety Record of Underground Storage Explains Popularity in Natural Gas Storage Market
In 2020, underground storage accounted for the bulk of the natural gas storage market. Underground natural gas storage facilities are considerably safer than their overhead counterparts. Several underground storage facilities are currently under construction to balance demand and supply, optimise transmission networks, and guarantee an uninterrupted supply in the natural gas storage market.
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Developed Regions Hold the Key to Prosperity in the Natural Gas Storage Market
Europe and North America hold immense sway in the global natural gas storage market as their vast shale gas reservoirs have attracted the attention of investors. Europe is already the largest importer of natural gas in the world and the continent is installing many new facilities to cement its lead. Europe stands to particularly benefit from the above ground storage requirements for LNG. However, EU regulatory bodies have been raising concerns about environmental pollution and this could inhibit growth in the near future.
Companies Investing Huge Sums in Central Asia to Tap Surging Demand in China
In 2021, Enter Engineering chose Siemens Energy to supply them with two-low emission compression trains for Phase 1 of the Gazli underground gas storage facility in Uzbekistan. The construction of the two trains will permit extraction of natural gas and transport it for both domestic use as well as export to China. In addition, other companies profiled in this report on the natural gas storage market are Gazprom, Engie S.E., TransCanada Corporation, Spectra Energy Corporation, Royal Vopak N.V., NAFTA A.S, McDermott International, Inc., Enbridge, Inc., Chiyoda Corporation, TechnipFMC plc, and Samsung Heavy Industries Co. Ltd.
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