Rising Shale Gas Extraction Driving Demand for Virtual Pipeline System
Continuous advancements in shale drilling technologies have made shales the next reliable energy resource. Shale gas can be utilized as a greener energy option in countries that are dependent on coal as an energy source, as it emits less carbon than coal. Shale gas production has resulted in the abundance of natural gas supply across the region. The European Union (EU) is already profiting from the US shale gas boom owing to an increased supply of liquefied natural gas bond for the US and better contractual circumstances for pipeline imports. A new generation of shale gas exploitation methods, with lower costs and fewer environmental footprints, might make indigenous shale gas reserves in the EU appealing in the long term after 2030. Therefore, the increase in shell gas exploration and extraction projects due to developments in related technologies, coupled with the availability of many reserves, is boosting the demand for virtual pipeline systems, thereby boosting the market growth.
Market Overview
Germany, France, the UK, and Italy are among the major economies in Europe. Old pipeline infrastructure and stringent emission control regulations are the two significant factors driving the growth of the virtual pipeline system market in this region. Although the region has a large and rapidly growing pipeline infrastructure, it lacks a modern touch as the existing pipeline systems were set up decades ago. The proliferation of the natural gas sector in response to the growing concerns about sustainability, and the subsequent surge in demand for the transportation of energy resources, benefit the virtual pipeline system market in the region Energy supply sources choose pipes as a preferred mode of transportation due to their universal acceptance. Moreover, governments of several countries have taken various steps to offer notice to industries, comprising oil and gas. Norway and Russia have maintained their position as natural gas suppliers, whereas Germany, France, and Italy are the main importers of natural gas. Thus, many offshore projects for oil & gas would accelerate the demand for the virtual pipeline system market. The European Union is committed to reducing its carbon emissions to meet its EU2020 goal. Private and government organizations are investing heavily in virtual pipelines to supply cleaner energy. Moreover, to fulfil the increased energy demands of the UK, Germany, Italy, and France, among others, Russia is investing significantly in natural gas production.
Europe Virtual Pipeline Systems Market Segmentation
The Europe virtual pipeline systems market is segmented into type, gas, pressure rating, application, and country.
Based on type, the market is segmented into standard trailer and towable trailer. The standard trailer segment registered a larger market share in 2022.
Based on gas, the market is segmented into CNG, hydrogen, and others. The CNG segment held the largest market share in 2022.
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 the largest market share in 2022.
Based on application, the market is segmented into industrial, transportation, and commercial & residential. The transportation segment held the largest market share in 2022.
Based on country, the market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the market share in 2022.
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 are the leading companies operating in the virtual pipeline systems market in the region.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 282.32 Million |
| Market Size by 2028 | US$ 434.58 Million |
| CAGR (2022 - 2028) | 7.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Virtual Pipeline Systems Market is valued at US$ 282.32 Million in 2022, it is projected to reach US$ 434.58 Million by 2028.
As per our report Europe Virtual Pipeline Systems Market, the market size is valued at US$ 282.32 Million in 2022, projecting it to reach US$ 434.58 Million by 2028. This translates to a CAGR of approximately 7.5% during the forecast period.
The Europe Virtual Pipeline Systems Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Virtual Pipeline Systems Market report:
The Europe Virtual Pipeline Systems Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Virtual Pipeline Systems Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Virtual Pipeline Systems Market value chain can benefit from the information contained in a comprehensive market report.
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