What Is The Current and Historic Market Size Analysis Of The Modular Gas Processing Plant Market?
The modular gas processing plant market has seen considerable growth due to a variety of factors.
• The market for modular gas processing plants has seen robust expansion in the recent past. The market value, projected to be $1.26 billion in 2024, is expected to increase to $1.36 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.9%.
This growth during the historical period can be linked to various factors such as heightened exploration and extraction of natural gas, multiplication of industrial activities on a global scale, increased investments in energy infrastructure ventures, economic acceleration in developing markets, enhanced availability of financial means like project finance and investment funds, as well as burgeoning interest in green hydrogen production.
What Are The Predictions for The Modular Gas Processing Plant Market in the Coming Years?
The modular gas processing plant market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the modular gas processing plant market size, with robust growth foreseen in the coming years. The market valuation is projected to reach $1.82 billion in 2029, expanding at a compound annual growth rate (CAGR) of 7.6%.
The market's ascension during the forecast period is linked to several factors, including an increase in global energy usage, tightening environmental norms, rigorous regulatory guidelines for gas processing, and escalating interest in biogas as a sustainable energy source. Other driving factors include the broadening of liquefied natural gas (LNG) export markets and worldwide initiatives focused on bolstering energy efficiency. Key trends on the horizon for the forecast period include breakthroughs in modular gas processing technology, ongoing infrastructure growth projects, the melding of modular gas processing plants with modern technologies such as IoT and AI, consistent enhancements in modular technology, and the creation of hybrid gas processing solutions.
Which Drivers Are Accelerating Growth In The Modular Gas Processing Plant Market?
The growth of the modular gas processing plant market is anticipated to be fueled by the rising demand for natural gas. Composed predominantly of methane (CH4) and other hydrocarbons, natural gas is a fossil fuel formed from ancient marine organisms that were buried beneath sediment and rock layers. As it serves as a more environmentally friendly energy source, there's an increasing preference for natural gas in the global shift towards low-carbon energy solutions. Modular gas processing plants play a crucial role in efficiently treating and processing gas in natural gas operations, providing rapid deployment and scalability for smaller or remote projects. For example, in the second quarter of 2024, the International Energy Agency, based in France, reported an increase in natural gas prices across all its major markets due to tighter market conditions. In 2024, the demand for natural gas is projected to rise by 2.5% over the course of the year, mainly influenced by the rapidly growing Asian markets. Consequently, the escalating demand for natural gas is acting as a catalyst for the expansion of the modular gas processing plant market.
What Are The Core Segments Of The Global Modular Gas Processing Plant Market?
The modular gas processing plantmarket 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
Subsegments:
1) By Liquefied Natural Gas (LNG): Small-Scale LNG Plants, Floating LNG Plants, Onshore LNG Plants
2) By Liquefied Petroleum Gas (LPG): Propane, Butane, Mixed LPG
3) By Compressed Natural Gas (CNG): CNG Compression Stations, CNG Refueling Stations, CNG Storage Facilities
4) By Other Types: Biogas, Synthetic Natural Gas (SNG), Hydrogen
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What Emerging Trends Are Influencing The Growth Of The Modular Gas Processing Plant Market?
Leading enterprises in the modular gas processing plant arena are concentrating on introducing innovative solutions like modular liquid natural gas (LNG) technologies to maintain a competitive edge. Modular LNG technologies involve using pre-designed and pre-made units to streamline the construction and functionality of LNG facilities. For instance, Technip Energies, a French firm specializing in the engineering and technology for the energy and chemicals industries, unveiled SnapLNG by T.EN in September 2023. This is a modular, pre-engineered, and standardized solution for LNG production. This cutting-edge system includes readily available, replicate modules for delivery and installation, facilitating the construction of a full-scale natural gas liquefaction plant. The SnapLNG solution operates independently and comes pre-commissioned, significantly reducing the time to market—up to a savings of over two years compared to traditional LNG projects. With an annual production capacity of 2.5 million tons, SnapLNG aims to minimize CO2 emissions while improving operational efficiency and dependability via low-carbon production techniques.
Who Are the Key Players In The Modular Gas Processing Plant Market?
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
• AtkinsRéalis Group Inc.
• JGC Holdings Corporation
• Black & Veatch
• Petrofac Limited
• Tata Projects
• Linde Engineering
• Peiyang Chemical Equipment Co. Ltd.
What Are The Regional Insights Into The Modular Gas Processing Plant Market?
North America was the largest region in the modular gas processing plant market in 2024. 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.
