US gas companies have said that the world’s biggest gas storage boom is about to get even bigger.
New technologies are making storage cheaper and easier to install, making it easier for smaller gas companies to access cheap gas.
“Gas storage is here to stay, and that means that in the future it will grow significantly,” David Houghton, senior vice president for energy at NRG Energy, told Bloomberg TV on Tuesday.
The market for natural gas storage, which is currently dominated by utilities, has grown by about 70% a year for the past six years.
The growth in the storage market is driven by a combination of new technology and a growing number of storage projects in the United States, Europe and Japan.
The US is home to about a quarter of the worlds gas storage capacity, according to a report by the Energy Information Administration, or EIA.
There are currently more than 400 gas storage projects and about 1,000 active gas storage facilities in the US, according the EIA, up from about 500 projects in 2016.
That includes more than 1,500 large gas storage storage facilities that have been operational since 2008, according an EIA report.
“I think we’re going to see a lot more storage coming in the coming years,” Michael Smith, chief executive officer at the National Gas Storage Association, said in a Bloomberg TV interview.
Natural gas storage has a number of different components, including storage tanks, compressor stations, pumps and pipelines, and storage units.
The EIA also expects to see more than 700,000 new gas storage terminals in the pipeline over the next five years.
In the past year, there have been several big infrastructure investments in the natural gas market.
The California Department of Resources and Energy announced last week that it has built a gas storage project in the state’s Sierra Nevada mountains, which will provide up to 1,400 megawatts of storage capacity.
In August, the E&P Power Corporation announced a $8.4 billion project to build a gas processing plant and an electric vehicle charging station in Arizona.