New York, United States, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Global Modular Gas Processing Plant Market Size is to Grow from USD 1.34 Billion in 2023 to USD 2.57 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.73% during the projected period.
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A modular gas processing plant is a facility that uses prefabricated modules that may be created off-site and started immediately to process natural gas. Modular gas plants transform related gas flaring from a gas well or associated oil well into a valuable liquid fuel that may be utilized for heating appliances and generating electricity for commercial purposes. Rapid industrialization is driving an expansion in the market for modular gas processing plants. This is due to the environmental impact of natural gas being less than that of fuels derived from petroleum, such as gasoline and diesel. Modular gas processing plants are currently in greater demand. This trend is likely to pick up steam in the near future because these facilities can be built in remote locations with limited resources. That's why companies focus on providing affordable, easily assembled modular gas processing solutions. However, the market's growth may be constrained by the rising cost of investment.
Browse key industry insights spread across 205 pages with 110 Market data tables and figures & charts from the report on The Global Modular Gas Processing Plant Market Size, Share, and COVID-19 Impact Analysis, By Type (Liquefied Natural Gas, Liquefied Petroleum Gas, Compressed Natural Gas, and Others), By Application (Onshore, and Offshore), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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Liquefied natural gas is anticipated to hold the greatest share of the global market for modular gas processing plants.
Based on type, the global modular gas processing plant market is divided into liquefied natural gas, liquefied petroleum gas, compressed natural gas, and others. Among these, liquefied natural gas is anticipated to hold the greatest share of the global market for modular gas processing plants. Liquefied natural gas now controls the market due to growing demand for it in both residential and industrial uses. Liquefied natural gas is gaining popularity as the primary fuel source since it burns cleaner and is adaptable enough to be employed in a wide range of economic sectors. The vast majority of LPG used in the US is domestically produced. Not only does it not degrade performance, but it is usually less costly than gasoline. Depending on the kind, calibration, and driving cycle of the vehicle, LPG-fueled vehicles may discharge some air pollutants and greenhouse gases in lesser amounts.
The onshore segment is dominating the market during the forecast period.
Based on the application, the global modular gas processing plant market is divided into onshore, and offshore. Among these, the onshore segment is dominating the market during the forecast period. It is anticipated that increasing investment in onshore areas will dominate the market. Numerous factors, such as the expansion of onshore exploration and production activities, the availability of substantial natural gas reserves, and the growth of natural gas pipelines, are responsible for the growing investment and market dominance in onshore sites. Floating storage and regasification units, or FSRUs, are being used more frequently as adaptable and effective ways to receive and process LNG imports in order to meet the demand for gas in the onshore market. Owing to the limited area and weight capacity on floating production units and offshore platforms, the offshore platform industry has expanded at the fastest rate.
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North America is expected to hold the largest share of the modular gas processing plant market over the forecast period.
The market is dominated by North America, which also has the lion's share of installed modular gas processing plant market share. It has abundant natural gas reserves, especially in the US. Because there is so much natural gas available, there is a high demand for modular gas processing plants that can effectively extract and process the gas for a variety of uses. By constructing LNG export facilities, such as Cove Point by Dominion Energy and Calcasieu Pass by Venture Global LNG, the US is able to meet the global need for greener energy sources while making use of its natural gas resources.
Asia Pacific is predicted to grow at the fastest pace in the modular gas processing plant market during the projected timeframe. The region has had a notable surge in industrialization and urbanization, leading to a notable increase in energy consumption. China, India, Japan, and South Korea have made large investments in LNG and LPG projects as well as other natural gas infrastructure. More attention is being paid to improving gas plant stability, resilience, and reliability in order to facilitate the integration of clean fuel sources and raise the demand for natural gas.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the modular gas processing plant market include Gas Processing Equipment, JFE Engineering, The Linda Group, JGC Holding, Chiyoda Corporation, Black and Veatch, Lukoil Oil Company, GazSurf Engineering company, Honeywell International Inc., Pioneer Energy, lack and Veatch, and Others.
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Recent Developments
- In April 2023, the initial engineering work for a cost-effective, modular, and extensible gas plant that uses Techship energies has been completed by Strikes Energy. Upon its commissioning, the South Erregulla Gas Field will be located close to the company's mid-west low carbon manufacturing area.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global modular gas processing plant market based on the below-mentioned segments:
Global Modular Gas Processing Plant Market, By Type
- Liquefied Natural Gas
- Liquefied Petroleum Gas
- Compressed Natural Gas
- Others
Global Modular Gas Processing Plant Market, By Application
- Onshore
- Offshore
Global Modular Gas Processing Plant Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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