Natural Gas Storage Market by type (Underground, Above Ground, and Floating)Worth $763.60 Billion by 2019 - New Report by MarketsandMarkets
(PRWEB) September 01, 2014 -- The report "Natural Gas Storage Market by Type (Underground, Above Ground, and Floating), and by Geography - Global Trends & Forecasts till 2019" by MarketsandMarkets, defines and segments the Natural Gas Storage Market with analysis and forecasts of the global revenue.
Browse 71 market data tables with 23 figures spread through 173 pages and in-depth TOC on "Natural Gas Storage Market - Global Trends & Forecasts till 2019".
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The natural gas storage underground capacity (working gas) globally is expected to reach 458.2 (bcm) billion cubic meters while above the global ground storage capacity is expected to reach 1,469.6 mtpa (million tons per annum) by 2019. The above ground storage further includes LNG liquefaction and regasification processes whose capacities are expected to reach 704.9mtpa and 764.7mtpa by 2019 respectively.
According to the EIA report, the global natural gas demand has increased sharply over the last decade and is expected to remain robust in the coming years. It grows by the 64% from 113 trillion cubic feet in 2010 to 185 trillion cubic feet in 2040, primarily due to its growing use in electricity generation, industrial operations and transportation. This is partly driven by the fact that it has much lower carbon intensity compared to coal, for which it is favored by governments planning to reduce greenhouse gas emissions in several countries. The EIA estimates industrial and utilities sectors to account for 77% of the projected increase in global natural gas consumption. The demand for natural gas escalates drilling activities, which sequentially lead to higher demand for storage facilities. Rising safety regulations and attention towards higher production efficiency plays a key role in the growth of natural gas storage systems.
Currently Americas is the largest market for gas storage systems with largest number of natural gas reserves. This market is growing at a very high growth rate and will maintain its statues until 2019. The rising need for production efficiency in order to maximize oil and gas production is resulting in enlarged gas storage facility demand.
Strict and stringent safety regulations are being imposed in gas storage activities due to high risk of unusual accidents. Construction and operations of the gas storage facilities are all about risk taking and accepting challenges. One mistake in these operations can result as a massive problem and unrecoverable loss. Damage to environment, damage to human life and huge financial losses are certain results, the world has to bear. Government rules and approvals are becoming stringent in order to make these operations safer. Hence primary governmental approvals are required for a gas storage project that will provide services as a certificate of public convenience and reduces the environmental as well as financial loss. Natural gas storage facility operators are emphasizing more on safety, in order to maximize safety and operational efficiency.
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The report analyzes the global natural gas storage market. The market is segmented on the basis of its types such as, underground natural gas storage and above ground natural gas storage. This report also describes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, Challenges for overall global market. The report also profiles major companies such as; Foster Wheeler, Worley Parsons, Chiyoda Corporation, Centrica Plc., Samsung Heavy Industries, Technip, Spectra Energy, E-on, GDF SUEZ, Niska Gas Storage. The market by geography includes Asia-Pacific, Europe, Africa, the Middle East, North America, and South America.
The report also includes market share, supply chain and value chain analyses, Porter's five force analysis, and market metrics such as drivers, restraints, Challenges, and opportunities. In addition, it presents a competitive landscape and company profiles of 10 key players in the market that include major companies, which own and operates natural gas storage facility and construct the gas storage projects (manufacturers).
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