Global modular gas processing plant market expected to grow to USD 2.57 billion by 2033

From Globe Newswire.: 2024-08-07 04:30:00

The Global Modular Gas Processing Plant Market is projected to grow from USD 1.34 billion in 2023 to USD 2.57 billion by 2033, with a CAGR of 6.73%. Modular gas plants process natural gas off-site, converting it into a valuable liquid fuel for various uses. The market is expanding due to rapid industrialization, environmental concerns, and the ease of constructing modular plants in remote locations with limited resources.

Liquefied natural gas (LNG) holds the largest share in the global modular gas processing plant market, driven by demand in residential and industrial applications for its clean burning properties and versatility. The onshore segment dominates the market during the forecast period, fueled by increasing investment in onshore areas with abundant natural gas reserves and growing demand for LNG.

North America leads the modular gas processing plant market, benefiting from abundant natural gas reserves and high demand for processing plants to extract and utilize gas efficiently. Asia Pacific is expected to grow at the fastest pace during the forecast period, driven by industrialization and urbanization in countries like China, India, Japan, and South Korea. Major vendors in the market include Gas Processing Equipment, JFE Engineering, and others.

A recent development in the market is the initial engineering work completed by Strikes Energy for a cost-effective, modular gas plant using Techship energies near the South Erregulla Gas Field. This study forecasts revenue at global, regional, and country levels from 2020 to 2033, segmented by type, application, and region. Other related reports cover topics like EV Solar Modules, Carbon Offset/Credit Market, Hydrogen Fueling Stations, and Geothermal Power Market trends.



Read more at Globe Newswire.: Global Modular Gas Processing Plant Market Size To Worth