The LNG virtual pipeline market has seen substantial growth, climbing from $1.29 billion in 2023 to $1.38 billion in 2024, with a compound annual growth rate (CAGR) of 6.7%. This growth is attributed to factors such as the rising demand for cleaner energy alternatives, increased investments in LNG infrastructure, and supportive government policies. The market is anticipated to reach $1.8 billion by 2028, growing at a CAGR of 6.9%. This forecasted expansion is driven by rising global natural gas demand, greater investments in LNG infrastructure, and the growing need for energy access in remote areas. Key trends include advancements in transportation technology, cryogenic storage, and the integration of IoT and blockchain for real-time monitoring and secure transactions.
Major Driver In The Liquefied Natural Gas LNG Virtual Pipeline Market
The demand for clean energy sources is poised to drive the growth of the liquefied natural gas (LNG) virtual pipeline market. As environmental concerns and a desire to reduce fossil fuel reliance rise, LNG virtual pipelines offer a solution for transporting liquefied natural gas to areas lacking pipeline infrastructure. The Energy Information Administration reported that by the end of 2022, the U.S. electric power sector had installed 73 gigawatts of solar photovoltaic capacity, with plans to increase this by 43% in 2023. Wind and solar energy, contributing 14% of U.S. electricity generation in 2022, are projected to rise to 16% in 2023 and 18% in 2024. This growing focus on clean energy drives the LNG virtual pipeline market.
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Liquefied Natural Gas LNG Virtual Pipeline Market Competitive Landscape
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
Key Liquefied Natural Gas LNG Virtual Pipeline Market Trend
In the LNG virtual pipeline market, advancements are being made in natural gas compression stations to enhance LNG transportation efficiency. These innovations improve flexibility and cost-effectiveness. In August 2022, Sun Bridge Energy Services launched a new natural gas compression station in the Permian Basin, supporting cleaner fuel alternatives for the industry.
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Liquefied Natural Gas LNG Virtual Pipeline Market Segmentation
The liquefied natural gas (LNG) virtual pipeline market covered in this report is segmented –
1) By Type: Ordinary Type, Special Type
2) By Mode Of Transportation: Truck, Rail, Ship, Barge
3) By End Use: Commercial, Industrial, Transportation
By Geography:The regions covered in the liquefied natural gas (LNG) virtual pipeline market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the LNG virtual pipeline market in 2023.
The Liquefied Natural Gas LNG Virtual Pipeline Global Market Report 2024 furnishes information about the global liquefied natural gas lng virtual pipeline market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
