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LNG Virtual Pipeline Market Report 2024-2033 - Size, Growth, Trends & Key Player Analysis
LNG Virtual Pipeline Market Report
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According to The Business Research Company's, The LNG virtual pipeline market size has grown strongly in recent years. It will grow from $1.29 billion in 2023 to $1.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increase in demand for cleaner energy alternatives, rise in investments in LNG infrastructure, surge in supportive government policies, increase in the need for energy access in remote areas, rise in fluctuations in global oil prices, and the drive for energy diversification and security.
The LNG virtual pipeline market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising global natural gas demand, increasing supportive government regulations, increasing investments in LNG infrastructure, rising economic viability in remote areas, heightened environmental awareness, and expanding off-grid energy needs. Major trends in the forecast period include technological advancements in transportation, advancements in cryogenic storage technology, adoption of IoT for real-time monitoring, adoption of modular liquefaction units, development of hybrid renewable energy-LNG systems, and integration of blockchain for secure transactions.
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Market Drivers and Trends:
The increasing demand for clean energy sources is expected to propel the growth of the liquefied natural gas (LNG) virtual pipeline market going forward. Clean energy sources refer to renewable and sustainable technologies with minimal environmental impact, such as solar, wind, hydroelectric, and geothermal energy. The demand for clean energy sources is increasing due to growing environmental concerns and the desire to reduce dependence on fossil fuels, driven by their renewable nature and minimal ecological impact. The LNG virtual pipeline enhances access to clean energy sources by transporting liquefied natural gas (LNG) to areas without pipeline infrastructure, reducing emissions, and promoting cleaner energy alternatives. For instance, in February 2023, according to a report published by the Energy Information Administration (EIA), a US-based government agency, by the end of 2022, the U.S. electric power sector had installed 73 Gigawatt (GW) of solar photovoltaic (PV) capacity, and further to increase this capacity by 43% (32 GW) in 2023. Moreover, in 2022, wind and solar accounted for 14% of U.S. electricity generation, with projections indicating this share would rise to 16% in 2023 and 18% in 2024. Therefore, increasing demand for clean energy sources will drive the LNG virtual pipeline market.
Major companies operating in the LNG virtual pipeline market are developing natural gas compression stations with advanced features to enhance the efficiency and reliability of LNG transportation and distribution. Virtual pipelines enhance natural gas compression stations' efficiency, flexibility, and cost-effectiveness, contributing to a more robust and responsive natural gas supply chain. For instance, in August 2022, Sun Bridge Energy Services, a US-based oil and gas company, launched a natural gas compression station in the Permian basin. Sunbridge Energy Services launched a 50 million cubic feet per day natural gas compression station in the Midland Basin. It facilitates oil and gas producers nationwide to adopt dual-fuel engines for completion, drilling, and midstream operations, improving emissions through clean fuel alternative such as compressed natural gas. The station features advanced composite tube technology known for its safety and reliability and is used by industry leaders, including SpaceX and Shell. Sun Bridge Energy Services' new natural gas compression station is integral to establishing a virtual pipeline for clean fuels in the Permian Basin, facilitating the transition to more environmentally friendly energy sources for regional operators.
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Major Key Players of the Market:
ExxonMobil Corporation, TotalEnergies SE, General Electric Company, Honeywell International Inc., Cheniere Energy Inc., Linde plc, Siemens Energy AG, Air Liquide S.A., Mitsubishi Heavy Industries Ltd., Baker Hughes, McDermott International Ltd., Sempra Energy, Dominion Energy Inc., Fluor Corporation, Air Products and Chemicals Inc., IHI Corporation, Technip Energies NV, TechnipFMC plc, Wärtsilä Corporation, JGC Holdings Corporation, Black & Veatch Corp, MAN Energy Solutions, Gaztransport & Technigaz SA, Chart Industries Inc., GreenLine Mobility Solutions Limited
Liquefied Natural Gas (LNG) Virtual Pipeline Market 2024 Key Insights:
• The LNG virtual pipeline market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Clean Energy Demand Boosts LNG Virtual Pipeline Market
• Advancements in Dual-Fuel Engines and Natural Gas Compression Stations in the LNG Virtual Pipeline Market
• North America was the largest region in the LNG virtual pipeline market in 2023
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