The rate at which the natural gas is consumed fluctuates from day to day. The demand of the natural gas is quite high in the winter season as compared to the summers. The underground gas storage industry has borrowed much of its technology from oil and gas exploration, gas distribution and ground water utilization. Underground natural gas storage consists of a wide network of pipelines, local distribution companies and producers with an inventory management tool. In order to cope with the rising demand of energy the back up for the energy resource has to be maintained. With the rising demand of natural gas the industry for underground storage industry is growing at a healthy rate.
Diminishing fossil fuel reserves and increasing energy security concerns are the major drivers for the underground gas storage market. The concerns regarding energy security plays an important role in the storage industry as every country is focused on the uninterrupted and continuous energy supply. Cost of setting processing units and maintenance costs are the major drivers for the underground gas storage market. The increasing demand for energy and exploration of new gas reserves adds new opportunities for the existing and new market players to invest in the underground gas storage market.
At the global level, approximately 688 underground gas storage facilities are in operation. In the North American region the United States with 414 underground storage units followed by Canada with 59 storage units. The European region holds the second rank on the list with 144 underground storage units. The Asia pacific region has 18 underground storage sites.
Key players in the underground gas storage market are Niska Gas Storage, Saltville Gas Storage, Floridian Natural Gas Storage Company, LLC, TransCanada, Gazprom and Enbridge Inc, and others.
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