Natural gas storage is particularly designed tanks used to stock natural gas and also used during the peak period of the pipeline’s supply capacity, in the case when, there is an increased demand for natural gas globally. Natural gas storage tanks have the capacity to store natural gas at very low temperatures. One of the main factors driving the global natural gas storage market is the fulfillment of legal obligations imposed by governments around the world regarding the internal supply of natural gas, as the storage of gas guarantees the reliable supply to consumers.
Increasing production of natural gas, together with an increase demand for natural gas in chemical, industrial and transportation segments. However, seasonal demand, combined with supply and demand balancing and large capital investment, is likely to have a positive impact on the growth of the natural gas storage market.
WhiteWater Midstream, LLC acquired Waha Gas Storage Assets, owned by Enstor Gas, LLC based in Northwest Texas. The acquired facility of Waha Gas Storage holds the capacity to hold around 10 billion cubic feet of natural gas, with six underground storage caverns.
The global natural gas storage market is broadly segmented based on the facility type, containment degree, and end-use application. Based on the facility type, the global market for natural gas storage is classified into above-ground storage, underground storage, and partially ground storage. By containment degree, the global market is bifurcated into single containment, double containment, and full containment. Moreover, the global natural gas storage market is also categorized into industrial, power generation, ship fueling systems & LNG bunkering, vehicle fueling, oil & gas exploration, rail fueling, and others.
Asia and Pacific countries are likely to fortify the natural gas storage market by using natural gas as a clean and efficient fuel for a variety of purposes, as well as global efforts to achieve a low carbon economy. Europe is poised to be the fastest growing market owing to increased dependence on natural gas as a fuel for electricity generation, in a favorable regulatory environment and guaranteeing access to natural gas, nevertheless of demand or supply.
The global natural gas storage market is dominated by some of the leading key players through their robust product development and investment. These players include Foster Wheeler, Niska Gas Storage, GDF SUEZ, Samsung Heavy Industries, Centrica, Technip, E-on, Chiyoda Corporation, Worley Parsons, and Spectra Energy, among others.