Europe Virtual Pipeline Systems Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Standard Trailer and Towable Trailer), Gas (CNG, Hydrogen, and Others), Pressure Rating (Less than 3000 Psi, 3001 Psi to 5000 Psi, and More than 5001 Psi), and Application (Industrial, Transportation, and Commercial & Residential)
The virtual pipeline systems market in Europe is expected to grow from US$ 282.32 million in 2022 to US$ 434.58 million by 2028. It is estimated to grow at a CAGR of 7.5% from 2022 to 2028.
Rising Shale Gas Extraction Driving Demand for Virtual Pipeline System
Continuous advancements in shale drilling technologies have made shales the next reliable energy resource.Shale gas can be utilized as a greener energy option in countries that are dependent on coal as an energy source, as it emits less carbon than coal.
Shale gas production has resulted in the abundance of natural gas supply across the region.The European Union (EU) is already profiting from the US shale gas boom owing to an increased supply of liquefied natural gas bond for the US and better contractual circumstances for pipeline imports.
A new generation of shale gas exploitation methods, with lower costs and fewer environmental footprints, might make indigenous shale gas reserves in the EU appealing in the long term after 2030. Therefore, the increase in shell gas exploration and extraction projects due to developments in related technologies, coupled with the availability of many reserves, is boosting the demand for virtual pipeline systems, thereby boosting the market growth.
Germany, France, the UK, and Italy are among the major economies in Europe.Old pipeline infrastructure and stringent emission control regulations are the two significant factors driving the growth of the virtual pipeline system market in this region.
Although the region has a large and rapidly growing pipeline infrastructure, it lacks a modern touch as the existing pipeline systems were set up decades ago.The proliferation of the natural gas sector in response to the growing concerns about sustainability, and the subsequent surge in demand for the transportation of energy resources, benefit the virtual pipeline system market in the region Energy supply sources choose pipes as a preferred mode of transportation due to their universal acceptance.
Moreover, governments of several countries have taken various steps to offer notice to industries, comprising oil and gas.Norway and Russia have maintained their position as natural gas suppliers, whereas Germany, France, and Italy are the main importers of natural gas.
Thus, many offshore projects for oil & gas would accelerate the demand for the virtual pipeline system market. The European Union is committed to reducing its carbon emissions to meet its EU2020 goal. Private and government organizations are investing heavily in virtual pipelines to supply cleaner energy. Moreover, to fulfil the increased energy demands of the UK, Germany, Italy, and France, among others, Russia is investing significantly in natural gas production.
Europe Virtual Pipeline Systems Market Revenue and Forecast to 2028 (US$ Million)
Europe Virtual Pipeline Systems Market Segmentation
The Europe virtual pipeline systems market is segmented into type, gas, pressure rating, application, and country.
Based on type, the market is segmented into standard trailer and towable trailer. The standard trailer segment registered a larger market share in 2022.
Based on gas, the market is segmented into CNG, hydrogen, and others. The CNG segment held the largest market share in 2022.
Based on pressure rating, the market is segmented into less than 3000 Psi, 3001 Psi to 5000 Psi, and more than 5001 Psi. The 3001 Psi to 5000 Psi segment held the largest market share in 2022.
Based on application, the market is segmented into industrial, transportation, and commercial & residential. The transportation segment held the largest market share in 2022.
Based on country, the market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the market share in 2022.
Galileo Technologies S.A.; Bayotech, Inc.; Petroliam Nasional Berhad (PETRONAS); RAG Austria AG; Quantum Fuel Systems LLC.; Chart Industries, Inc.; SHIJIAZHUANG ENRIC GAS EQUIPMENTCO.LTD; Fiba Technologies Inc.; Hexagon Agility; and Composite Advanced Technologies, LLC are the leading companies operating in the virtual pipeline systems market in the region.