Natural Gas Storage Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Natural Gas Storage Market in 2025 is estimated at USD 9.07 billion. The global Market size was worth more than USD 8.75 billion in 2024 and is poised to witness a CAGR of over 4.6%, crossing USD 15.7 billion revenue by 2037. Asia Pacific is likely to generate largest share by 2037, driven by favorable climatic conditions and the presence of vast rural settlements.
The growth of the market can be attributed to the increasing demand for natural gas in multiple sectors rapidly such as homes, businesses, cooking and heating, and others. In modern times there is a higher demand for natural gas since there are enhanced machines available that are either powered by electricity or gas. For instance, in 2021, the global production of natural gas was anticipated to be around 35,000,000 MMcf.
In addition to these, global natural gas storage market trends such as higher demand for natural gas in the industrials sector are anticipated to influence the market growth positively over the forecast period. the industrial uses of natural gas are observed to be in producing chemicals, hydrogen, and fertilizers. It also used the manufacturing of steel, bricks, cement, glass, ceramic, and others. For instance, as of 2022, the total production of cement across the globe was evaluated to be around 4 billion tons.
Natural Gas Storage Sector: Growth Drivers and Challenges
Growth Drivers
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Growing Export and Import of Natural Gas – the surge in the export and import of natural gas has boosted the demand for natural gas storage. The stored gas is highly exported and imported across the globe at a higher scale based on seasonal demand. For instance, the total export volume of natural gas in the USA was estimated to be around 6,000,ooo MMcf, and the import was anticipated to be nearly 2,800,000 in 2021
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Rising Construction of Buildings across the Globe – as the construction of new buildings rises, the demand for gas pipelines is also estimated to hike since many people are living in these buildings who utilize gas for cooking and heating. As of 2022, nearly 200,000 dwellings were noticed to be completed in the United Kingdom alone.
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Increasing Number of Restaurants to Boost Market Growth - there is a higher demand for gas in restaurant facilities that are estimated to flourish the market growth over the forecast period. As of 2021, the total number of restaurants functioning in the United States was observed to be above 1 million.
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Growing Utilization of Natural Gas in Hospital Facilities – Natural gas is highly used in hospital facilities for powering medical equipment, cooking, dry cleaning, and many other purposes. As of 2020, The total number of hospitals was estimated to be in France (2500), Korea (4000), Germany (3000), and others.
Challenges
- Comparatively Expensive Storage
- The storage of natural gas seems to be easier and it can be more convenient to transport than other types of fossil fuels, yet its storage is anticipated to be quite expensive since its volume is four times as big as petrol. It requires vast areas to be stored and this is the major factor expected to hamper the market growth over the forecast period.
- Slow Adoption Rate of Natural Gas
- Lack of Awareness in Low-income Economies
Natural Gas Storage Market: Key Insights
| Report Attribute | Details |
|---|---|
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
4.6% |
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Base Year Market Size (2024) |
USD 8.75 billion |
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Forecast Year Market Size (2037) |
USD 15.7 billion |
|
Regional Scope |
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Natural Gas Storage Segmentation
Type (Underground, Floating)
Underground segment is expected to account for remarkable natural gas storage market share by the end of 2037, attributed to the fact that a vast quantity of gas can be stored underground for a prolonged time period. It is beneficial to balance the fluctuation in energy generation based on different seasons. In modern society, gas is highly consumed by the global population, hence, higher demand for gas storage is estimated to propel the segment growth. since underground gas storage provides all the required facilities. Furthermore, underground gas storage is noticed to eliminate the problem of water production owing to the coning phenomenon. It was estimated that currently, approximately 10 million standard cubic feet of gas can be delivered per day that is stored underground.
Application (Residential, Commercial)
Commercial segment is poised to hold substantial natural gas storage market share by the end of 2037. The segment's expansion can be attributed to increased implementation in a variety of applications such as cooking, farming, heating, forklift trucks, and others. The main application of natural gas is considered various industries such as food processing industries, pulp & paper, plastic, clay and glass, petroleum and chemical refining, and others. For instance, in 2021, approximately 35% of the natural gas was consumed by the industrial sector of the United States. Nowadays, natural gas is also highly consumed in house facilities at a higher scale. The commercial sector requires natural gas for cooking, drying clothes, operating cooling equipment, and others. Hence, all these factors are expected to boost segment growth,
Our in-depth analysis of the global market includes the following segments:
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By Storage Type |
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By Application |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Natural Gas Storage Industry - Regional Synopsis
APAC Market Statistics
In natural gas storage market, Asia Pacific region is anticipated to capture lucrative revenue share by the end of 2037, attributed majorly to favorable climatic conditions to produce natural gas, along with the presence of vast rural settlements in countries, such as, India, China, and Indonesia. Moreover, increasing the commercial viability of natural gas and the rising number of hotels is estimated to boost market growth in the region . Hotels have a higher demand for gas for cooking and providing other services. As of 2022, in Asia Pacific, the total hotel supply was estimated to reach around 250,000.
North American Market Forecast
In natural gas storage market, North American region is estimated to hold significant revenue share by the end of 2037, attributed majorly to the growing adoption of natural gas as an alternative to LPG, as it is cleaner and environmentally friendly. Moreover, the masses in this region are aware, which is estimated to encourage the usage of natural gas. As per the statistics of the U.S. Energy Information Administration (EIA), the production of natural gas surpassed 33,967,557 million cubic feet in 2019, with the consumption of natural gas rising to 31,099,061 million cubic feet. Furthermore, in 2021, the United States became the world’s largest natural gas generator reaching approximately 800 billion cubic meters of consumption.
Europe Market Forecast
In natural gas storage market, European region is estimated to capture significant revenue share by the end of 2037, attributed to the higher utilization of natural gas to generate heat in houses owing to the cold environment. Additionally, both the commercial and residential sectors of the region are noticed to have a higher demand for natural gas. Hence, all these factors are anticipated to flourish the market growth.
Companies Dominating the Natural Gas Storage Landscape
- Foster Wheeler AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- WorleyParsons Limited
- Centrica plc
- British Gas Services Limited
- Access Gas Services Inc.
- Samsung Heavy Industries Co., Ltd.
- E.ON SE
- Spectra Energy Corp
- Chiyoda Corporation
- Technip S.A.
Recent Developments
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WorleyParsons Limited supported a global initiative, Zero, to prevent the emission of methane in the upstream oil and gas industry. The reduction in methane emissions is necessary to address climate change.
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British Gas Services Limited unveiled its new service to help customers save on their energy bills. The new service of the company is associated with the process of decarbonizing their home.
- Report ID: 3487
- Published Date: May 08, 2025
- Report Format: PDF, PPT
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