Report : Asia Pacific Virtual Pipeline Systems Market Forecast to 2028 - COVID-19 Impact and Regional 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), and Application (Industrial, Transportation, and Commercial & Residential)
At 9.1% CAGR, the Asia Pacific Virtual Pipeline Systems Market is speculated to be worth US$ 700.41 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific virtual pipeline systems market was valued at US$ 414.22 million in 2022 and is expected to reach US$ 700.41 million by 2028, registering a CAGR of 9.1% from 2022 to 2028. Increasing energy demands creating need for virtual pipeline systems and rising shale gas extraction driving demand for virtual pipeline system are the critical factors attributed to the market expansion.
China and India mainly drive this growth, and both registered a significant increase of 10ch. With the exception of Japan, most countries in the region are expected to continue to grow in demand through 2024. Furthermore, in recent times, natural gas has gained prominence as it burns cleaner than conventional fossil fuels, such as coal, gasoline, and diesel. The world is facing serious repercussions of Asia Pacific warming, which is compelling a shift toward cleaner energy sources and natural gas. Virtual pipelines allow natural gas companies to extend their reach beyond their local market, thereby allowing them to expand their footprint. Virtual pipelines are designed for the land transport of gas shipments in containers by rail or road; they can also be transported on the water in coastal tankers and river ships. These systems can be employed to supply natural gas to power plants and private customers who cannot participate in pipeline development due to geological constraints. Virtual pipelines provide flexibility in transporting natural gas along with eliminating the need for large physical pipeline installations. The deployment of physical pipelines is not always feasible due to terrain or geopolitical issues, which further drives the virtual pipeline market.
On the contrary, significant dominance of conventional pipeline infrastructure hampers Asia Pacific virtual pipeline systems market.
Based on type, the market is segmented into standard trailer and towable trailer. The standard trailer segment held 84.64% market share in 2022, amassing US$ 350.61 million. It is projected to garner US$ 589.38 million by 2028 to expand at 9.0% CAGR during 2022–2028.
Based on gas, the market is segmented into CNG, hydrogen, and others. The CNG segment held 47.43% market share in 2022, amassing US$ 196.48 million. It is projected to garner US$ 308.59 million by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on pressure rating, the market is segmented into less than 3000 Psi, 3001 Psi to 5000 Psi, and more than 5001 Psi. The 3001 Psi to 5000 Psi segment held 64.91% market share in 2022, amassing US$ 268.87 million. It is projected to garner US$ 463.86 million by 2028 to expand at 9.5% CAGR during 2022–2028.
Based on application, the market is segmented into industrial, transportation, and commercial & residential. The transportation segment held 66.67% market share in 2022, amassing US$ 276.18 million. It is projected to garner US$ 476.49 million by 2028 to expand at 9.5% CAGR during 2022–2028.
Based on country, the Asia Pacific virtual pipeline systems market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 32.18% market share in 2022. It was assessed at US$ 133.31 million in 2022 and is likely to hit US$ 242.09 million by 2028, exhibiting a CAGR of 10.5% during the forecast period.
Key players dominating the Asia Pacific virtual pipeline systems market are Galileo Technologies S.A.; Bayotech, Inc.; Petroliam Nasional Berhad (PETRONAS); RAG Austria AG; Quantum Fuel Systems LLC.; Chart Industries, Inc.; SHIJIAZHUANG ENRIC GAS EQUIPMENTCO.LTD; Fiba Technologies Inc.; Hexagon Agility; and Composite Advanced Technologies, LLC.
- In 2022; H&P makes a cornerstone investment of $33 million into Galileo Technologies, supporting Galileo’s unique technology platform focused on decarbonisation of the energy supply chain. The companies also plan to identify and pursue business development opportunities which, if successful, have the potential to reduce fuel costs and carbon emissions from power consumption on well-sites.
- In 2022; PETRONAS delivered 1,000 tonnes of liquefied natural gas (LNG) using its Virtual Pipeline System & 40 VPS & 41 technology. The creative PETRONAS solution, which started operating in 2020, has provided off-grid consumers with over 16 million kg of low carbon energy using vehicles outfitted with cryogenic tanks.
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