Report
Underground Gas Storage Market 2025-2029
Underground Gas Storage Market Size (2025–2029)
The global underground gas storage (UGS) market is projected to grow by USD 10.4 billion between 2024 and 2029, expanding at a CAGR of 5.35%.
This growth is fueled by the rising global energy demand and continuous advancements in technologies such as drilling methods, seismic imaging, and reservoir management. These innovations have significantly enhanced the efficiency and safety of gas storage operations, making UGS a vital part of the global energy infrastructure. The emerging use of hydrogen storage in underground facilities further adds a new dimension to this market.
However, the sector faces several challenges, including high capital investment, complex regulatory frameworks, and geological uncertainties. Overcoming these obstacles will require ongoing R&D investment and close collaboration among industry players and regulators.
Market Overview
Underground gas storage has become an indispensable part of the global energy framework, offering secure and large-scale storage solutions. These facilities—typically constructed in depleted gas reservoirs, salt caverns, and aquifers—allow for the injection and high-pressure storage of natural gas, supporting efficient inventory management and seasonal demand balancing, especially during winter months.
Growing industrialization, increased gas consumption, and energy security concerns have amplified the demand for UGS. Additionally, hydrogen and carbon dioxide storage in underground formations are gaining traction as part of the global shift toward cleaner energy and emission reduction.
Key Market Drivers
- Rising global energy demand from residential, industrial, and commercial sectors.
- Volatility in natural gas prices and the need for stable energy supply.
- Energy security and inventory management during seasonal or geopolitical disruptions.
- Growth of hydrogen economy, prompting new storage requirements.
Key Market Trends
- Technological advancements: Innovations in seismic imaging, horizontal drilling, and real-time reservoir monitoring are enhancing storage efficiency and capacity.
- Hydrogen integration: The industry is shifting toward storing hydrogen in UGS facilities to support the clean energy transition.
- Carbon storage potential: Depleted gas fields are being evaluated for storing CO₂ to reduce greenhouse emissions.
Key Market Challenges
- High infrastructure costs and geological evaluation risks.
- Complex site selection and permitting processes.
- Environmental considerations, including groundwater protection and pressure containment.
- Adherence to evolving government regulations and safety standards.
Key Players
Major companies are employing strategic initiatives such as partnerships, acquisitions, and product development to strengthen their market presence:
- Enbridge Inc.
- Centrica Plc
- ENGIE SA
- China National Petroleum Corp.
- Mitsubishi Heavy Industries Ltd.
- TC Energy
- Uniper SE
- Koninklijke Vopak NV
- Tetra Tech Inc.
- NAFTA AS
- Others...
A qualitative and quantitative analysis categorizes players by market focus and dominance level to assess competitive positioning.
Table of Content
1 Executive Summary
1.1 Market overview
- Executive Summary - Chart on Market Overview
- Executive Summary - Data Table on Market Overview
- Executive Summary - Chart on Global Market Characteristics
- Executive Summary - Chart on Market by Geography
- Executive Summary - Chart on Market Segmentation by Type
- Executive Summary - Chart on Market Segmentation by Product
- Executive Summary - Chart on Incremental Growth
- Executive Summary - Data Table on Incremental Growth
- Executive Summary - Chart on Company Market Positioning
2 Market Landscape
2.1 Market ecosystem
- Parent Market
- Data Table on - Parent Market
2.2 Market characteristics
- Market characteristics analysis
2.3 Value chain analysis
- Value Chain Analysis
3 Market Sizing
