Report : North America Virtual Pipeline Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Equipment Type (Decompression Units, Compression Units, Transportation Units, and Dispensing Units), Gas (CNG, Hydrogen, RNG, and Others), and Application (Utility Pipeline/Pipeline Repair, Industrial, Transportation, Commercial & Residential, and Fracking)
Growing Inclination Toward Consumption of Natural Gas to Provide Lucrative Opportunities for Virtual Pipeline Equipment Market
According to our new research study on “North America Virtual Pipeline Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Equipment Type, Gas, Application, and Geography,” the market is projected to reach US$ 663.73 million by 2028 from US$ 431.97 million in 2022; it is estimated to grow at a CAGR of 7.4% from 2022 to 2028.
The US, Canada, and Mexico are among the major economies in North America. The growth of the virtual pipeline equipment market in North America is mainly ascribed to the rising LNG trade, ongoing natural gas infrastructure expansion, and increased gas-based energy generation capacities. There are more than 110 LNG plants in the US. Several facilities export natural gas to other countries, while others deliver natural gas to the interstate pipeline system or local distribution companies. Apart from these, others store natural gas for peak periods. Increasing projects are likely to grab the opportunities presented by increased natural gas demands, which would drive the virtual pipeline equipment market in the coming years.
New projects and significant shale gas production in the Permian Basin will enhance the region's overall development. According to the IEA, in 2021, natural gas production in the US increased by 2% and reached 118.8 billion cubic feet per day (Bcf/day) in December 2021—the highest on records.
Major virtual pipeline equipment market players operating in North America are CERTARUS LTD., THROTTLE ENERGY INC. TECHNOLOGY, Clean Fuel Connection Inc., Compass Natural Gas, NG Advantage (a subsidiary of Clean Energy Fuels), CNG Delivery, TX Energy Drilling Corporation, and Corban Energy Group. Many companies have been drawn to the strong production potential held by North America, which has led to significant expenditure on the construction of natural gas pipeline infrastructure.
The major stakeholders in the global virtual pipeline equipment market ecosystem include natural gas production, transportation by pipeline, liquefaction at an LNG facility, shipping by an LNG carrier, and regasification at an LNG facility. The chain starts with the exploration and production of natural gas. It includes extracting unprocessed natural gas from gas reserves, rough on-site processing, and bringing the gas from the site of extraction to a processing facility. LNG is most transported in large quantities by designated ships called LNG carriers.
The virtual pipeline equipment market has been analyzed based on the following segments—equipment type, gas, application, and geography. Based on equipment type, the virtual pipeline equipment market is segmented into below decompression units, compression units, transportation units, dispensing units. The transportation units segment dominates the market due increasing demand for trailers at remote and rural locations. Based on gas, the virtual pipeline equipment market is segmented into CNG, hydrogen, RNG, and others. The CNG segment accounted for the largest share in 2022 for the virtual pipeline equipment market. Based on application, the virtual pipeline equipment market is segmented into utility pipeline/pipeline repair, industrial, transportation, commercial & residential, and fracking. The transportation segment accounted for the largest share of the virtual pipeline equipment market growth in 2022.
Impact of COVID-19 Pandemic on Virtual Pipeline Equipment Market Analsysis
The demand for liquid natural gas and hydrogen gas fell sharply due to widespread quarantine measures in various parts of the world, including North America. The decline in demand for LNG resulted in reduced need of towable trailers and truck carriers for virtual pipeline equipment. During the COVID-19 pandemic, lockdowns slowed shipbuilding, construction of pipeline projects, and companies delayed final investment decisions (FIDs) on potential natural gas and hydrogen supply projects in 2020. Therefore, the North America virtual pipeline equipment market has faced a supply shortfall in 2020. Virtual pipelines are essential in providing transportation services of natural gas for consumer and industrial uses.
ANGI Energy Systems, Inc.; Quantum Fuel Systems LLC.; Hexagon Agility; BROADWIND INC; Galileo Technologies S.A.; Chesapeake Utilities Corp; STABILIS SOLUTIONS, INC; Algas-SDI; Cobey Inc; and CRYOPEAK are among the key players operating in the virtual pipeline equipment market. In addition, several other market players have been analyzed to understand the virtual pipeline equipment market growth.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com