Dublin, Jan. 10, 2019 (GLOBE NEWSWIRE) -- The "Global Underground Gas Storage Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.
The global underground gas storage market will grow at a CAGR of more than 3% during the forecast period.
The growth in conventional oil and gas exploration and production activities as an alternative to conventional production has led to the identification of major unconventional oil and gas reserves. Some unconventional resources such as shale oil and gas have hydrocarbon-bearing rock formations with low permeability and low porosity.
Natural gas such as shale gas and tight gas produces lower GHG emissions when compared with other fossil fuels during combustion and hence the adoption of this fuel is growing to support the increase in energy needs. Therefore, the adoption of unconventional has production techniques has observed a higher growth than conventional oil and gas production due to the lower GHG emission in the former as well as the widespread presence of unconventional reserves.
Growing demand for natural gas
The increasing demand for natural gas for various purposes will spur the construction and storage of natural gas to ensure sufficient supply, and in turn will lead to the growth of the global underground gas storage market.
Change in energy mix
The increase in the adoption of renewable energy sources for power generation and other purposes will impact the adoption of conventional fossil fuel in the market, which, in turn will have a negative impact on the investments in oil and gas E&P activities and ultimately affect the growth of the market.
The underground gas storage market is highly fragmented with the presence of many vendors in the market. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.