Dublin, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The "North America Virtual Pipeline Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Equipment Type, Gas, and Application" report has been added to ResearchAndMarkets.com's offering.
The North America Virtual Pipeline Equipment Market is projected to reach US$ 663.73 million by 2028 from US$ 431.97 million in 2022; it is estimated to grow at a CAGR of 7.4% from 2022 to 2028.
Growing energy demand and rising gas exploration activities in North America are expected to boost the virtual pipeline equipment market growth. In addition, the growing shift from conventional pipeline infrastructure to virtual pipeline equipment is anticipated to fuel the virtual pipeline equipment market growth over the forecast period. Virtual pipelines offer flexibility in transporting natural gas and remove the need for large physical pipeline installations. Thus, virtual pipeline equipment are gaining more traction in the oil & gas industry.
R&D activities are driven by their goal of promoting the use of low-emission natural gas products. Countries such as Mexico witnessed an increase by 400 MMcf/day in natural gas production in November 2022 as compared to November 2021. Massive natural gas production in North American countries would continue to assist in the demand for virtual pipeline equipment .
Virtual pipeline vendors focus on technology innovations, new product launches, investment on natural gas, product approvals, and geographic expansion to capture larger consumer and market base volume. For instance:
- In November 2022, Pemex (a Mexican state oil company) and New Fortress Energy (NFE) (a US-based LNG company) signed a service contract to upscale pipeline output while lowering dependency on imports. NFE and Pemex aim to develop a liquefaction project at the Lakach gas field (Mexico).
- In December 2021, TC Energy Corp and Comision Federal de Electricidad (CFE) inked an agreement to make advancements in arbitration proceedings, complete stalled projects, and consolidate underlying natural gas transport contracts within a single agreement with a levelized toll. Yucatan Peninsula has been witnessing chronic gas shortages owing to stagnant domestic production. Therefore, CFE and TC Energy Corp. have decided to develop a new offshore natural gas pipeline to provide Yucatan Peninsula with natural gas.
The virtual pipeline equipment market is mainly dominated by players such as ANGI Energy Systems, Inc.; Quantum Fuel Systems LLC.; Hexagon Agility; BROADWIND INC; Galileo Technologies S.A.; Chesapeake Utilities Corp; STABILIS SOLUTIONS, INC; Algas-SDI; Cobey Inc; and CRYOPEAK. Further, these players expand their business through new product launches, market initiatives, investment in technological upgrades, mergers & acquisitions, and other joint activities.
For instance, in December 2021, Certarus Ltd. secured industry-leading virtual pipeline trailers for hydrogen from Quantum Fuel Equipment, a fully integrated alternative energy firm. Quantum's VPLite-H45/40' trailers, with a gas mass of 803 kg at 3,600 pressures, were delivered to Certarus (248 bar). The trailers are permitted for use in both Canada and the US.
Virtual pipeline equipment market players are following both organic and inorganic growth strategies to sustain the competitive edge. Numerous initiatives, such as investment in research and development and the formation of virtual reality (VR) simulator training centers, are expected to impact the virtual pipeline equipment market growth positively.
Market Dynamics
Market Drivers
- Increasing Energy Demands
- Rising Shale Gas Extraction
Market Restraints
- Significant Dominance of Conventional Pipeline Infrastructure
Market Opportunities
- Growing Inclination Toward Consumption of Natural Gas
Future Trends
- Growing Investment in VPE Technologies
| Report Attribute | Details |
| No. of Pages | 121 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value in 2022 | 431.97 million |
| Forecasted Market Value by 2028 | 663.73 million |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | North America |
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Virtual Pipeline Equipment Market Landscape
5. Virtual Pipeline Equipment Market - Key Market Dynamics
6. Virtual Pipeline Equipment - North America Market Analysis
7. Virtual Pipeline Equipment Market - by Equipment Type
8. Virtual Pipeline Equipment Market - by Gas
9. Virtual Pipeline Equipment Market - by Application
10. Virtual Pipeline Equipment Market - Regional Analysis
11. Virtual Pipeline Equipment Market - COVID-19 Impact Analysis
12. Industry Landscape
13. Company Profiles
14. Appendix
A selection of companies mentioned in this report includes
- ANGI Energy Systems, Inc.
- Quantum Fuel Systems LLC.
- Hexagon Agility
- BROADWIND INC
- Galileo Technologies S.A.
- Chesapeake Utilities Corp
- STABILIS SOLUTIONS, INC
- Algas-SDI
- Cobey Inc
- CRYOPEAK.
For more information about this report visit https://www.researchandmarkets.com/r/iyevcd-america?w=12
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