The virtual pipeline systems market in North America is expected to grow from US$ 334.17 million in 2022 to US$ 524.37 million by 2028. It is estimated to grow at a CAGR of 7.8% from 2022 to 2028.
Increasing Energy Demands Creating Need for Virtual Pipeline Systems
According to the latest edition of the IEA's semi-annual 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.
Market Overview
The United States is a major producer and user of gas on the North America market. Furthermore, the virtual pipeline systems industry in the region will be driven by rising LNG and CNG production through techniques like storage flexibility technology. Repsol, a North America energy corporation, revealed Indonesia's world's largest gas discovery in February 2019, with estimated recoverable resources of over 2 trillion cubic feet (TCF). As a result, gas transportation is in high demand due to rising investment in new oilfields and discoveries. Furthermore, it is experiencing high demand for virtual pipelines due to the growing demand for natural gas for remote areas and transportation purposes. The recent shale gas revolution has led the US to energy independence. As a result, an uninterrupted supply of natural gas and reliable transportation by virtual pipelines are gaining momentum in North America.
North America Virtual Pipeline Systems Market Revenue and Forecast to 2028 (US$ Million)
North America Virtual Pipeline Systems Market Segmentation
The North America 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 the 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 the US, Mexico, and Canada. The US dominated the market share in 2022.
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. are the leading companies operating in the virtual pipeline systems market in the region.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 334.17 Million |
| Market Size by 2028 | US$ 524.37 Million |
| CAGR (2022 - 2028) | 7.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Virtual Pipeline Systems Market is valued at US$ 334.17 Million in 2022, it is projected to reach US$ 524.37 Million by 2028.
As per our report North America Virtual Pipeline Systems Market, the market size is valued at US$ 334.17 Million in 2022, projecting it to reach US$ 524.37 Million by 2028. This translates to a CAGR of approximately 7.8% during the forecast period.
The North America 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 North America Virtual Pipeline Systems Market report:
The North America Virtual Pipeline Systems Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Virtual Pipeline Systems Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Virtual Pipeline Systems Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America Virtual Pipeline Systems Market
