Key Highlights
The global virtual pipeline systems is projected to rise at a CAGR of around 6.5% from 2019 to 2027. If this figure holds true, the global opportunities is anticipated to rise from US$ 1,205.0 Mn in 2018 to reach valuation worth US$ 2,123.9 Mn by the end of the forecast period.
Of the various applications of virtual pipeline systems, the industrial segment held the leading share, vis-à-vis revenue, in the global market in 2018. The growth of the segment is driven by extensive demand for these systems in the fertilizer and power generation industries over the assessment period.
Of the key regional markets for virtual pipeline systems, the opportunities in Asia Pacific is expected to expand at substantial growth rate over the assessment period. The growth is attributed to sizeable investments being made in natural gas monetization in several of the key economies of the region.
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Aging Physical Pipeline Infrastructures and Emission Control Norms drive Demand
The global virtual pipeline systems market is primarily driven by aging physical pipeline infrastructures in various parts of the world, coupled with stringent implementation of environmental emission control norms. The rising need for a flexible and reliable pipeline network to support or augment physical pipeline networks for natural gas is a key factor fueling the expansion of the market. The need follows the prominent trend of rising demand for transportation of energy sources across the world, notably for industrial power generation. The rising demand for a flexible virtual networks that use rail, road, and port shipments is catalyzing the rapid growth of the virtual pipeline systems market. Furthermore, the rising demand for renewable energy sources is expected to bolster investments of several oil and gas companies is a favorable trend in the virtual pipeline systems market.
However, despite the prospects being vast, the steady expansion of the virtual pipeline systems market is likely to be hindered by high risk inherent in the transportation of natural gas from the source to end users, especially present in isolated regions.
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Consistent Focus on Low-Carbon Economy opens New, Exciting Avenues
Nevertheless, the rising demand for modern pipelines to meet the end-user energy needs in the backdrop of constantly changing supply and demand centers will keep the virtual pipeline systems market lucrative. The extensive network of CNG stations, notably in numerous emerging economies of Asia Pacific, has been presenting lucrative avenues for market players to capitalize on. A growing number of developing countries across the world are focusing on promoting low-carbon economy, which is expected to provide a rapid impetus to the growth of the virtual pipeline systems market.
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Global Virtual Pipeline Systems Market Dominated by Few Big Players
Industry efforts to discover scalable and modular modes of alternate transportation of natural gas in various parts of the world are presenting lucrative avenues for players in the global virtual pipeline systems market. A growing number of players are increasingly investing in the development of virtual pipelines that can monetize natural gas. This is expected to open new revenue streams for prominent players in the virtual pipeline systems market. Several energy and gas companies are focusing on growth strategies that reinforce low-carbon, greener economies across the globe. TMR observes that this focus is expected to be a key factor influencing the prevailing competitive dynamic among prominent players in the global virtual pipeline systems market.
Top players operating in the global virtual pipeline systems market include Hexagon Composites, Luxfer Holdings PLC, General Electric, Galileo Technologies S.A, and Pentagon Energy LLC.
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Global Virtual Pipeline Systems Market – Key Developments
- In October 2018, Gas Malaysia announced the commissioning of second natural gas based CHP plant operated by a joint venture Gas Malaysia Energy Advance Sdn Bhd (GMEA). The joint venture company is owned 66% by Gas Malaysia and 34% by Tokyo Gas Engineering Solutions Corp. GMEA was set up to generate and sell electricity and steam through the combined heat and power (CHP) plant to the industrial sector. Gas Malaysia Virtual Pipeline Sdn Bhd also has a subsidiary Gas Malaysia Virtual Pipeline Sdn Bhd which is commend operation in 2017 of providing natural gas to various end-consumers who are not served by natural gas distribution network.
