Aging Infrastructure of Pipelines across the World Likely to Fuel Growth in Virtual Pipeline Systems Market
The products and solutions in the global virtual pipeline systems market are specifically designed in order to schedule timely shipments or oil and oil products from source to another location. This transportation takes place in seas, oceans, barges, or through costal tankers. Some of these shipments can also be transported through road or rail. The aging infrastructure of pipelines across the world is likely to fuel the growth in global virtual pipeline systems market. Furthermore, stringent restrictions pertaining to carbon emission control as well as fast paced industrialization are also two of the leading and major drivers for the expansion of the global virtual pipeline systems market in near future.
Furthermore, increase in the number of various programs and practices focusing on modernization of oil infrastructure as well as rising demand for effective and safe transportation of energy resources are also positively influencing the development trajectory in the global virtual pipeline systems market in coming years. stringent government regulations pertaining to environmental protection from carbon emissions as well as oil spills is also another strong motivator for the sales in the global virtual pipeline systems market. However, high cost of transportation of these valuable components through pressurized containers as well as high risk related to the entire transportation operation may act as barriers for the expansion of the global virtual pipeline systems market in coming years.
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On the other hand, rise in the investments aimed at research and development, increasing focus of oil and gas as well as energy industry players and stakeholders in endorsing the utilization of low emission based natural gas products, and increase in the concerns pertaining to renewability of energy sources may offer excellent growth and expansion opportunities to the players and manufacturers operational within the global virtual pipeline systems market. Players and manufacturers in the global virtual pipeline systems market are focused on technological innovations, new product launches, gaining product approvals, and geographical expansion in order to capture a larger consumer as well as market base.
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Global Virtual Pipeline Systems Market: Snapshot
Virtual pipeline systems are arranged shipments of gas from one point to another, either overland in containers by rail or road, or by water, in ocean-going or coastal tankers and barges. Virtual pipeline systems supply natural gas to industries that are either too geographically challenging to justify an investment in pipeline construction or too small for normal LNG large-scale carriers. Virtual pipeline systems supply natural gas to industries, electricity generation plants, and commercial & residential customers almost anywhere that are accessible by road or sea. According to the research report, the global virtual pipeline systems market is likely to be worth US$ 2,123.9 Mn by the end of 2027 from US$ 1,205.0 Mn in 2018. Between the forecast years of 2019 and 2027, the global market is expected to surge at a CAGR of 6.5%.
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Industrial Segment to Lead the Way with Varying Applications
The virtual pipeline systems market has been segmented on the basis of application and region. By application, the virtual pipeline systems market has been segregated into industrial, transportation, and commercial & residential. In terms of value, the industrial segment constituted more than 50% market share in 2018. It is further divided into sectors such as fertilizers, power generation, and other sectors that consistently in need of natural gas for smooth operations. On the other hand, the transportation segment includes automobiles, which use natural gas. The demand for natural gas-run automobiles is expected to remain are high as regulations regarding emissions are getting stricter. Implementation of government norms and laws to cut down greenhouse gases is projected to have positive impact on this segment in the forthcoming years. The commercial and residential segment require natural gas for cooling, space heating, and small scale power generation.
In terms of region, the virtual pipeline systems market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In 2018, North America dominated the virtual pipeline systems market with more than 40% share and is expected to follow the same trend during the forecast period. Asia Pacific is expected to follow this dominance closely in the coming years as China’s economy gains momentum. The sprawling network of virtual pipelines across the country due to extensive network of CNG stations are expected to put Asia Pacific virtual pipeline systems on the map.
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Developing Economies to Positively Influence Global Virtual Pipeline Systems Market as Demand for Cleaner Fuels Remains High
Furthermore, as developing countries such as India and China work towards achieving a cleaner environment, they are likely to be key users of natural gas. This emerging trend is expected to help Asia Pacific expand at a significant rate during the forecast period. The growing inclination toward using cleaner alternatives than fossil fuels is expected to play an important role in the growth of the regional market. The rising investments in natural gas in the developing economies of Asia Pacific is also expected to have a major influence on the overall market.
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