London, 30 March 2015 –The Global Natural Gas Storage Market is expected to post a CAGR of 6.02 percent from 2015-2019, according to a new report from research firm Technavio.
Growing concern about energy security is a major factor driving market growth in this sphere. Many governments worldwide procure and store natural gas to ensure a stable energy supply in their countries, and to reduce dependency on other conventional fuels.
“The demand for natural gas is increasing worldwide because of growing population, economic growth in various geographies and rapid industrialization and urbanization,” says Faisal Ghaus, Vice President of Technavio.
The new Technavio report draws attention towards liquefied natural gas (LNG) exports that are increasing to fulfill growing energy demand. In countries like Japan and India, domestic gas production is insufficient to meet rising energy demand. Therefore, such countries are dependent on LNG from major gas-producing nations to meet their energy needs.
“LNG is also used for the storage of natural gas during the liquefaction and regasification processes and hence, growth in the LNG market is expected to propel the Global Natural Gas Storage Market during the forecast period,” says Ghaus.
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