Pune, India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global virtual pipeline market size was valued at USD 0.99 billion in 2021 and USD 1.02 billion in 2022. The market is expected to reach USD 1.48 billion by 2029 with a CAGR of 5.4% during the forecast period. A virtual pipeline is the replacement of a physical pipeline where gas is transported to the delivery point by sea, road, rail, or incorporation of one or more of such modes of transport. Increasing demand for the enhanced gas pipeline is set to propel market growth. Fortune Business Insights™ shares this information in its report titled “Virtual Pipeline Market, 2022-2029.”
Key Companies Analyzed in report:
- Kinder Morgan (U.S.)
- Stabilis Solutions, Inc. (U.S.)
- Hexagon Agility (U.S.)
- Fiba Technologies (U.S.)
- Petronas (Malaysia)
- CNG Services (U.K.)
- Gas Malaysia (Malaysia)
- Galileo Technologies (Argentina)
- NG Advantage (Vermont)
- Marline Gas Services (U.S.)
- Snam (Italy)
- Certarus Ltd (Canada)
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Virtual Pipeline Market Overview:
| Market Study Period: | 2021-2029 |
| Global Virtual Pipeline Market Size in 2021 | USD 0.99 billion |
| Virtual Pipeline Market Forecast CAGR | 5.4 |
| Virtual Pipeline Market Size Forecast in 2029 | 1.48 Billion |
| Global Virtual Pipeline Market Growth Drivers: | Increasing Demand to Enhance Gas Pipeline to Spur Market Opportunities. Shifting Trend Toward Cleaner Energy Resources and Rising Demand for Natural Gas to Propel Market Growth. |
COVID-19 Impact:
Impact on the Supply Chain Activities During Pandemic to Have Negative Market Growth
The COVID-19 pandemic significantly impacted the natural gas industry due to decline in global economic activity and considerable disruption of global supply chains. This led to the downturn in demand for crude oil, natural gas, NGL, refined petroleum products, CO2, steel, chemicals, and other products. The lockdown led to drop in gas prices.
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Segments
CNG to Dictate as it is the Best Alternative to Costly Underground Pipelines
On the basis of fuel type, the market is divided into CNG, LNG, and others. CNG is anticipated to dominate as it is the best alternative to costly underground pipelines for transporting natural gas to remote locations. It can be used for distances up to 250 miles. Other types of fuels, such as hydrogen and renewable natural gas, are transported through virtual pipelines.
Transportation to Lead the Segment Owing to Need for Natural Gas
Based on application, the market is divided into transportation and industrial & commercial. The transportation segment is expected to have a major part due to the growing need for clean energy and the demand for natural gas. The transportation segment consists of natural gas distributors such as CNG & LNG stations.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Adoption of Clean Energy Resources to Drive Market Expansion
Trend for the adoption of cleaner energy resources and demand for natural gas is anticipated to drive the virtual pipeline market growth. The world has been facing threats of global warming resulting in a shifting trend toward cleaner energy resources, which has led to an increase in demand for natural gas. A virtual pipeline does not require massive installation of a physical pipeline, resulting in many cost savings of pipeline installation leading to market growth.
However, the rising adoption of renewable energy resources and volatility in gas prices are projected to obstruct market growth. Such adoption of renewable sources of energy had led to decreased investments in the crude oil industry.
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Regional Insights
North America to Lead Market Share Due to Presence of Numerous Key Players
North America is expected to govern the virtual pipeline market share due to them presence of many key players such as CERTARUS Ltd, Xpress Natural Gas, CNG Services, Edge Energy, and others. The key players offer pipeline services in the U.S., Canada, and Mexico.
The market growth in Asia Pacific is attributed to the presence of Gas Malaysia and Petronas in China and Malaysia.
Shift toward the adoption of hand clean energy with the adoption of CNG, LNG, and other clean energy fuels in Europe is set to have a noteworthy position in the market.
Competitive Landscape
Agreement Strategies by Key Players to Advance Market Course
Market participants have been investing in research and development activities, which are set to generate better returns. Leading companies have been opting for agreement strategies. In December 2021, Gas Malaysia Energy and Services Sdn. Bhd. (GMES), a subsidiary of Gas Malaysia, signed the Gas Sales Agreements (GSAs) with leading Malaysian gas company Petronas. The company has signed the agreement through its Marketing arm Petronas Energy & Gas Trading Sdn. Bhd. (PEGT). The deal will help in ensuring of supply of natural gas from PEGT in Malaysia.
Key Industry Development
August 2022: Kinder Morgan acquired North American Natural Resources, Inc. and its affiliated companies for USD 135 million. The acquisition includes seven quantities of landfill gas to power plants located in Michigan & Kentucky. Through this acquisition, Kinder Morgan makes the Final Investment Decision (FID) to convert 4 of the 7 gas to power plants to renewable natural gas plants at a capital expenditure of approximately USD 175 million
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on Virtual Pipeline Market
- Global Virtual Pipeline Market Analysis (USD Billion), Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Fuel Type
- CNG
- LNG
- Others
- Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Virtual Pipeline Market Analysis (USD Billion), Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Fuel Type
- CNG
- LNG
- Others
- Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- Market Analysis, Insights and Forecast – By Country
- US Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- Canada Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- US Market Analysis, Insights and Forecast – By Application
- Europe Virtual Pipeline Market Analysis (USD Billion), Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Fuel Type
- CNG
- LNG
- Others
- Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- Market Analysis, Insights and Forecast – By Country
- UK Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- Germany Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- Italy Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- Rest of Europe Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial & Commercial
- UK Market Analysis, Insights and Forecast – By Application
Continued…
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