The Energy Information Administration (EIA) predicts that natural gas consumption in the world will increase 28% between 2015 and 2040.
In the US, states such as New York have sought to add natural gas infrastructure projects to boost supply. For this reason, companies also need to invest in storage equipment. This includes tanks compliant with API 653 design standards. This should prepare manufacturers for an expected increase in consumption.
The International Energy Outlook 2017 report attributes most of the projected growth to consumption from non-members of the Organization for Economic Cooperation and Development (OECD), including those in Asia. Countries such as China and India, where strong economies drive demand, would account for over 60% of the overall increase in natural gas consumption.
Renewable and nuclear energy sources may grow faster than fossil fuels. However, EIA expects that the latter will still account for more than 75% of global energy consumption by 2040. Natural gas, for instance, emerged as the expected top-performing resource. Its consumption rises by 1.4% every year.
The Valley Pipeline project supports New York’s heavy reliance on natural gas. As such, it somehow reflects the EIA report’s expected increase in total consumption. API New York said that the state is the fourth biggest market in the US. It has more than 4.4 million households, 398,000 businesses and 6,000 industrial consumers relying on the fossil fuel.
The project moved closer to reality following approval from the Federal Energy Regulatory Commission (FERC). The approval came after the FERC waived the state department of environmental conservation authority under Section 401 of the Clean Water Act.
As global natural gas consumption increases, the public and private sectors in the US should invest in different storage solutions. This will ensure households and businesses will still be energy-independent in the future.