Report : North America 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 7.8% CAGR, the North America Virtual Pipeline Systems Market is speculated to be worth US$ 524.37 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America virtual pipeline systems market was valued at US$ 334.17 million in 2022 and is expected to reach US$ 524.37 million by 2028, registering a CAGR of 7.8% from 2022 to 2028. Increasing energy demands creating need for virtual pipeline systems and rising shale gas extraction are the critical factors attributed to the market expansion.
According to the latest edition of the IEA's semiannual report on electricity markets, the North America energy demand increased by ~5% in 2021 after a drop of 1% in 2020 as an impact of the COVID-19 pandemic. The demand is expected to grow by 4% in 2022, mainly due to a recovering North America economy, leading the way. 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 North America 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 North America virtual pipeline systems market.
Based on type, the market is segmented into standard trailer and towable trailer. The standard trailer segment held 84.89% market share in 2022, amassing US$ 283.67 million. It is projected to garner US$ 442.10 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on gas, the market is segmented into CNG, hydrogen, and others. The CNG segment held 52.60% market share in 2022, amassing US$ 175.78 million. It is projected to garner US$ 269.82 million by 2028 to expand at 7.4% 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 62.60% market share in 2022, amassing US$ 209.18 million. It is projected to garner US$ 329.30 million by 2028 to expand at 7.9% CAGR during 2022–2028.
Based on application, the market is segmented into industrial, transportation, and commercial & residential. The transportation segment held 61.60% market share in 2022, amassing US$ 205.84 million. It is projected to garner US$ 334.30 million by 2028 to expand at 8.4% CAGR during 2022–2028.
Based on country, the North America virtual pipeline systems market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.44% market share in 2022. It was assessed at US$ 265.45 million in 2022 and is likely to hit US$ 408.96 million by 2028, exhibiting a CAGR of 7.5% during the forecast period.
Key players dominating the North America virtual pipeline systems market are Galileo Technologies S.A.; Bayotech, Inc.; Petroliam Nasional Berhad (PETRONAS); Quantum Fuel Systems LLC.; Chart Industries, Inc.; 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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