Natural Gas Storage Market Size, Share, Growth Analysis, By Type(Above Ground Storage, Underground storage), By Region(North America, Europe, Asia), By Region - Industry Forecast 2024-2031

Global Natural Gas Storage Market size was valued at USD 10.26 billion in 2022 and is poised to grow from USD 10.72 billion in 2023 to USD 15.25 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

Since natural gas burns cleaner than other fossil fuels, it has become a major main source of energy. It is widely used in many applications, highlighting how important energy security is by storing it in diverse ways. During times of low demand, natural gas is stored, and during times of high demand, it is pulled out. Weather conditions have a big impact on how much natural gas is consumed, especially in the winter when it's utilised for space heating in homes and businesses. Natural gas that is provided in excess during the summer must be accessible to satisfy the increased demand during the winter, and this is where stored natural gas comes in. Storage of natural gas provides energy security against catastrophic events that might disrupt output. Natural gas storage is widely used by industry participants for commercial objectives in addition to performing those functions. Natural gas storage is crucial because of this and a number of other factors, including the benefits of gas.

US Natural Gas Storage Market is poised to grow at a sustainable CAGR for the next forecast year.