According to the new research report published by The Insight Partners, titled “virtual pipeline systems market size is expected to reach US$ 1,886.83 million by 2028, registering at a CAGR of 9.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Increased investments in natural gas research and development by oil & gas and energy businesses are anticipated to provide significant 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 technological innovations, new product launches, product approvals, and geographic expansion to capture larger consumer and market base volume. In September 2019, Quantum Fuel Systems announced that it would build 40-foot virtual pipeline trailers, including 45 tanks with a gas capacity of ~471,000 cubic feet. The new VPLite45/40 virtual pipeline trailer was scheduled for launch in the first quarter of 2020. Similarly, in January 2022, Enric delivered 40 CNG and LNG semi-trailers to various African regions to provide support and service guarantees for developing natural gas in Africa. Furthermore, countries in Asia Pacific have significantly transitioned toward 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. Further, aging pipeline infrastructure has been a major concern for governments worldwide. As a result, they are striving to find alternatives to conventional methods of oil and gas transportation.
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The COVID-19 pandemic negatively affected the global virtual pipeline systems industry. The demand for liquid natural gas and hydrogen gas fell sharply due to lockdowns and travel bans in various parts of the world, especially China, India, and Europe. This decline in demand for LNG has prompted a reduction in the requirement for towable trailers and truck carriers in the market. During the COVID-19 pandemic, lockdowns slowed shipbuilding and construction of pipeline projects in the works, and companies delayed final investment decisions (FIDs) on potential natural gas and hydrogen supply projects by several years. Therefore, the global virtual pipeline systems market could face a supply shortfall in a few years, which appeared unlikely at the start of 2020 when planned projects with 186 million tons of capacity were in the pipeline.
Bayotech, Inc; CNG Services Ltd; Petroliam Nasional Berhad (PETRONAS); RAG Austria AG; Quantum Fuel Systems LLC; Galileo Technologies S.A.; Chart Industries, Inc.; SHIJIAZHUANG ENRIC GAS EQUIPMENT CO., LTD; Fiba Technologies Inc; Hexagon Agility; and Composite Advanced Technologies, LLC are among the key players operating in the virtual pipeline systems market. In addition, several other market players have been analyzed to understand the virtual pipeline systems market.
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