Underground Gas Storage Market: Trends, Growth, and Future Outlook
The global underground gas storage market size is expected to reach 565.74 BCM by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 2.5% from 2023 to 2030. The industry is projected to have substantial growth over the estimated period owing to the increasing reliability of gas in residential, commercial, industrial, and transportation applications. The industrial sector consumes underground natural gas as a fuel for power systems, combined heat, process heating, and primarily as a raw material in fertilizer, chemical, and hydrogen production. With an increase in the production of natural gas, its storage is becoming increasingly important. The depleted gas reservoirs segment was dominant in 2022 and is expected to keep its position over the forecast period. Depleted natural gas reservoirs account for 76% of the world’s total natural gas storage volume and are being used for decades. Gas fields are larger in volume and more wide...