Market Summary
Research Methodology on Underground Natural Gas Storage Market
This research report is based on the global Underground Natural Gas Storage (UNGS) Market. It provides an in-depth analysis of the market to identify the prevailing trends, key influencers, drivers, and opportunities that will shape the market throughout the forecast period from 2023 to 2030.
1. Data Sources and Primary and Secondary Research
Primary and secondary sources, such as vendor websites, recognized journals, whitepapers, industry magazines, census and survey data collected from government bodies, and interviews with key industry personnel have been used to collect market information and derive market data. Primary research activities included interviews with industry experts, like chief executive officers, top-tier executives, vice presidents, directors, and mid-level managers. Secondary research activities included examining press releases, and company performance reports, verifying information through trusted sources, and analyzing facts collected via both the top-down and bottom-up approaches
2. Data Collection
The report was developed in phases, with each of the stages being conducted for the primary purpose of gathering data and information about the global UNGS market from various sources. All primary and secondary data acquired through both qualitative and quantitative research was segregated into the domains of research, classified as per the relevant segments that form the basis of the overall report.
3. Data Extraction & Validation
To validate the data obtained through primary and secondary research activities, wide-ranging and meticulous validation tests were conducted based on a comparison of the data generated from the interviews & surveys conducted and the collected data. All the information from the various sources was also validated by experts and other sources. Appropriate weight was given to each data set for each segment/region.
4. Market Forecast
The market forecast was calculated by using the bottom-up approach. This method of calculating the market was done by validating and cross-referencing the data generated through primary and secondary research activities. The data collected from various sources were used for the development of top-down and bottom-up models to evaluate the global UNGS market size.
5. Market Analysis
The global UNGS market was analysed based on factors, such as market structure, supply chain analysis, level of competition, attractiveness of the market, pricing model, and regional analysis. The regional analysis was conducted for the regions of North America, Europe, Asia-Pacific, and the Rest of the World.
6. Market Estimation
In order to compute various elements of the market, such as market size, market share, market growth rate, and market attractiveness, the historical CAGR (current annual growth rate) and base year were included in the market estimations. The estimated figures were validated and verified through both bottom-up and top-down techniques to arrive at the global UNGS market size and volume for the forecasted period from 2023 to 2030.
7. Reporting & Analytics
Analytical reviews have been included in this report to give an understanding of the facts and figures derived from the market data collected through primary and secondary research activities. Furthermore, the report comprises graphical representations to enable the readers to quickly understand the nuances of the market. The report also includes Porter’s Five Forces analysis, which helps to provide a deeper understanding of the competitive environment of the market.
Market Size & Forecast
Report Attribute/Metric | Details |
Market Size 2023 | USD 415.29 billion |
Market Size 2024 | USD 430.20 billion |
Market Size 2032 | USD 550.68 billion |
Compound Annual Growth Rate (CAGR) | 3.13%(2024-2032) |
Base Year | 2023 |
Market Forecast Period | 2024-2032 |
Historical Data | 2019- 2022 |
Market Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type and Region |
Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled | McDermott (US), NAFTA a. s. (Slovakia), TC Energy Corporation (Aberta), Royal Vopak (Netherlands), Chart Industries (Georgia), Uniper SE (Germany), ENBRIDGE Inc (Canada) |
Key Market Opportunities | Exploration of Unconventional Reservoirs |
Key Market Dynamics | Increasing demand for natural gas storage systems |
Major Players
Underground Natural Gas Storage Market Segmentation
Underground Natural Gas Storage Type Outlook (USD Billion, 2019-2032)
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
Underground Natural Gas Storage Regional Outlook (USD Billion, 2019-2032)
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North America Outlook (USD Billion, 2019-2032)
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North America Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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US Outlook (USD Billion, 2019-2032)
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US Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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CANADA Outlook (USD Billion, 2019-2032)
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CANADA Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Europe Outlook (USD Billion, 2019-2032)
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Europe Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Germany Outlook (USD Billion, 2019-2032)
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Germany Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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France Outlook (USD Billion, 2019-2032)
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France Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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UK Outlook (USD Billion, 2019-2032)
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UK Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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ITALY Outlook (USD Billion, 2019-2032)
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ITALY Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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SPAIN Outlook (USD Billion, 2019-2032)
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Spain Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Rest Of Europe Outlook (USD Billion, 2019-2032)
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Rest Of Europe Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Asia-Pacific Outlook (USD Billion, 2019-2032)
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Asia-Pacific Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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China Outlook (USD Billion, 2019-2032)
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China Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Japan Outlook (USD Billion, 2019-2032)
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Japan Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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India Outlook (USD Billion, 2019-2032)
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India Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Australia Outlook (USD Billion, 2019-2032)
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Australia Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Rest of Asia-Pacific Outlook (USD Billion, 2019-2032)
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Rest of Asia-Pacific Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Rest of the World Outlook (USD Billion, 2019-2032)
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Rest of the World Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Middle East Outlook (USD Billion, 2019-2032)
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Middle East Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Africa Outlook (USD Billion, 2019-2032)
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Africa Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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Latin America Outlook (USD Billion, 2019-2032)
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Latin America Underground Natural Gas Storage by Type
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Depleted Gas Reservoir
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Aquifer Reservoir
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Salt Caverns
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