The modular gas processing plant market has shown significant growth, projected to increase from $1.17 billion in 2023 to $1.26 billion in 2024 at a CAGR of 7.6%. Historical growth is attributed to rising natural gas exploration and production, industrial expansion, investment in energy infrastructure, emerging market economic growth, availability of financing, and interest in green hydrogen production.
The modular gas processing plant market is expected to grow to $1.70 billion by 2028 at a CAGR of 7.7%. Growth is attributed to rising global energy consumption, regulatory pressure, and interest in biogas as a renewable energy source. Key trends include innovations in technology, integration with IoT and AI, infrastructure development, and hybrid solutions.
Major Driver In The Modular Gas Processing Plant Market
The increase in demand for natural gas is expected to boost the growth of the modular gas processing plant market moving forward. Natural gas, primarily composed of methane (CH4) and other hydrocarbons, is increasingly sought after due to its role as a cleaner energy source in the global transition toward low-carbon energy solutions. Modular gas processing plants are employed in natural gas operations to efficiently treat and process gas, enabling quicker deployment and scalability for remote or smaller projects. For example, the International Energy Agency reported in July 2024 that natural gas prices rose across all key markets in the second quarter of 2024, reflecting tighter market fundamentals. Moreover, natural gas demand is forecasted to increase by 2.5% in 2024, primarily driven by rapidly growing Asian markets. Hence, the growing demand for natural gas is propelling the growth of the modular gas processing plant market.
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Modular Gas Processing Plant Market Competitive Landscape
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.
Key Modular Gas Processing Plant Market Trend
Companies in the modular gas processing plant market are focusing on advanced solutions like modular LNG technology to improve competitiveness. Modular LNG technology uses pre-engineered, prefabricated units to streamline LNG facility construction and operation. In September 2023, Technip Energies launched SnapLNG by T.EN, a modular, pre-engineered LNG production solution. This system includes standardized modules for easy delivery and installation, significantly reducing construction time by more than two years compared to traditional projects. SnapLNG, with a production capacity of 2.5 million tons per year, aims to cut CO2 emissions and increase operational efficiency through low-carbon production methods.
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Global Modular Gas Processing Plant Market Segmentation
The modular gas processing plant market covered in this report is segmented –
1) By Gas Type: Liquefied Natural Gas, Liquefied Petroleum Gas, Compressed Natural Gas, Other Types
2) By Type: Portable, Stationary
3) By Application: Onshore, Offshore
By Geography:The regions covered in the modular gas processing plant market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Modular Gas Processing Plant Global Market Report 2024 furnishes information about the global modular gas processing plant market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
