Modular Refineries Market Projected to grow at 5.7% CAGR To 2032

According to a new report published by Allied Market Research, the modular refineries market size was valued at $2.2 billion in 2022, and is estimated to reach $3.6 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.

Refineries play a significant role in the production of petroleum products as refining crude oil is the first step during the production. The first modern oil refinery based on continuous distillation was built by Ignacy Lukasiewicz near Jasha in Poland between 1854 and 1856.

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North America held major share in terms of revenue and is anticipated to grow at a CAGR of 5.5% from 2023 to 2032. Increase in oil extraction projects in the U.S. is projected to drive the growth of the modular refineries market.

African countries have started investing in new private refineries projects and oil excavation projects which drive the demand for modular refineries in the LAMEA region during the forecast period.

Some of the major players in the modular refineries market include Honeywell International Inc., Pyramid E&C, Peiyang Chemical Equipment Co., Ltd., Axens, Propak Systems Ltd., Brahms Oil Refineries Ltd., VFuels, LLC, Refinery Equipmenr of Texas, LLC , AIPCC Energy Ltd. and Plant Process Group, LLC.

Modular refineries are energy-saving, affordable, safe, and flexible in adjusting to market demands which is expected to fuel the demand for modular refineries at oil production sites.

The modular refineries can manage environmental and supply security concerns with petroleum products in the oil production sector which increase modular refineries market share during the anticipated period.

The demand for global modular refineries market increases in new oil refinery projects as modular refineries increase the finished fuel production at minimal cost which boosts the modular refineries market trends during the forecast period.

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Surge in awareness and promotion of new refining solution are expected to drive the global modular refineries market size in the coming years.

Modular refineries can be deployed in remote locations which is creating opportunities for public-private partnerships in the modular refineries industry during the forecast period.

Countries with the financial ability are investing in modular refineries to decrease the risk of fuel supply which creates modular refineries market opportunities in near future.

Traditional refinery involves high cost of installation and specific place for operation. The modular refineries require low investment, less space and are easy to install, overcoming all the challenges of traditional refineries. This is expected to drive the demand for modular refineries in oil production.

Modular refineries are a relatively new concept in the oil production sector. Modular refineries technology gained traction in the North America and LAMEA regions.

Government is coming up with new investment plans to mitigate the fuel security issues by deployment of modular refineries in the oil production units.

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Higher authorities are investing in the new modular refineries which can fulfil the local demand timely along with being capable for the production of finished products for export to other countries.

Modular refiners offer an elevated level of quality control and checks to ensure ultimate functionality of refinery process which increase its demand in refinery industry.

Modular refineries are capable of producing fuel products according to international standards at a very cost-effective rate. The petroleum products produced from modular refineries are exported to different countries which generate revenue for oil production companies which boost the demand for modular refineries market during the forecast period.

Developing countries are investing in modular refineries to lower the dependency on other counties for finished products which boosts the modular refineries market growth.

As per modular refineries market forecast, the future of modular refineries systems looks promising as modular refineries provide the security of oil supply.

Several developments have been made in the refinery industry for the improvement of economies of scale and design.

Refineries have historically not been very profitable, as refinery industry has been troubled with low margins globally.

Oil companies are ready to invest in innovative technology as small size refineries are the reliable solution to increase the margin in short period.

On the basis of type, the crude oil distillation unit segment held the market share of more than 30% in 2021 in terms of revenue

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On the basis of capacity, the 200 - 10000 BPD segment held around half of the market share in 2021 in terms of revenue

On the basis of end use, the government refinery segment held the major market share in 2021 in terms of revenue

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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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