Modular Gas Processing Plant Global Market Report 2024: Key Drivers, Major Trends and Opportunities
Modular Gas Processing Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The modular gas processing plant market size has grown strongly in recent years. It will grow from $1.17 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate CAGR of 7.6%. The growth in the historic period can be attributed to increasing exploration and production of natural gas, the expansion of industrial activities globally, growing investment in energy infrastructure projects, economic growth in emerging markets, the growing availability of financing options, including project finance and investment funds, and the growing interest in green hydrogen production.
What is the growth forecast for the modular gas processing plant market?2
The modular gas processing plant market size is expected to see strong growth in the next few years. It will grow to $1.70 billion in 2028 at a compound annual growth rate CAGR of 7.7%. The growth in the forecast period can be attributed to growing global energy consumption, increasing environmental regulations, stringent regulatory requirements for gas processing, the rising interest in biogas as a renewable energy source, the expansion of liquefied natural gas LNG export markets, and global initiatives aimed at improving energy efficiency. Major trends in the forecast period include innovations in modular gas processing technology, ongoing infrastructure development projects, the integration of modular gas processing plants with advanced technologies, such as IoT and AI, continuous advancements in modular technology, and the development of hybrid gas processing solutions.
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What's the key driver behind the surge in the modular gas processing plant market?
The increase in demand for natural gas is expected to propel the growth of the modular gas processing plant market going forward. Natural gas is a fossil fuel composed primarily of methane CH₄ and other hydrocarbons, formed from the remains of ancient marine organisms buried under layers of sediment and rock. The demand for natural gas is rising due to its role as a cleaner energy source in the global transition towards low-carbon energy solutions. Modular gas processing plants are used in natural gas operations to efficiently treat and process gas, enabling faster deployment and scalability in remote or smaller projects. For instance, in July 2024, according to the International Energy Agency, a France-based intergovernmental organization, natural gas prices increased across all key markets in the second quarter of 2024, reflecting tighter market fundamentals. For the full year 2024, natural gas demand is forecast to increase by 2.5% in 2024, primarily driven by fast-growing Asian markets. Therefore, the increase in demand for natural gas is driving the growth of the modular gas processing plant market.
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What's the new trend in modular gas processing plant market?
Major companies operating in the modular gas processing plant market are focusing on developing advanced solutions, such as modular liquefied natural gas LNG technology, to gain a competitive edge in the market. Modular liquefied natural gas LNG technology refers to the use of pre-engineered, prefabricated units to streamline the construction and operation of LNG facilities. For instance, in September 2023, Technip Energies, a France-based engineering and technology company for the energy industry and chemicals sector, launched SnapLNG by T.EN. It is a modular, pre-engineered, and standardized solution for liquefied natural gas LNG production. This innovative system includes reproducible modules that are ready for delivery and installation, enabling the construction of a complete natural gas liquefaction plant. The SnapLNG solution operates autonomously and is pre-commissioned, accelerating the time to market by saving more than two years compared to conventional LNG projects. With a production capacity of 2.5 million tons per annum, SnapLNG aims to reduce CO2 emissions significantly while enhancing operational efficiency and reliability through low-carbon production methods.
How is the market segmented according to different parameters?3
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
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