3.1 Market definition
- Offerings of companies included in the market definition
3.2 Market segment analysis
- Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
- Chart on Global - Market size and forecast 2023-2028 ($ million)
- Data Table on Global - Market size and forecast 2023-2028 ($ million)
- Chart on Global Market: Year-over-year growth 2023-2028 (%)
- Data Table on Global Market: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
4.1 Global Underground Gas Storage Market 2018 - 2022
- Historic Market Size - Data Table on Global Underground Gas Storage Market 2018 - 2022 ($ million)
4.2 Type segment analysis 2018 - 2022
- Historic Market Size - Type Segment 2018 - 2022 ($ million)
4.3 Product segment analysis 2018 - 2022
- Historic Market Size - Product Segment 2018 - 2022 ($ million)
4.4 Geography segment analysis 2018 - 2022
- Historic Market Size - Geography Segment 2018 - 2022 ($ million)
4.5 Country segment analysis 2018 - 2022
- Historic Market Size - Country Segment 2018 - 2022 ($ million)
5 Five Forces Analysis
5.1 Five forces summary
- Five forces analysis - Comparison between 2023 and 2028
5.2 Bargaining power of buyers
- Bargaining power of buyers - Impact of key factors 2023 and 2028
5.3 Bargaining power of suppliers
- Bargaining power of suppliers - Impact of key factors in 2023 and 2028
5.4 Threat of new entrants
- Threat of new entrants - Impact of key factors in 2023 and 2028
5.5 Threat of substitutes
- Threat of substitutes - Impact of key factors in 2023 and 2028
5.6 Threat of rivalry
- Threat of rivalry - Impact of key factors in 2023 and 2028
5.7 Market condition
- Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Type
6.1 Market segments
- Chart on Type - Market share 2023-2028 (%)
- Data Table on Type - Market share 2023-2028 (%)
6.2 Comparison by Type
- Chart on Comparison by Type
- Data Table on Comparison by Type
6.3 Depleted fields - Market size and forecast 2023-2028
- Chart on Depleted fields - Market size and forecast 2023-2028 ($ million)
- Data Table on Depleted fields - Market size and forecast 2023-2028 ($ million)
- Chart on Depleted fields - Year-over-year growth 2023-2028 (%)
- Data Table on Depleted fields - Year-over-year growth 2023-2028 (%)
6.4 Aquifer reservoir - Market size and forecast 2023-2028
- Chart on Aquifer reservoir - Market size and forecast 2023-2028 ($ million)
- Data Table on Aquifer reservoir - Market size and forecast 2023-2028 ($ million)
- Chart on Aquifer reservoir - Year-over-year growth 2023-2028 (%)
- Data Table on Aquifer reservoir - Year-over-year growth 2023-2028 (%)
6.5 Salt caverns - Market size and forecast 2023-2028
- Chart on Salt caverns - Market size and forecast 2023-2028 ($ million)
- Data Table on Salt caverns - Market size and forecast 2023-2028 ($ million)
- Chart on Salt caverns - Year-over-year growth 2023-2028 (%)
- Data Table on Salt caverns - Year-over-year growth 2023-2028 (%)
6.6 Market opportunity by Type
- Market opportunity by Type ($ million)
- Data Table on Market opportunity by Type ($ million)
7 Market Segmentation by Product
7.1 Market segments
- Chart on Product - Market share 2023-2028 (%)
- Data Table on Product - Market share 2023-2028 (%)
7.2 Comparison by Product
- Chart on Comparison by Product
- Data Table on Comparison by Product
7.3 Natural gas - Market size and forecast 2023-2028
- Chart on Natural gas - Market size and forecast 2023-2028 ($ million)
- Data Table on Natural gas - Market size and forecast 2023-2028 ($ million)
- Chart on Natural gas - Year-over-year growth 2023-2028 (%)
- Data Table on Natural gas - Year-over-year growth 2023-2028 (%)
7.4 Hydrogen - Market size and forecast 2023-2028
- Chart on Hydrogen - Market size and forecast 2023-2028 ($ million)
- Data Table on Hydrogen - Market size and forecast 2023-2028 ($ million)
- Chart on Hydrogen - Year-over-year growth 2023-2028 (%)
- Data Table on Hydrogen - Year-over-year growth 2023-2028 (%)
