North America Virtual Pipeline Market Size

North America Virtual Pipeline Market Size

North America Virtual Pipeline Market size in 2023 was valued at USD 1001.3 million and is anticipated to grow at a CAGR of 5.4% from 2024 to 2032 owing to the increasing demand for natural gas as a cleaner alternative to traditional fuels is driving the adoption of virtual pipelines.

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The expansion of remote areas without access to traditional pipeline infrastructure is fuelling the need for flexible transportation solutions. Technological advancements in compression, storage, and transportation systems are also making virtual pipelines more efficient and cost-effective.
 

Moreover, the rise of renewable energy sources like wind and solar necessitates flexible backup solutions, further boosting the virtual pipeline market. Government and private are taking efforts in bringing significant projects are supporting the use of natural gas and investments in infrastructure development further propel market growth. For instance, in February 2022, BP PLC announced the launch of the Herschel Expansion project in the Gulf of Mexico, the first of four major global projects set for completion in 2022. The initial well is projected to boost the platform's annual gross production by approximately 10,600 barrels of oil equivalent per day at its peak.