Research and Markets has announced the addition of a new report to their offering, ‘Natural Gas Storage Market by Type, and by Geography – Global Trends and Forecasts to 2019’.
According to the report, the liquefaction and gasification market will reach US$ 299.45 billion and US$ 18.88 billion respectively while the underground storage market is expected to be US$ 445.27 billion by 2019.
The natural gas storage market can be broadly classified into two categories: underground natural gas storage and above-ground natural gas storage. In 2013, the total underground working gas capacity was 395.6 billion m3 and is expected to reach 458.2 billion m3 by 2019, because of heavy increment in storage facilities from 2014 – 2019.
In terms of above ground storage in 2013, the total liquefaction and regasification capacity was 403.2 million tpy and 464.9 million tpy, which is later expected to reach 704.9 million tpy and 575.5 million tpy by 2019, because of expansion in storage facilities from 2014 - 2019.
The Americas dominated both underground and above-ground liquefied natural gas storage in 2013. In terms of underground storage capacity, the Americas have the highest working gas capacity of 152.0 billion m3 in 2013. Between 2014 – 2019, the region is expected to expand its capacity by 5.3 billion m3 to reach a total of 158.6 billion m3 by 2019.
In terms of above ground storage facility that includes liquefied natural gas storage, Americas have the highest liquefaction capacity in comparison to Asia-Pacific, which dominates the market in regasification capacity. Over the next five years, the global LNG requirement is expected to increase by an additional 279.7 million tpy. By 2019, global liquefaction capacity is expected to be 704.9 million tpy.
Some of the key companies in the industry include Foster Wheeler, WorleyParsons, Centrica, Niska Gas Storage, Samsung Heavy Industries, E-on, Spectra Energy, Chiyoda Corporation, Technip and GDF Suez.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/09092014/natural-gas-storage-market-report-1251/