Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Asia Pacific Virtual Pipeline Systems Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type, Gas, Pressure Rating, and Application" report has been added to ResearchAndMarkets.com's offering.
The virtual pipeline systems market in Asia Pacific is expected to grow from US$ 414.22 million in 2022 to US$ 700.41 million by 2028. It is estimated to grow at a CAGR of 9.1% from 2022 to 2028.
Growing Inclination towards Consumption of Natural Gas
Increased investments in natural gas research and development by oil & gas and energy businesses are anticipated to provide significant growth opportunities for the future growth of companies in the virtual pipeline system market. These R&D activities are mainly driven by their goal of promoting the use of low-emission natural gas products. Virtual pipeline vendors focus on technology innovations, new product launches, product approvals, and geographic expansion to capture larger consumer and market base volume.
Furthermore, Asia Pacific countries have significantly transitioned towards natural gas consumption. For instance, Malaysia is on course to becoming an LNG bunkering hub, with Petronas' first LNG bunkering vessel (LBV). Malaysia is also expected to increase gas supply via its virtual pipeline system (VPS). In September, national gas company Petronas launched its first LNG VPS solution in Peninsular Malaysia via the regasification terminal in Pengerang, Johor.
This follows the earlier success of micro-LNG VPS facilities by Sabah Energy Corp at the Kota Kinabalu Industrial Park (KKIP) that serves the Sabah state. Hence, the rising transition toward natural gas is anticipated to create lucrative opportunities for the virtual pipeline system market. Further, aging pipeline infrastructure has been a major concern for governments across the region.
As a result, they are striving to find alternatives to the conventional methods of oil and gas transportation. Hence, strict government regulations for ensuring environmental protection from carbon emissions and oil spills are anticipated to create lucrative opportunities for the virtual pipeline market vendors.
Market Overview
Asia Pacific Virtual Pipeline Systems Market Segmentation
The Asia Pacific 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 held 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 China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China dominated the market share in 2022.
Market Dynamics
Market Drivers
- Increasing Energy Demands Creating Need for Virtual Pipeline Systems
- Rising Shale Gas Extraction Driving Demand for Virtual Pipeline System
Market Restraints
- Significant Dominance of Conventional Pipeline Infrastructure
Market Opportunities
- Growing Inclination towards Consumption of Natural Gas
Future Trends
- Growing Investment in VPS Technologies
| Report Attribute | Details |
| No. of Pages | 117 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $414.22 Million |
| Forecasted Market Value (USD) by 2028 | $700.41 Million |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Asia Pacific |
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Asia Pacific Virtual Pipeline Systems Market Landscape
5. Asia Pacific Virtual Pipeline Systems Market - Key Market Dynamics
6. Virtual Pipeline Systems - Asia Pacific Market Analysis
7. Asia Pacific Virtual Pipeline Systems Market - By Type
7.1 Overview
7.3 Standard Trailer
7.4 Towable Trailer
8. Asia Pacific Virtual Pipeline Systems Market - By Gas
8.1 Overview
8.2 Asia Pacific Virtual Pipeline Systems Market, By Gas (2021 and 2028)
8.3 CNG
8.4 Hydrogen
8.5 Others
9. Asia Pacific Virtual Pipeline systems Market - By Pressure Rating
9.1 Overview
9.2 Asia Pacific Virtual Pipeline Systems Market, By Pressure Rating (2021 and 2028)
9.3 Less than 3000 Psi
9.4 Psi to 5000 Psi
9.4.1 Overview
9.5 More than 5001 Psi
10. Asia Pacific Virtual Pipeline Systems Market - By Application
10.1 Overview
10.2 Asia Pacific Virtual Pipeline Systems Market, By Application (2021 and 2028)
10.3 Industrial
10.4 Transportation
10.5 Commercial & Residential
11. Asia Pacific Virtual Pipeline Systems Market - Country Analysis
12. Industry Landscape
13. Company Profiles
14. Appendix
A selection of companies mentioned in this report includes
- Galileo Technologies S.A.
- Bayotech, Inc.
- Petroliam Nasional Berhad (PETRONAS)
- RAG Austria AG
- Quantum Fuel Systems LLC.
- Chart Industries, Inc.
- SHIJIAZHUANG ENRIC GAS EQUIPMENT CO., LTD
- Fiba Technologies Inc.
- Hexagon Agility
- Composite Advanced Technologies, LLC.
For more information about this report visit https://www.researchandmarkets.com/r/8o6rli
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