Global Modular Gas Processing Plant Market: Introduction
• Industrialization and the population have increased significantly across the globe in the last few decades, which has resulted in higher demand for natural gas. This is because natural gas is more environment-friendly as compared to petroleum fuel such as gasoline and diesel.
• Demand for modular gas processing plants is presently increasing. This trend is expected to rise in the near future, as these plants can be installed in remote locations where availability of resources is limited. Thus, companies are focusing on providing cost-effective and easy to install modular gas processing plants.
Key Drivers of Global Modular Gas Processing Plant Market
• Increase in awareness about environment-related issues and implementation of stringent rules and regulations by regulatory authorities of governments have forced companies to develop green solutions. Natural gas is being used as a substitute for gasoline and diesel for the last few years, as natural gas is a clean fuel and cost-effective solution to consumers. Thus, increased awareness about the environment is likely to boost the demand for modular gas processing plants in the near future.
• Modular gas processing plants are factory-built with unique design and construction. This allows for quick fabrication coupled with superior quality control. Modules are pre-fabricated; these plants can be shipped by truck to remote locations. Furthermore, after delivery to worksite, the equipment is ready to install, which results significantly reduced site construction time, expense, and associated delays. Thus, the demand for the modular gas processing plants is expected to rise during the forecast period.
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Global Modular Gas Processing Plant Market: Segmentation
• The global modular gas processing plant market can be segmented in terms of gas type, application, and type
• In terms of gas type, the global modular gas processing plant market can be segmented into LNG, LPG, CNG, and others. LNG and LPG segments were key segments of the global market in 2019, and these segments are projected to expand significantly during the forecast period.
• Based on application, the global modular gas processing plant market can be segmented into onshore and offshore. Onshore was the dominant segment in 2019. It is estimated to maintain its dominance of the global modular gas processing plant market during the forecast period due to higher demand for onshore modular gas processing plants from consumers.
• In terms of type, the market can be bifurcated into portable and stationary. The portable segment is expected to dominate the market in the near future, as these can be relocated to different locations which would save the initial investment.
Global Modular Gas Processing Plant Market: Regional Outlook
• Based on region, the global modular gas processing plant market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
• North America was the dominant region of the global modular gas processing plant market in 2019. The U.S. is expected to hold significant share of the modular gas processing plant market in North America. Demand for gas processing plants has been increasing for the last couple of years. The trend is expected to continue during the forecast period. Furthermore, the U.S. is a leading country in terms of processing of natural gas.
• Asia Pacific is likely to be a lucrative region of the global modular gas processing plant market during the forecast period, due to an increase in the demand for LNG, LPG, and CNG from industrial and commercial sectors in the region. In China, India and Japan are leading countries in the region in terms of demand for modular gas processing plants.
• In terms of revenue, Europe is expected to contribute significantly to the global market for modular gas processing plant in the near future. Increase in demand for green fuel is expected to drive the modular gas processing plant market in the region.
• Latin America and Middle East & Africa are expected to witness rise in investment in modular gas processing plant. This can be ascribe to increased awareness about the environment-friendly fuel in these regions.
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COVID Impact on the Global Modular Gas Processing Plant Market
• The coronavirus pandemic completely stopped the world due to imposed lockdown in major countries across the world. Furthermore, it has put the world economy in huge distress. Initially, the demand for natural gas declined significantly due to lockdown; however, governments in several parts of the world have lifted lockdown restrictions and reopened international borders. Thus, the demand for natural gas is rising in all major countries. Demand for modular gas processing plant equipment depends on the demand for natural gas. This trend is expected to remain the same during the forecast period.
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Key Players Operating in Global Market:
• GazSurf Engineering company
• Honeywell International Inc.
• Pioneer Energy
• Gas Processing Equipment