The modular gas processing plant market size has experienced robust growth in recent years, projected to increase from $1.17 billion in 2023 to $1.26 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.6%. This growth can be attributed to various factors, including heightened exploration and production of natural gas, global industrial activity expansion, increased investments in energy infrastructure projects, economic growth in emerging markets, improved financing options such as project financing and investment funds, and a growing interest in green hydrogen production. Looking ahead, the modular gas processing plant market is expected to continue its upward trajectory, reaching $1.70 billion by 2028 at a CAGR of 7.7%. Contributing factors for this forecasted growth include rising global energy consumption, stricter environmental regulations, the need for compliance with regulatory requirements for gas processing, increased interest in biogas as a renewable energy source, the growth of liquefied natural gas (LNG) export markets, and international initiatives promoting energy efficiency. Noteworthy trends during the forecast period encompass innovations in modular gas processing technology, ongoing infrastructure development projects, integration of advanced technologies such as IoT and AI into modular gas processing plants, continuous improvements in modular technology, and the emergence of hybrid gas processing solutions.
Global Modular Gas Processing Plant Market Key Driver
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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Global Modular Gas Processing Plant Market Segments
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.
Major Modular Gas Processing Plant Industry Players
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.
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Modular Gas Processing Plant Market Overview
A modular gas processing plant refers to a compact, prefabricated facility designed to process natural gas in a modular fashion. These plants are built in standardized, transportable units that can be quickly assembled on-site. They handle various gas processing functions, such as separation, compression, and dehydration, offering flexibility, scalability, and cost-efficiency for gas extraction and processing in remote or challenging locations.
Modular Gas Processing Plant Global Market Report 2023 provides data on the global modular gas processing plant market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The modular gas processing plant market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
