Wilmington, Delaware, United States, May 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Modular Gas Processing Plants Market stood at US$ 70.2 million in 2022 and the global market is projected to reach US$ 275.3 million in 2031. The global industry is anticipated to expand at a CAGR of 16.4% between 2023 and 2031.
Global consumption of modular gas processing plants has been rising steadily in recent years, presenting strong growth prospects for companies. Countries are investing in strengthening their modular gas processing plant markets amidst significant end-user market demand.
Increased usage of car items such as motorcycles is a key factor driving market expansion. Growing sales of automobiles and increasing demand for high-velocity cars are further anticipated to propel the growth of the gasoline market. Technological components, as well as the government's increasing number of research and development activities, will accelerate the growth of the gasoline market.
The rise in demand for natural gas which is considered to be an efficient source of fuel is driving the need for modular gas processing plants. Plants can be quickly deployed for meeting the growing demand for natural gas, which is used for heating, electricity generation, and transportation purposes.
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Key Takeaways of Market Report
- Global Modular Gas Processing Plants Market to generate absolute dollar opportunity worth US$ 275.3 million until 2031.
- Global Modular Gas Processing Plants Market from 2023 to 2031 is 16.4%
- Global Modular Gas Processing Plants Market is currently valued at US$ 81.6 million in 2023.
- Global Modular Gas Processing Plants Market stood at US$ 70.2 million in 2022.
- The market value of the global Modular Gas Processing Plants Market from 2018 to 2022 is 15.7%
Global Modular Gas Processing Plants Market: Growth Drivers
- Governments of countries all around the world have recognized the potential of modular gas processing plants to reduce greenhouse gas emissions and dependence on fossil fuels. Governments have also implanted policies and programs to support the development of modular gas processing plants. Increase in government efforts for mitigating the impact of climatic change is augmenting the demand for cleaner fuels, natural gas, which produces lower emissions than fossil fuels such as coal or oil.
- Modular gas processing plants are designed to be compact and portable allowing them to be transported to remote locations where natural gas is produced, including a wide range of processing equipment like compressors, separators, dehydrators, etc. used for removing impurities from natural gas and prepare it for distribution
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Global Modular Gas Processing Plants Market: Regional Landscape
- The Asia Pacific modular gas processing plant market is experiencing strong growth, driven by robust growth prospects in developing countries amidst strong growth in consumer purchasing power and rapid urbanization and industrialization, the Asia Pacific modular gas processing plant market size is poised to register a robust growth outlook over the forecast period.
- North America has the potential to provide long-term growth opportunities for modular gas processing plant companies across the industry value chain. Large market size coupled with steady growth prospects supports the market size outlook.
Global Modular Gas Processing Plants Market: Key Players
- Honeywell International Inc.
Strategies
- 5% growth in revenue to $34 billion and operating cash flows of $6 billion in 2021, Honeywell has come a long way since its inception.
- Company acquiring patents in the thermostat and heating market, to being a key partner of NASA, to becoming a multi-billion-dollar giant, the journey of Honeywell has been quite exciting and eventful.
New product launch
- Honeywell EACs use an electric charge to help remove solid and liquid impurities from the air without impeding airflow. UV System emits ultraviolet light to damage the DNA structure of certain microbes at the cellular level and inactivate various viral, bacterial, and fungal organisms – providing filtration and disinfection in one system.
- New Honeywell IAQ sensors help building owners better determine a building's environmental state and air quality status and allow them to take corrective actions through the building management system (BMS) without a need to rip and replace existing sensors. Possibility of adding new sensors to existing temperature, humidity, and CO2 sensors currently in place within the building or deploying new All-in-one IAQ sensors to cover multiple sensing requirements in one device.
- Pioneer Energy
Developments
- Pioneer Energy plans, manages, and coordinates environmental, technical, design, and engineering activities for existing assets and delivers future development projects providing quality engineering services and solutions for project investment and interests involving our Joint Venture Partners.
Strategies
- Actively engage and encourage our employees and contractors to take care of themselves, their coworkers, their family, and our environment by investing in our companywide programs dedicated to these two critical areas: Safely8760, our safety program, and Stewardship365, our environmental initiative.
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Global Modular Gas Processing Plants Market: Segmentation
Gas type
- Liquified Natural Gas
- Liquified Petroleum Gas
- Compressed Natural Gas
- Others
Type
- Portable
- Stationary
- Application
- Onshore
- Offshore
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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