Natural Gas Storage Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast The global natural gas storage market size is projected to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for natural gas in various sectors, including construction and cooking. Natural gas is a fossil energy source that are retrieved from deep beneath the earth's surface. It contains various gases such as methane, nitrogen, and carbon dioxide, which are naturally found in atmosphere. Natural gas is not used in its pure form. it is processed and converted into cleaner fuel for consumption.
Natural gas can be difficult to harness, as it emits carbon dioxide during the process. However, it provides fuel for cooking and heating, and it fuels power stations that provide electricity to homes and businesses. However, seasonal nature of natural gases is coupled with imbalance trade activities, which in turn, can hinder the growth of market.
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Increasing favorable government regulations for low carbon content fuels is anticipated to propel the market growth. Growing adoption of natural gas for electricity generation in form of hybrid energy can boost the market growth. Rising research & development (R&D) activities regarding the harnessing of natural gas is expected to expand the market growth in the projected timeline. Danger from leakage of natural gas can hinder the growth of the market. Limited investment in gas explorations and storing can impede the market growth. Advancements in technologies and innovation in storing of the natural gases can create lucrative opportunities to the market players.