Global Natural Gas Storage Tanks Market

Global Natural Gas Storage Tanks Market was valued US$ xxMn in 2019 and is expected to reach US$ xx Mn by 2027, at a CAGR of 3.85% during a forecast period.

Global Natural Gas Storage Tanks Market

Global Natural Gas Storage Tanks Market

The report has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same is reflected in our analysis.

Natural gas storage plays a vital role in handling the reliability of supply to meet the demands of consumers.The usage of natural gas for power generation, space heating, and transportation are increasingand is resulted into the high adoption of natural gas storage.Additionally, the positive impact of natural gas on air quality and low carbon dioxide emission are also boosting its demand across the globe.

Global Natural Gas Storage Tanks Market, Dynamics:

The global natural gas industry is expected to continue to grow at a high pace in 2019 and is expected to reach new landmarks in consumption and international trade. Natural gas storage has witnessed a huge demand thanks to abundant supply, supporting the competitiveness of gas. Global natural gas trade is being facilitated by factors like market deregulation, the establishment of trading hubs, and growth in financial derivatives. In 2019, natural gas has continued to be cost-competitive and contributing to global energy security and reductions in air pollution and emissions.

Natural gas has kept the dominant position at the usage and at world primary energy consumption. The abundant natural gas resources and robust production are expected to contribute to the strong competitive position of natural gas among other resources. The world consumption of natural gas for industrial uses are expected to increase by an average of xx % per year.

The natural gas consumption in the electric power sector is expected to increase by xx %/year, from 2019 to 2027. Also, the industrial and electric power sectors together are expected to account for more than 73% of the total increase in world natural gas consumption. Furthermore, favorable government regulations for low carbon content fuels over fossil fuels and technological advancements coupled with increasing awareness regarding natural gas as a clean fuel are some of the prominent driver’s behind the global natural gas storage Tanks Market growth. On the other hand, high capital investment is expected to limit the global natural gas storage tanks market.

Global Natural Gas Storage Tanks Market, Segment Analysis:

Underground natural gas storage is expected to contribute xx% share in the global natural gas storage tanks market. The underground natural gas storages have become an essential aspect of energy supply for European and North American countries. A continuous and steady production stand over volatile consumption and demand is expected to drive the market growth. The underground storage (UGS) segment has the largest share in the market because of its several advantages over above-ground storage and low operational and infrastructural cost.

Underground natural gas consumption is mainly characterized by seasonal fluctuations to reduce peak loads and ensure flexibility and reliability of gas supplies, special compensation facilities.By underground storage capacity, North America has the highest working gas capacity of xx BCM (billion cubic meters) in 2019. The region is expected to expand its capacity by xx BCM to reach a total of xx BCM by 2027.

The Depleted reservoir segment held the dominant position in 2019. They are one of the oldest and prominent forms of gas storage. Depleted reservoirs have already been tapped all their recoverable natural gas. The depleted reservoir is primarily used for gas storage as they have existing infrastructure for gas storage.

Global Natural Gas Storage Tanks Market, Regional Analysis:

The global consumption of natural gas is projected to increase from xx trillion cubic feet (Tcf) in 2019 to xx Tcf in 2027. Many markets are pushing for third-party access to LNG import and gas transmission infrastructure. India has recently launched a gas trading exchange, which is expected to increase the consumption of natural gas across the country.

The North American natural gas storage tanks market is expected to grow at xx% rate of CAGR to be valued at USD xx million by 2027. Thanks to the presence of the consumption of natural gas in the developed economies like U.S. and Canada. According to the U.S. Energy Information Administration, there are more than 120 entities operate over 400 active underground storage sites. The United States is the world’s largest producer of natural gas. In 2019, the U.S. has exported over xx billion cubic feet (Bcf) of natural gas in the form of LNG in large LNG tanker ships. Cost-competitiveness, enabling policy and the speed of infrastructure build-out in developed markets are expected to increase the storage capacity of the natural gas.

Global Natural Gas Storage Tanks Market, Competitive Analysis:

The market key players are actively engaged in merger & acquisition, technological innovations, and expansion of their plant capacity to improve their dominance in the global natural gas storage tanks market. Furthermore, many key players have invested in the expansion of their production capabilities to enhance their portfolios and regional presence. For instance, Gazprom has continued to build up its UGS capacities in Europe to reach the working gas capacity of at least 5 % of the annual amount of the Company's gas exports.

The objective of the report is to present a comprehensive analysis of the Global Natural Gas Storage Tanks Marketincluding all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Natural Gas Storage Tanks Market dynamics, structure by analyzing the market segments and projects the Global Natural Gas Storage Tanks Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Natural Gas Storage Tanks Market make the report investor’s guide.

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Scope of The Global Natural Gas Storage Tanks Market

Global Natural Gas Storage Tanks Market, By Type

• Above Ground
• Under Ground
Global Natural Gas Storage Tanks Market, By Underground Storage Type

• Depleted gas Reservoir
• Salt Cavern
• Aquifer Reservoir
Global Natural Gas Storage Tanks Market, By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Natural Gas Storage Tanks Market

• BNH Gas Tanks
• CST Industries
• Mitsubishi Heavy Industries, Ltd.
• Faubion tank
• McDermott
• Fisher Tank Company
• Prometheus Energy Group, Inc.
• Paul Mueller Company
• Chart Industries
• Cryolor
• Uniper SE
• TransCanada Corporation
• Singapore LNG Corporation PTE Ltd.
• Waterford Tank and Fabrication
• Samuel, Son & Co.
• Engie SA
• Enbridge Inc.
• Rockpoint Gas Storage
• Gazprom
• Royal Vopak N.V.

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