The modular gas processing plant global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Modular Gas Processing Plant Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The modular gas processing plant market size has grown strongly in recent years. It will grow from $1.17 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increasing exploration and production of natural gas, the expansion of industrial activities globally, growing investment in energy infrastructure projects, economic growth in emerging markets, the growing availability of financing options, including project finance and investment funds, and the growing interest in green hydrogen production.
The modular gas processing plant market size is expected to see strong growth in the next few years. It will grow to $1.70 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to growing global energy consumption, increasing environmental regulations, stringent regulatory requirements for gas processing, the rising interest in biogas as a renewable energy source, the expansion of liquefied natural gas (LNG) export markets, and global initiatives aimed at improving energy efficiency. Major trends in the forecast period include innovations in modular gas processing technology, ongoing infrastructure development projects, the integration of modular gas processing plants with advanced technologies, such as IoT and AI, continuous advancements in modular technology, and the development of hybrid gas processing solutions.
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Scope Of Modular Gas Processing Plant Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Modular Gas Processing Plant Market Overview
Market Drivers –
The increase in demand for natural gas is expected to propel the growth of the modular gas processing plant market going forward. Natural gas is a fossil fuel composed primarily of methane (CH₄) and other hydrocarbons, formed from the remains of ancient marine organisms buried under layers of sediment and rock. The demand for natural gas is rising due to its role as a cleaner energy source in the global transition towards low-carbon energy solutions. Modular gas processing plants are used in natural gas operations to efficiently treat and process gas, enabling faster deployment and scalability in remote or smaller projects. For instance, in July 2024, according to the International Energy Agency, a France-based intergovernmental organization, natural gas prices increased across all key markets in the second quarter of 2024, reflecting tighter market fundamentals. For the full year 2024, natural gas demand is forecast to increase by 2.5% in 2024, primarily driven by fast-growing Asian markets. Therefore, the increase in demand for natural gas is driving the growth of the modular gas processing plant market.
Market Trends –
Major companies operating in the modular gas processing plant market are focusing on developing advanced solutions, such as modular liquefied natural gas (LNG) technology, to gain a competitive edge in the market. Modular liquefied natural gas (LNG) technology refers to the use of pre-engineered, prefabricated units to streamline the construction and operation of LNG facilities. For instance, in September 2023, Technip Energies, a France-based engineering and technology company for the energy industry and chemicals sector, launched SnapLNG by T.EN. It is a modular, pre-engineered, and standardized solution for liquefied natural gas (LNG) production. This innovative system includes reproducible modules that are ready for delivery and installation, enabling the construction of a complete natural gas liquefaction plant. The SnapLNG solution operates autonomously and is pre-commissioned, accelerating the time to market by saving more than two years compared to conventional LNG projects. With a production capacity of 2.5 million tons per annum, SnapLNG aims to reduce CO2 emissions significantly while enhancing operational efficiency and reliability through low-carbon production methods.
The modular gas processing plant market covered in this report is segmented –
- By Gas Type: Liquefied Natural Gas, Liquefied Petroleum Gas, Compressed Natural Gas, Other Types
- By Type: Portable, Stationary
- By Application: Onshore, Offshore
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Regional Insights –
North America was the largest region in the modular gas processing plant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the modular gas processing plant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the modular gas processing plant market are General Electric Company, Honeywell International Inc., ABB Ltd., Mitsubishi Heavy Industries Ltd., Siemens Energy AG, McDermott International Ltd., Bechtel Corporation, Jacobs Solutions Inc., Fluor Corporation, Doosan Enerbility Co. Ltd., Worley Limited, KBR Inc., Technip Energies, AtkinsRéalis Group Inc., JGC Holdings Corporation, Black & Veatch, Petrofac Limited, Tata Projects, Linde Engineering, Peiyang Chemical Equipment Co. Ltd.
Table of Contents
- Executive Summary
- Modular Gas Processing Plant Market Report Structure
- Modular Gas Processing Plant Market Trends And Strategies
- Modular Gas Processing Plant Market – Macro Economic Scenario
- Modular Gas Processing Plant Market Size And Growth
….. - Modular Gas Processing Plant Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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