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Report highlights European pipeline market
The European virtual pipeline system is expected to grow from $282.32 million in 2022 to $434.58 million by 2028, according to a new market research report, Europe Virtual Pipeline Systems Market Forecast 2022. Continuous advancements in shale drilling technologies have made shale a reliable energy resource. Shale gas production has resulted in an abundance of natural gas supply across the region. The European Union (EU) is already profiting from the U.S. shale gas boom due to an increased supply of liquid natural gas (LNG) for the United States and better contractual circumstances for pipeline imports. New technologies are expected to make shale extraction in the region more appealing after 2030.
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 modernization. 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.
Moreover, governments of several countries have taken various steps to notify 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 and gas would accelerate the demand for the virtual pipeline system market.