The size of the global natural gas storage tanks market was worth USD 21.27 billion in 2023. The global market is anticipated to grow at a CAGR of 5.02% from 2024 to 2032 and be worth USD 33.05 billion by 2032 from USD 22.34 billion in 2024.
Natural gas storage plays a critical role in managing supply reliability to meet consumer calls. The use of natural gas for power generation, space heating, and transportation is escalating, resulting in the strong adoption of natural gas storage. In addition, the positive impact of natural gas on air quality and low carbon dioxide emissions are also driving its call around the world. Natural gas storage tanks are specially designed storage tanks employed to store natural gas. They are also employed to provide pipeline delivery capacity during peak periods when pipeline delivery capacity is reduced due to escalating calls for natural gas around the world. Natural gas storage tanks have the ability to store natural gas at very low temperatures down to −165 ° C. Most types of natural gas storage tanks market are built and designed in accordance with the standards assigned in the Specifications API-650 and API-650 from the American Petroleum Institute. These API standards prescribe requirements for the design, manufacture, welding, inspection, and assembly of tanks.
The global natural gas industry is predicted to continue to grow at a high rate in 2023 and is predicted to reach new heights in international consumption and trade. Natural gas storage has been in strong call thanks to an abundant supply, supporting the competitiveness of gas. The worldwide natural gas trade is facilitated by factors such as market deregulation, the creation of shopping centers, and the expansion of financial derivatives. In 2021, natural gas continued to be profitable, contributing to worldwide energy security and reducing air pollution and emissions.
Producers and traders use storage tanks to store gas in case gas prices rise in the future. They sell the stored gas when its prices reach high levels and they make better profits. Thus, due to fluctuations in natural gas prices, the worldwide market for natural gas storage tanks market is predicted to experience significant expansion during the foreseen period. One of the key drivers in the worldwide market for natural gas storage tanks is the need to comply with the regulatory obligations imposed by governments around the world on the domestic supply of natural gas, as gas storage guarantees reliability. of gas. Supply to consumers at the lowest cost up to a point. Natural gas has maintained the dominant position in the worldwide use and consumption of primary energy. Abundant natural gas resources and robust production are predicted to contribute to natural gas's strong competitive position among other resources. Worldwide consumption of natural gas for industrial use is predicted to increase by an average of xx% per year.
Growing concern about CO2 and greenhouse gas (GHG) emissions around the world has shifted investment into the renewable energy sector. This technological change is hampering natural gas consumption and is also predicted to restrict the worldwide market for natural gas storage tanks market during the foreseen period.
The call for natural gas has fluctuated rapidly in recent years and is predicted to increase significantly, as natural gas remains a key fuel employed in the electric power sector, as well as in the industrial sector. This, in turn, is predicted to be a determining factor for the worldwide market for natural gas storage tanks during the foreseen period. Natural gas consumption in the electric power sector is predicted to increase by xx% / year, from 2022 - 2027. Furthermore, the industrial and electric sectors together are predicted to account for more than 73% of the total increase in world natural gas consumption. Additionally, government regulations favoring low-carbon fuels over fossil fuels and technological advancements associated with a growing awareness of natural gas as a clean fuel are among the main drivers of expansion in the worldwide market for natural gas storage tanks market.
Advances in battery storage technology, as well as in electric vehicle technology, have caused a recession in the oil and gas industry. This, in turn, is estimated to hamper the worldwide market for natural gas storage tanks market during the foreseen period.
The natural gas call is less sensitive to COVID-19 in the short term than oil, due to its limited exposure to the transportation sector. Although the call for natural gas in the electricity sector is affected, the loss of commercial and industrial electricity call is partly transferred to residential uses. However, the call for natural gas could decline further as the year progresses due to lower call in the energy and industrial sectors. The future call will depend on how industrial uses of natural gas are affected, the short-term and long-term effects of investment reductions in the natural gas sector, and the extent to which government policies aim to boost gas transitions. Clean air and energy will encourage fuel switching and boost funds for energy system integration. This can be done through the technologies provided by natural gas, green gas, hydrogen, and carbon dioxide solutions. Any results for these criteria will depend on the duration of the COVID-19 pandemic, the speed of the economic recovery, and how well the government's stimulus plans incorporate clean air and political goals for energy transitions.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2032 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2032 |
|
CAGR |
5.02% |
|
Segments Covered |
By Type, Storage Type, and Region. |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
McDermott, Fisher Tank Company, Paul Mueller Company, Chart Industries, Highland Tank & Manufacturing Company, Inc., VINCI Construction Grands Projects, Cryolor, Corban Energy Group, United Industries Group Inc., Samuel, Son & Co., BNH Gas Tanks, CST Industries, Mitsubishi Heavy Industries, Ltd, Waterford Tank and Fabrication Faubion Tank, and Others. |
Underground natural gas storage is predicted to account for an xx% share of the worldwide market for natural gas storage tanks. The underground storage of natural gas has become an essential part of the energy supply of European and North American countries. Continued and stable production in the face of volatile consumption and call is predicted to drive market expansion. The underground storage (UGS) segment has the largest market share due to its many advantages over above-ground storage and low infrastructure and operating cost. The underground consumption of natural gas is characterized mainly by seasonal fluctuations to reduce load peaks and ensure the flexibility and reliability of gas supplies, and special compensation facilities.
The depleted reservoir segment took the dominant position in 2021. It is one of the oldest and most important forms of gas storage. The depleted reservoirs have already employed all of their recoverable natural gas. The depleted tank is mainly employed for gas storage as they have an existing infrastructure for gas storage.
North America is likely to have a leading share of the worldwide natural gas storage tank market during the foreseen period, as underground gas storage facilities have grown significantly in recent years. Asia-Pacific is predicted to become a rapidly expanding market for natural gas storage tanks market during the foreseen period, as China has seen a dramatic increase in gas call in recent years. Furthermore, the implementation of the coal-to-gas policy revealed the lack of investment in the Chinese market. This has driven the call for natural gas storage tanks in the country. North America accounted for the main market share of over 40% in 2021.
It is predicted to maintain its leadership position due to increased exploration and production activity in the region, coupled with growing seasonal calls. of natural gas. Asia-Pacific is predicted to record the fastest CAGR between 2021 and 2026 due to escalating call from end-use industries. China and India are among the largest markets in this region due to the rapid expansion of end applications in these countries. Many economies with lower local natural gas producers use natural gas storage to meet the call. These countries include Korea, Taipei, Indonesia, and Malaysia. All of these factors are predicted to drive market expansion in the Asia-Pacific region.
Companies playing a prominent role in the global natural gas storage tanks market include McDermott, Fisher Tank Company, Paul Mueller Company, Chart Industries, Highland Tank & Manufacturing Company, Inc., VINCI Construction Grands Projects, Cryolor, Corban Energy Group, United Industries Group Inc., Samuel, Son & Co., BNH Gas Tanks, CST Industries, Mitsubishi Heavy Industries, Ltd, Waterford Tank and Fabrication Faubion Tank, and Others.
By Type
By Storage Type
By Region
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region