Press release
Modular Gas Processing Plant Market Anticipated To Witness Robust Growth, Surpassing $1.82 Billion By 2029
Modular Gas Processing Plant
What Is the Current Modular Gas Processing Plant Market Size and Its Estimated Growth Rate?
The modular gas processing plant market size will grow from $1.26 billion in 2024 to $1.36 billion in 2025, at a CAGR of 7.9%. This growth is attributed to increased natural gas exploration and production, the expansion of industrial activities, rising investment in energy infrastructure, economic growth in emerging markets, and growing interest in green hydrogen production.
The modular gas processing plant market will grow to $1.82 billion by 2029, at a CAGR of 7.6%. Growth is attributed to rising global energy consumption, environmental regulations, stringent gas processing requirements, biogas as a renewable energy source, LNG export market expansion, and global energy efficiency initiatives. Trends include innovations in modular gas processing, integration with IoT and AI, hybrid solutions, and continuous advancements in modular tech
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How Are Emerging Segments Shaping the Modular Gas Processing Plant Market Landscape?
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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Which Growth Factors Are Influencing Modular Gas Processing Plant Market Expansion?
The increasing demand for natural gas is projected to boost the growth of the modular gas processing plant market. Natural gas, composed mainly of methane and other hydrocarbons, is in demand due to its cleaner energy properties in the global transition to low-carbon energy solutions. Modular gas processing plants are used to efficiently treat and process natural gas, making them suitable for remote or smaller projects. The International Energy Agency reported a rise in natural gas prices in the second quarter of 2024, and a forecasted 2.5% increase in demand for natural gas, driven by growing Asian markets, further supports this trend. Hence, the growing demand for natural gas is contributing to the expansion of the modular gas processing plant market.
Who Are the Dominant Players Across Different Modular Gas Processing Plant Market Segments?
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 Trends Are Expected to Dominate the Modular Gas Processing Plant Market in the Next 5 Years?
In the modular gas processing plant market, companies are focusing on advanced solutions like modular liquefied natural gas (LNG) technology to improve construction and operation efficiency. For example, in September 2023, Technip Energies launched SnapLNG by T.EN, a modular, pre-engineered LNG solution that reduces construction time by more than two years and has a production capacity of 2.5 million tons per annum, aiming to reduce CO2 emissions while enhancing efficiency.
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Which Geographic Regions Are Expected to Dominate the Modular Gas Processing Plant Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Modular Gas Processing Plant Market?
2. What is the CAGR expected in the Modular Gas Processing Plant Market?
3. What Are the Key Innovations Transforming the Modular Gas Processing Plant Industry?
4. Which Region Is Leading the Modular Gas Processing Plant Market?
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