Virtual Pipeline Systems Market Size to Hit $1.88 Billion, Globally, by 2028 - Exclusive Report by The Insight Partners
Virtual Pipeline Systems Market is growing at a CAGR of 9.2% from 2022 to 2028.
Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Virtual Pipeline Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Standard Trailer and Towable Trailer), Gas (CNG, Hydrogen, and Others), Pressure Rating (Less than 3000 Psi, 3001 Psi to 5000 Psi, and More than 5001 Psi), Application (Industrial, Transportation, and Commercial & Residential), and Geography,” the market is projected to reach US$ 1.88 billion by 2028 from US$ 1.19 billion in 2022; the virtual pipeline systems market is estimated to grow at a CAGR of 9.2% from 2022 to 2028.
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The virtual pipeline system helps transfer natural gas, liquefied natural gas, and other gases through truck trailers. The main benefit of a virtual pipeline system is it provides gas supply to remote locations. Pipeline systems are essential in transporting liquid fuel and natural gas for consumer and industrial uses. However, supply-chain bottlenecks during the COVID-19 pandemic hindered the long-term recovery of the virtual pipeline systems market. Rebound in trade activities and increase in logistics operations post-pandemic are expected to accelerate the Virtual Pipeline Systems market growth in the coming years.
Favorable government initiatives to bolster the demand for natural gas supply in industrial and commercial areas are boosting the Virtual Pipeline Systems market growth. In the US, the rising government spending on the oil & gas industry with expansion of exploration and production activities is anticipated to positively impact the Virtual Pipeline Systems market. The Permian Basin's new project developments and significant shale gas production will enhance North America's overall development. According to the International Energy Agency (IEA), in 2021, the US natural gas production increased by 2% and reached 118.8 billion cubic feet per day (Bcf/d) in December 2021, the highest on record. The US leads in the use of feedstock for CNG and methanol. In addition, the virtual pipeline system developers have been attracted by low gas prices in the US, following the country's rapid increase in production. Further, aging pipeline infrastructure and stringent environmental emission rules are two significant factors that primarily drive the virtual pipeline system market. The rising consumption of energy is creating significant opportunities for the market. For instance, by 2050, Asia Pacific's energy consumption is anticipated to rise by up to 48%. According to the IEA, China will significantly contribute to global energy consumption by 2025.
Global Virtual Pipeline Systems Market Scope:
Market Size Value in | USD 1.19 Billion in 2022 |
Market Size Value by | USD 1.88 Billion by 2028 |
Growth rate | CAGR of 9.2% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
Segments covered | Offering, Type, End-User |
Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Virtual Pipeline Systems Market: Competitive Landscape and Key Developments
Baker Hughes, Certarus Ltd., CNG Services Ltd., Exxon Mobil Corporation, Galileo Technologies S.A., Hexagon Composites ASA, Luxfer Holdings PLC, Pentagon Energy LLC, Throttle Energy Inc., and Xpress Natural Gas LLC are among the key players in the virtual pipeline systems market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
In January 2021, Edge LLC commissioned liquefied natural gas (LNG) virtual pipelines to connect shale gas-producing fields to consumers of high horsepower equipment without the need to lay pipes. The company intends to distribute natural gas more competitively and efficiently than conventional pipelines in the Marcellus shale region.
Virtual Pipeline Systems Market: Type Overview
Based on type, the virtual pipeline systems market is segmented into below standard trailer and towable trailer. The below standard trailer segment accounted for a larger share of the virtual pipeline systems market in 2021, owing to an increase in demand for large-capacity gas carrier solutions. Moreover, the towable trailer segment is projected to grow at a faster pace during the forecast period, owing to small-scale projects requiring natural gas at peak times.
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Growing Investment in VPS Technologies
The advancement in technology is reducing the oil & gas industry's environmental impact substantially, from increased efficiency to reduced safety risk and travel. Oil and gas firms are paying attention to new emerging technologies because they can help them save energy, avoid oil spills and other catastrophes, and emit less carbon. For instance, Malaysian oil and gas company Petronas has launched a virtual LNG pipeline system, the "VPS"; solution via its refill terminal in Pengerang, Johor. The introduction of the VPS solution is part of Petronas' commitment to environmental sustainability and growth in natural gas use in Malaysia. By creating an ecosystem and establishing the necessary infrastructure, the company aims to deliver a cleaner, more competitive form of energy to power its businesses. Similarly, Galileo Technologies S.A., an Argentina-based company, introduced MAT technology for flexible storage and gas transportation. The MAT, Cryo-MAT, and MAT-B containers are at the heart of the system, and they help establish a flexible range of services for different types of consumers, whether their needs are characterized by volume, gas, logistics, or consumption locations. Their safety mechanisms meet the highest global standards for natural gas transport and storage equipment.
Impact of COVID-19 Pandemic on Virtual Pipeline Systems Market
In Europe, Russia's export of gas was drastically affected by the COVID-19 pandemic. Major European countries such as Germany, France, the UK, and Italy rely heavily on gas imports from Russia. In Europe, Brent crude oil prices fell by 75.0% in April 2020, mainly due to the COVID-19 pandemic-led supply chain bottleneck. Thus, reduced gas imports through the pipeline decreased gas production in producing countries such as Russia and Norway. According to the EIA data, Europe's capacity topped 150 million tons per anum (MTPA) since 2013; however, until 2019, imports of natural gas remained below 60 million tons as new natural gas supply volumes were pulled to higher-priced markets in Asia.
Most European Union countries have substantial within EU cross-border pipeline capacity that is not linked to Russia. For example, Germany has a total of 114 Bcm of capacity, while total annual consumption is 94 Bcm, according to the European Network of Transmission System Operators.
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