7.5 Others - Market size and forecast 2023-2028
- Chart on Others - Market size and forecast 2023-2028 ($ million)
- Data Table on Others - Market size and forecast 2023-2028 ($ million)
- Chart on Others - Year-over-year growth 2023-2028 (%)
- Data Table on Others - Year-over-year growth 2023-2028 (%)
7.6 Market opportunity by Product
- Market opportunity by Product ($ million)
- Data Table on Market opportunity by Product ($ million)
8 Customer Landscape
8.1 Customer landscape overview
- Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
- Chart on Market share by geography 2023-2028 (%)
- Data Table on Market share by geography 2023-2028 (%)
9.2 Geographic comparison
- Chart on Geographic comparison
- Data Table on Geographic comparison
9.3 Europe - Market size and forecast 2023-2028
- Chart on Europe - Market size and forecast 2023-2028 ($ million)
- Data Table on Europe - Market size and forecast 2023-2028 ($ million)
- Chart on Europe - Year-over-year growth 2023-2028 (%)
- Data Table on Europe - Year-over-year growth 2023-2028 (%)
9.4 North America - Market size and forecast 2023-2028
- Chart on North America - Market size and forecast 2023-2028 ($ million)
- Data Table on North America - Market size and forecast 2023-2028 ($ million)
- Chart on North America - Year-over-year growth 2023-2028 (%)
- Data Table on North America - Year-over-year growth 2023-2028 (%)
9.5 APAC - Market size and forecast 2023-2028
- Chart on APAC - Market size and forecast 2023-2028 ($ million)
- Data Table on APAC - Market size and forecast 2023-2028 ($ million)
- Chart on APAC - Year-over-year growth 2023-2028 (%)
- Data Table on APAC - Year-over-year growth 2023-2028 (%)
9.6 Middle East and Africa - Market size and forecast 2023-2028
- Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
- Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
- Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
- Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
9.7 South America - Market size and forecast 2023-2028
- Chart on South America - Market size and forecast 2023-2028 ($ million)
- Data Table on South America - Market size and forecast 2023-2028 ($ million)
- Chart on South America - Year-over-year growth 2023-2028 (%)
- Data Table on South America - Year-over-year growth 2023-2028 (%)
9.8 US - Market size and forecast 2023-2028
- Chart on US - Market size and forecast 2023-2028 ($ million)
- Data Table on US - Market size and forecast 2023-2028 ($ million)
- Chart on US - Year-over-year growth 2023-2028 (%)
- Data Table on US - Year-over-year growth 2023-2028 (%)
9.9 Rusia - Market size and forecast 2023-2028
- Chart on Russia - Market size and forecast 2023-2028 ($ million)
- Data Table on Russia - Market size and forecast 2023-2028 ($ million)
- Chart on Russia - Year-over-year growth 2023-2028 (%)
- Data Table on Russia - Year-over-year growth 2023-2028 (%)
9.10 Germany - Market size and forecast 2023-2028
- Chart on Germany - Market size and forecast 2023-2028 ($ million)
- Data Table on Germany - Market size and forecast 2023-2028 ($ million)
- Chart on Germany - Year-over-year growth 2023-2028 (%)
- Data Table on Germany - Year-over-year growth 2023-2028 (%)
9.11 Canada - Market size and forecast 2023-2028
- Chart on Canada - Market size and forecast 2023-2028 ($ million)
- Data Table on Canada - Market size and forecast 2023-2028 ($ million)
- Chart on Canada - Year-over-year growth 2023-2028 (%)
- Data Table on Canada - Year-over-year growth 2023-2028 (%)
9.12 Ukraine - Market size and forecast 2023-2028
- Chart on Ukraine - Market size and forecast 2023-2028 ($ million)
- Data Table on Ukraine - Market size and forecast 2023-2028 ($ million)
- Chart on Ukraine - Year-over-year growth 2023-2028 (%)
- Data Table on Ukraine - Year-over-year growth 2023-2028 (%)
9.13 Market opportunity by geography
- Market opportunity by geography ($ million)
- Data Tables on Market opportunity by geography ($ million)
