The gas processing market size is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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The rising demand for natural gas is one of the major reasons for the gas processing market growth. Increased investments in upstream oil and gas E&P activities have led to a significant rise in the production of natural gas. Moreover, the adoption of natural gas is growing significantly as it produces lower greenhouse gas emissions when compared to other fossil fuels. The US and China are the largest contributors to the global natural gas production owing to the increase in shale oil and gas drilling activities in the US, and CBM and shale gas drilling activities in China.
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As per Technavio, the innovations in gas processing technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Gas Processing Market: Innovations in Gas Processing Technology
The global gas processing market is witnessing the advent of several innovative technologies which are aimed at enhancing the technical and economic feasibility of gas processing operation. For instance, immobilized amine technology helps in reducing the energy consumed and size of the gas processing reactor. It does so 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%. 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.
“Apart from innovations in gas processing, other factors such as the rising adoption of CNG and LNG, and new technologies for NGL generation will have a positive impact on the gas processing market growth during the forecast period,” says a senior analyst at Technavio.
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Gas Processing Market: Segmentation Analysis
This market research report segments the gas processing market by product (dry gas and NGL) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by MEA, Europe, APAC, and South America respectively. The growth of the market share in the region can be attributed to the increase in oil and gas E&P activities.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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