PUBLISHER: The Business Research Company | PRODUCT CODE: 1608775
PUBLISHER: The Business Research Company | PRODUCT CODE: 1608775
A modular gas processing plant is a compact, prefabricated facility specifically engineered for the processing of natural gas in a modular manner. These plants are constructed in standardized, transportable units, allowing for rapid assembly on-site. They perform a range of gas processing functions, including separation, compression, and dehydration, providing flexibility, scalability, and cost-efficiency for gas extraction and processing in remote or challenging environments.
The primary gas types processed by modular gas processing plants include liquefied natural gas (LNG), liquefied petroleum gas (LPG), compressed natural gas (CNG), among others. LNG is natural gas that has been cooled to a liquid state at approximately -260°F (-162°C), facilitating easier storage and transportation. It serves multiple purposes, including power generation, heating, and as a fuel source for vehicles in specific regions. Additionally, LNG is utilized as a feedstock in various industrial applications. These plants can be classified into portable and stationary types and are employed in both onshore and offshore applications.
The modular gas processing plant market research report is one of a series of new reports from The Business Research Company that provides modular gas processing plant market statistics, including modular gas processing plant industry global market size, regional shares, competitors with a modular gas processing plant market share, detailed modular gas processing plant market segments, market trends and opportunities, and any further data you may need to thrive in the modular gas processing plant industry. This modular gas processing plant market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed during the historical period can be attributed to several key factors such as uptick in the exploration and production of natural gas, a global expansion of industrial activities, increased investment in energy infrastructure projects, economic growth in emerging markets, enhanced availability of financing options such as project finance and investment funds, and a rising 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 anticipated growth during the forecast period can be attributed to several factors, including rising global energy consumption, increasing environmental regulations, stringent regulatory requirements for gas processing, heightened interest in biogas as a renewable energy source, the expansion of liquefied natural gas (LNG) export markets, and global initiatives focused on enhancing energy efficiency. Key trends shaping this 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 emergence of hybrid gas processing solutions.
The anticipated rise in natural gas demand is projected to drive growth in the modular gas processing plant market in the near future. Natural gas, primarily composed of methane (CH4) and other hydrocarbons, is a fossil fuel derived from the remains of ancient marine organisms that have been buried under sediment and rock. Its increasing demand is attributed to its role as a cleaner energy alternative in the global shift towards low-carbon energy solutions. Modular gas processing plants are essential in natural gas operations as they facilitate the efficient treatment and processing of gas, allowing for quicker deployment and scalability in remote or smaller projects. According to the International Energy Agency, natural gas prices surged across all major markets in the second quarter of 2024, driven by tighter market fundamentals. For the entirety of 2024, natural gas demand is projected to rise by 2.5%, mainly propelled by rapidly growing Asian markets. Consequently, the heightened demand for natural gas is fostering growth in the modular gas processing plant sector.
Key players in the modular gas processing plant market are concentrating on the development of advanced solutions, such as modular liquefied natural gas (LNG) technology, to secure a competitive advantage. Modular LNG technology involves the utilization of pre-engineered, prefabricated units designed to streamline the construction and operation of LNG facilities. In September 2023, Technip Energies, a France-based engineering and technology company serving the energy and chemicals sectors, introduced SnapLNG by T.EN. This modular, pre-engineered, and standardized solution for LNG production features reproducible modules that are ready for delivery and installation, facilitating the construction of a complete natural gas liquefaction plant. The SnapLNG system operates autonomously and is pre-commissioned, significantly reducing the time to market by over two years compared to traditional LNG projects. With a production capacity of 2.5 million tons per annum, SnapLNG aims to substantially lower CO2 emissions while improving operational efficiency and reliability through low-carbon production techniques.
In July 2024, Honeywell International Inc., a US-based technology firm, acquired Air Products' liquefied natural gas (LNG) process technology and equipment business for $1.81 billion. This strategic move enhances Honeywell's energy transition offerings, enabling the company to provide a comprehensive range of solutions for managing energy transformation processes. These offerings encompass natural gas pre-treatment, advanced liquefaction technologies, and integration with digital automation platforms. Air Products is a US-based industrial gas company that specializes in modular gas processing plants.
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, AtkinsRealis Group Inc., JGC Holdings Corporation, Black & Veatch, Petrofac Limited, Tata Projects, Linde Engineering, Peiyang Chemical Equipment Co. Ltd.
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.
The countries covered in the modular gas processing plant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The modular gas processing plant market consists of revenues earned by entities by providing services such as manufacturing, upgrades and expansion, remote monitoring and control, and decommissioning and removal. The market value includes the value of related goods sold by the service provider or included within the service offering. The modular gas processing plant market also includes sales of dehydration units, heat exchangers, and gas compressors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Modular Gas Processing Plant Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on modular gas processing plant market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for modular gas processing plant ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The modular gas processing plant market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.