Global Natural Gas Storage Market to Reach 499.5 Million TOE by the Year 2027
Amid the COVID-19 crisis, the global market for Natural Gas Storage estimated at 411.8 Million TOE in the year 2020, is projected to reach a revised size of 499.5 Million TOE by 2027, growing at a CAGR of 2.8% over the period 2020-2027.Underground, one of the segments analyzed in the report, is projected to grow at a 2.5% CAGR to reach 303 Million TOE by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Above Ground segment is readjusted to a revised 3.2% CAGR for the next 7-year period. This segment currently accounts for a 38.3% share of the global Natural Gas Storage market.
The U.S. Accounts for Over 29.4% of Global Market Size in 2020, While China is Forecast to Grow at a 2.7% CAGR for the Period of 2020-2027
The Natural Gas Storage market in the U.S. is estimated at 121 Million TOE in the year 2020. The country currently accounts for a 29.38% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of 89.3 Million TOE in the year 2027 trailing a CAGR of 2.7% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 2.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach 89.3 Million TOE by the year 2027.We bring years of research experience to this 6th edition of our report. The 137-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- Cardinal Gas Storage Partners LLC
- Centrica Storage Limited
- Chiyoda Corporation
- Enbridge, Inc.
- ENGIE SA
- John Wood Group PLC
- Mitsubishi Heavy Industries Ltd.
- NAFTA a.s. (Slovakia)
- Rockpoint Gas Storage
- SNC-Lavalin Group, Inc.