Global Natural Gas Storage Market to Hit Sales of $12.11 Billion by 2028 | Competitive Analysis: Kinder Morgan Caters 40% of the US Natural Gas Supply
Global natural gas storage market size was valued at USD 8.72 billion in 2021, and it is expected to reach a value of USD 12.11 billion by 2028, at a CAGR of more than 4.8% over the forecast period (2022-2028).
Westford, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) — Natural gas is one of the most important commodities in the world. It is used to heat homes and power industries. Gas prices are volatile, and they can spike during periods of high demand. This is why natural gas storage is so important. It helps to even out the price spikes and provide a reliable source of energy. SkyQuest has conducted an analysis of the natural gas storage market. The industry is growing rapidly, and it is expected to continue to grow in the future. The main drivers of this growth are increased demand for natural gas, new storage technologies, and government regulations. The report provides a detailed analysis of the natural gas storage industry. It includes information on the major players in the industry, the growth drivers, and the challenges that the industry faces.
Natural gas production has grown rapidly in recent years, driven by the shale gas revolution in the United States and growth in other countries such as Russia, Iran, and Qatar. Global production of natural gas was 4 trillion cubic feet (tcf) in 2021, up from 3.5 tcf in 2015 in the global natural gas storage market. The United States is the world’s largest natural gas producer, accounting for 31% of global production in 2012. Other major producers include Russia (26%), Iran (8%), and Qatar (6%). Global natural gas storage capacity totaled 502.6 billion cubic meters at the end of 2021 and is likely to surpass 699 bcm by 2030.
Most of the world’s natural gas is produced in just a few countries. The United States, Russia, Iran, Qatar, and Saudi Arabia are responsible for over two-thirds of global production. The United States is the largest producer of natural gas in the world, with almost 37% of the total supply. The majority of US production takes place in just four states in the natural gas storage market: Texas, Pennsylvania, Louisiana, and Wyoming. Russia is the second-largest producer of natural gas, with nearly 28% of the global supply. Most of Russia’s production takes place in the country’s vast Siberia region. Iran is the third-largest producer of natural gas, with about 8% of the global total. Iran has the second-largest reserves of natural gas in the world, behind only Russia.
The United States had the largest share of total storage capacity, with 31%, followed by Russia and China. Storage capacity has grown rapidly in recent years, driven by the expansion of underground storage facilities in the United States and Europe. In North America, there are over 464 natural gas storage sites present across the US and Canada. Out which, over 85% are present in the US. In short, the region has over 37.8% of the active storage capacity, which translates to over 5,805 billion cubic feet.
Get a sample copy of this report:
https://skyquestt.com/sample-request/natural-gas-storage-market
Top 3 Factors Facilitated Growth of the Natural Gas Storage Market
SkyQuest identify three main factors that have contributed to the industry’s success: the shale gas boom, increased demand from Asia, and new technologies that have allowed for more efficient storage of natural gas.
- The shale gas boom has been a major driver of growth for the Natural Gas Storage Market. The increase in production of shale gas has led to a need for more storage facilities to accommodate the excess supply. This has been a boon for the industry, as they have been able to expand their operations and build new storage facilities to meet this growing demand.
- The increased demand from Asia has also been a major factor in the success of the Natural Gas Storage industry. Asian countries are increasingly turning to natural gas as a source of energy, and this has led to an uptick in demand for storage facilities. The industry has been able to capitalize on this trend by building new storage facilities in Asia to meet this growing demand.
- Finally, new technologies have allowed for more efficient storage of natural gas. This has helped the industry keep up with the increasing demand for natural gas storage facilities. These new technologies have also allowed the industry to store natural gas more efficiently, which has led to lower costs and higher profits.
Browse summary of the report and Complete Table of Contents (ToC):
https://skyquestt.com/report/natural-gas-storage-market
Competitive Analysis: Kinder Morgan Caters 40% of the US Natural Gas Supply
In the natural gas storage market, SkyQuest has conducted a comprehensive analysis of the competitive landscape. This analysis assesses the attractiveness of the market from the perspective of potential new entrants. Our findings indicate that, although the industry is currently quite consolidated, there are significant opportunities for new entrants to establish a foothold. The primary reason for this is that the market is currently undergoing a period of significant change and evolution. In particular, the advent of shale gas production has led to a major shift in the dynamics of the industry. As a result, the traditional storage business model is no longer as viable as it once was. This presents an opportunity for new entrants to come in and capture market share by offering innovative storage solutions that are better suited to the new reality of the natural gas market.
In addition, we believe that there is significant potential for new entrants to benefit from economies of scale. The natural gas storage market is still relatively small compared to other industries, such as oil and gas production. As such, there is room for new players to grow quickly and achieve economies of scale that will allow them to compete effectively against established incumbents. Finally, we believe that there is significant untapped demand for natural gas storage services. The current installed capacity of natural gas storage facilities in the United States is less than 5% of total annual consumption. This leaves a huge potential market for new entrants to target. In summary, we believe that there are significant opportunities for new entrants.
Kinder Morgan is one of the leading players in the natural gas storage market, with a large market share and a strong competitive position. As of 2022, the company owns a 700 billion cubic feet of working gas storage capacity and caters around 40% supply of natural gas demand in the US. However, our analysis of the company shows that it faces significant competition from other players in the industry, including Energy Transfer Partners, Williams Companies, and Sempra Energy. It shows that Kinder Morgan has a number of advantages in the natural gas storage market that allow it to compete effectively in the natural gas storage industry. These advantages include its large scale and diversified business portfolio, its experienced management team, and its strong financial position. However, the company faces significant competition from other players in the industry, who are also seeking to capitalize on the growing demand for natural gas storage services.
Speak to Analyst for your custom requirements:
https://skyquestt.com/speak-with-analyst/natural-gas-storage-market
Major Players in the Global Natural gas Storage Market
- McDermott International, Inc.
- NAFTA A.S.
- TransCanada Corp.
- Royal Vopak N.V.
- Chart Industries
- Uniper
- Enbridge, Inc.
- Gazprom
- Martin Midstream Partners L.P.
Related Reports in SkyQuest’s Library:
Global Industrial Gases Market
Global Positive Displacement Pumps (PDP) Market
Global Oilfields Chemicals Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
