Market Research Future (MRFR), in its research report, emphasizes that the global virtual pipeline market 2020 is slated to grow exponentially over the review period, ensuring substantial market valuation and a healthy 7.5% CAGR over the review period.
Drivers and Restraints
The driving factors for the global virtual pipeline market are increased natural gas demand, emerging markets as net importers and natural gas exporters, growing number of terminals for liquefaction and regasification, and obsolescence and inefficiency of existing infrastructure. Age-old pipeline infrastructure and strict environmental emission regulations are two important factors that mainly fuel the growth of the global market for virtual pipeline systems. While the new pipeline industry is enormous and growing day by day, the infrastructure needs to be modernized because the existing pipeline network has been built for decades. Another factor that is responsible for the tremendous increase in the demand for virtual pipeline systems is increasing demand for the transportation of energy resources. There are growing concerns over the renewability of energy sources and this concern has positively affected the natural gas industry. Given that physical pipelines are limited to certain areas and regions, they are not effective in areas that are technically impracticable and inaccessible. As a result, a virtual pipeline industry has quickly gained recognition, and the market is expected to expand rapidly in the coming years.
Although there are many factors that have a positive impact on the market of the virtual pipeline system, there are many risks associated with the transportation of natural gas and this particular factor is likely to pose a threat to the development of the virtual pipeline system.
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The major market players operating in the global market as identified by MRFR are-
- Kinder Morgan (U.S.)
- GE Oil and Gas (U.S.)
- Eniday (Italy)
- SUB161° (Australia)
- Galileo Technologies S.A. (Argentina)
- CNG Services Limited (U.K)
- SENER Group (Spain)
- Xpress Natural Gas LLC (U.S.)
- Pentagon Energy LLC (U.S.)
- OsComp Holdings LLC (U.S.)
- REV LNG LLC (U.S.)
- NG Advantage LLC (U.S.)
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The global virtual pipeline market has been segmented on the basis of fuel type, End-uses, mode of transport, and regions. Based on fuel type, the market is bifurcated as CNG and LNG. CNG segment dominates due to increased natural gas production and increased demand from the liquefaction terminals. In terms of the segment transport mode, the market is classified as truck, barge, rail, and ship. Ship segment holds the biggest market share due to increased net natural gas imports from developing countries. In 2017, total natural gas imports increased by 5.1% as compared to 2016. Based on end-use, global virtual pipeline market is categorized as commercial, residential,and industrial. Industrial segment is dominating the market due to augmented power generation from natural gas, and growing fertilizers industry.
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. The European region will dominate the market for virtual pipeline due to Growing demand for natural gas for generating power and heating spaces. The region needs better transport facilities for gas as the current physical pipelines have become outdated and require high maintenance and upgrade costs. Asia-Pacific is the fastest growing region, since the region’s developing nations are the net importers of natural gas.
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China itself was the largest consumer of natural gas in 2017, with industrialisation and urbanization projects expected to increase consumption. The region’s emerging markets, such as Indonesia and Pakistan, are also experiencing high demand for natural gas, which brings opportunities for virtual pipelines in Asia Pacific.