The LNG virtual pipeline market has experienced substantial growth, increasing from $1.29 billion in 2023 to $1.38 billion in 2024, with a compound annual growth rate (CAGR) of 6.7%. This historical growth is driven by factors such as the rising demand for cleaner energy alternatives, increased investments in LNG infrastructure, supportive government policies, the need for energy access in remote areas, fluctuations in global oil prices, and the drive for energy diversification and security. The market is projected to continue growing, reaching $1.8 billion by 2028, with a CAGR of 6.9%. The anticipated growth in the forecast period is attributed to rising global natural gas demand, increasing supportive government regulations, greater investments in LNG infrastructure, improved economic viability in remote areas, heightened environmental awareness, and expanding off-grid energy needs. Key trends expected include technological advancements in transportation, advancements in cryogenic storage technology, the adoption of IoT for real-time monitoring, modular liquefaction units, hybrid renewable energy-LNG systems, and blockchain integration for secure transactions.
Global Liquefied Natural Gas LNG Virtual Pipeline Market Key Driver
The growing demand for clean energy sources is expected to advance the liquefied natural gas (LNG) virtual pipeline market. Clean energy sources, such as solar, wind, hydroelectric, and geothermal energy, are in demand due to environmental concerns and the desire to reduce reliance on fossil fuels. The LNG virtual pipeline facilitates the transport of liquefied natural gas to areas without pipeline infrastructure, supporting cleaner energy alternatives. In February 2023, the Energy Information Administration reported that the U.S. electric power sector had installed 73 Gigawatts of solar photovoltaic capacity by the end of 2022, with plans to increase this by 43% in 2023. Additionally, wind and solar energy accounted for 14% of U.S. electricity generation in 2022, projected to rise to 16% in 2023 and 18% in 2024. This rising demand for clean energy supports the growth of the LNG virtual pipeline market.
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Global Liquefied Natural Gas LNG Virtual Pipeline Market Segments
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.
Major Liquefied Natural Gas LNG Virtual Pipeline Industry Players
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
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Liquefied Natural Gas LNG Virtual Pipeline Market Overview
Liquefied natural gas (LNG) virtual pipeline refers to a logistical and transportation system that enables the delivery of LNG to locations that do not have direct access to conventional natural gas pipelines. It uses a combination of LNG transport and storage solutions to effectively transport and distribute LNG over distances and regions where building physical pipelines is impractical or economically unfeasible.
Liquefied Natural Gas LNG Virtual Pipeline Global Market Report 2023 provides data on the global liquefied natural gas lng virtual pipeline market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The liquefied natural gas lng virtual pipeline market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
