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North America Virtual Pipeline Systems Market Report 2022: Growing Inclination towards Consumption of Natural Gas Presents Opportunities
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DUBLIN, Jan. 24, 2023 /PRNewswire/ -- The "North America 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 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
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 intoCNG, 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.
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
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. North America Virtual Pipeline Systems Market Landscape
5. North America Virtual Pipeline Systems Market - Key Market Dynamics
6. Virtual Pipeline Systems - North America Market Analysis
7. North America Virtual Pipeline Systems Market - By Type
8. North America Virtual Pipeline Systems Market - By Gas
9. North America Virtual Pipeline systems Market - By Pressure Rating
10. North America Virtual Pipeline Systems Market - By Application
11. North America Virtual Pipeline Systems Market - Country Analysis
12. Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
- Galileo Technologies S.A.
- Bayotech, Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Quantum Fuel Systems LLC.
- Chart Industries, Inc.
- Fiba Technologies Inc.
- Hexagon Agility
- Composite Advanced Technologies, LLC.
For more information about this report visit https://www.researchandmarkets.com/r/o3n225
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