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The global gas processing market size will grow by USD 214.13 billion during 2019-2023 at a CAGR of over 4%. The rising demand for natural gas and innovations in gas processing technology are some of the factors expected to drive market growth. The market report provides a detailed analysis of the market by product (dry gas and NGL) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors including BP Plc, Exxon Mobil Corp., PetroChina Co. Ltd., PJSC Gazprom, Royal Dutch Shell Plc, and Saudi Arabian Oil Co.
Gas processing is used to separate hydrocarbons and remove impurities from unrefined natural gas produced from oil and gas wells to provide value-added products such as dry gas and NGL.
The global gas processing market is expected to witness a CAGR of 4.21% during the forecast period. Certain factors that are driving the market include rapid growth in natural gas production, increasing initiatives for adoption of NGL, and rising demand for natural gas.
Key Insights from Gas Processing Market – Global Forecast 2019-2023
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The production of natural gas is increasing due to the increased investments in upstream oil and gas and E&P activities to enhance the production of natural gas. According to the IEA, global upstream oil and gas investments grew by 6% in 2018 over that in 2017. The adoption of natural gas is growing as they produce lower greenhouse gas emissions when compared to other fossil fuels during combustion. The US and China are the largest contributors to the global natural gas production owing to the increased shale oil and gas drilling activities in the US, and CBM and shale gas drilling activities in China. Hence, the increasing natural gas production owing to higher investments and upstream oil and gas activities is driving the demand for gas processing, which in turn driving the growth of the market.
The global gas processing market is witnessing the development of several innovative technologies which will enhance the technical and economic feasibility of gas processing operation. By minimizing energy consumption, these technologies will help gas processing companies to make significant cost savings. For instance, immobilized amine technology helps in reducing the energy and size of the gas processing reactor by enhancing gas processing in the absence of an aqueous solvent and minimizing energy consumption during water evaporation. Pressure-assisted stripping (PAS) technology further boosts the efficiency of gas purification process by lowering the need for heat generation by more than 25%. Similarly, dynamic compressor model technology helps in reducing operational costs by enhancing the understanding of instabilities and operational failures of compressors during acid cleaning operation. These innovations in gas processing technology are identified as critical gas processing market trends, which will have a positive impact on the growth of the market.
The abundance, versatility, and lower carbon dioxide emissions of natural gas have boosted its popularity among end users. The demand for natural gas is particularly high in the APAC region, where the use of natural gas has increased considerably in fertilizer plants, power generation units, transportation, petrochemicals, and residential and commercial sectors. As natural gas is a clean and eco-friendly fuel, it is increasingly being used as a fuel in the transportation and power generation sector, especially in developing countries such as China and India. The increasing demand for natural gas will create a need for gas processing for separating impurities such as hydrogen sulfide, carbon dioxide, nitrogen, and water vapor from unrefined natural gas. The rising demand for natural gas will be a significant factor fueling the growth of the market at a CAGR of over 4% during the forecast period.
Quantitative Data
PART 01: EXECUTIVE SUMMARY PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY PRODUCT
PART 07: CUSTOMER LANDSCAPE PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO Safe and Secure SSL Encrypted
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Gas Processing Market by Product and Geography - Global Forecast 2019-2023
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