10 Drivers, Challenges, and Opportunity/Restraints
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
- Impact of drivers and challenges in 2023 and 2028
10.4 Market opportunities/restraints
11 Competitive Landscape
11.1 Overview
11.2 Competitive Landscape
- Overview on criticality of inputs and factors of differentiation
11.3 Landscape disruption
- Overview on factors of disruption
11.4 Industry risks
- Impact of key risks on business
12 Competitive Analysis
12.1 Companies profiled
- Companies covered
12.2 Market positioning of companies
- Matrix on companies position and classification
12.3 AtkinsRealis Group Inc
- AtkinsRealis Group Inc - Overview
- AtkinsRealis Group Inc - Business segments
- AtkinsRealis Group Inc - Key offerings
- AtkinsRealis Group Inc - Segment focus
12.4 Cardinal Gas Storage
- Cardinal Gas Storage - Overview
- Cardinal Gas Storage - Product / Service
- Cardinal Gas Storage - Key offerings
12.5 Centrica Plc
- Centrica Plc - Overview
- Centrica Plc - Business segments
- Centrica Plc - Key offerings
- Centrica Plc - Segment focus
12.6 Chiyoda Corp.
- Chiyoda Corp. - Overview
- Chiyoda Corp. - Business segments
- Chiyoda Corp. - Key news
- Chiyoda Corp. - Key offerings
- Chiyoda Corp. - Segment focus
12.7 EARTHWORKS
- EARTHWORKS - Overview
- EARTHWORKS - Product / Service
- EARTHWORKS - Key offerings
12.8 Enbridge Inc.
- Enbridge Inc. - Overview
- Enbridge Inc. - Business segments
- Enbridge Inc. - Key news
- Enbridge Inc. - Key offerings
- Enbridge Inc. - Segment focus
12.9 ENGIE SA
- ENGIE SA - Overview
- ENGIE SA - Business segments
- ENGIE SA - Key news
- ENGIE SA - Key offerings
- ENGIE SA - Segment focus
12.10 Japan Petroleum Exploration Co. Ltd.
- Japan Petroleum Exploration Co. Ltd. - Overview
- Japan Petroleum Exploration Co. Ltd. - Business segments
- Japan Petroleum Exploration Co. Ltd. - Key offerings
- Japan Petroleum Exploration Co. Ltd. - Segment focus
12.11 KAPPA Engineering
- KAPPA Engineering - Overview
- KAPPA Engineering - Product / Service
- KAPPA Engineering - Key offerings
12.12 Mitsubishi Heavy Industries Ltd.
- Mitsubishi Heavy Industries Ltd. - Overview
- Mitsubishi Heavy Industries Ltd. - Business segments
- Mitsubishi Heavy Industries Ltd. - Key news
- Mitsubishi Heavy Industries Ltd. - Key offerings
- Mitsubishi Heavy Industries Ltd. - Segment focus
12.13 NAFTA as
- NAFTA as - Overview
- NAFTA as - Product / Service
- NAFTA as - Key offerings
12.14 Samsung Electronics Co. Ltd.
- Samsung Electronics Co. Ltd. - Overview
- Samsung Electronics Co. Ltd. - Business segments
- Samsung Electronics Co. Ltd. - Key news
- Samsung Electronics Co. Ltd. - Key offerings
- Samsung Electronics Co. Ltd. - Segment focus
12.15 SGS SA
- SGS SA - Overview
- SGS SA - Business segments
- SGS SA - Key news
- SGS SA - Key offerings
- SGS SA - Segment focus
12.16 TC Energy
- TC Energy - Overview
- TC Energy - Product / Service
- TC Energy - Key offerings
12.17 Tetra Tech Inc.
- Tetra Tech Inc. - Overview
- Tetra Tech Inc. - Business segments
- Tetra Tech Inc. - Key offerings
- Tetra Tech Inc. - Segment focus
Research Methodology
All our research reports employ a mixed-methods approach, leveraging both primary and secondary research techniques to develop a comprehensive and well-informed analysis. The methodology ensures a balanced perspective by combining data-driven insights with expert opinions.
1. Secondary Research
Secondary research formed the foundation of the study, offering a contextual understanding of the market landscape, historical trends, and existing data. This phase involved gathering and analyzing information from:
- Industry reports and whitepapers (e.g., McKinsey, Deloitte, Statista)
- Academic journals and case studies
- Company reports, investor presentations, and press releases
- Government databases and regulatory publications
- Trade publications, industry blogs, and news articles
2. Primary Research
To validate and complement secondary findings, extensive primary research was conducted. This included both quantitative data collection and qualitative insights, particularly through expert consultations.
a. Expert Consultations (Qualitative Primary Research)
In-depth interviews were conducted with a wide range of industry stakeholders, including:
- Industry experts and consultants
- Senior executives and decision-makers
- Product managers and supply chain professionals
- Academic researchers and analysts
b. Surveys and Questionnaires (Quantitative Primary Research)
Structured surveys were distributed among:
- End-users/consumers
- Retailers and distributors
- Business-to-business (B2B) buyers
3. Data Validation and Triangulation
Findings from secondary and primary sources were cross-validated through data triangulation to ensure accuracy, consistency, and reliability. This process involved comparing insights from different sources and reconciling discrepancies through expert feedback.
4. Analytical Tools and Frameworks
Various analytical models were applied to interpret the collected data:
- SWOT Analysis for understanding strengths, weaknesses, opportunities, and threats
- Porter’s Five Forces to assess market competitiveness
- PESTLE Analysis to evaluate external macroeconomic influences
- Forecasting Models using historical data trends and regression analysis
Conclusion
The combination of comprehensive secondary research and robust primary data collection—enhanced by expert consultations—ensured the development of a well-rounded and in-depth analysis. This approach enables strategic decision-making backed by both empirical evidence and industry expertise.
For detailed methodology for this particular report please write to us on info@syovi.com