Gas Processing Market by Product and Geography - Global Forecast 2019-2023

Industry Insights

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.

Industry Analysis

Product Insights

The product segment has been segregated into dry gas and NGL. The dry gas segment accounted for the highest gas processing market share in 2018. During the forecast period, the segment will grow at a faster pace than the overall market. The NGL segment will grow at a slower pace than the overall market.

The surge in natural gas transportation activities is expected to boost gas processing market growth in the dry gas segment. The increasing use of natural gas in various industries such as power, fertilizers, and petrochemicals will also be a significant factor contributing to the growth of the gas processing market in the segment.

Regional Insights

North America accounted for the highest market share in 2018. Though the market's growth in the region will be slower than the growth of the market in MEA, the region will account for the largest gas processing market share throughout the forecast period. The US is a crucial market for gas processing in the region.

The increasing oil and gas E&P activities will fuel the demand for gas processing in North America. The discovery of several oil and gas reserves in North America has boosted oil and gas E&P activities and consequently increased oil and gas production.

Top Gas Processing Companies

The market is fragmented. To help clients improve their position, the gas processing market analysis report provides information on the competitive landscape and the products offered by various companies. Moreover, the gas processing market research report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of the future growth opportunities.

The report offers a detailed analysis of several leading gas processing companies, including:

• BP Plc
• Exxon Mobil Corp.
• PetroChina Co. Ltd.
• PJSC Gazprom
• Royal Dutch Shell Plc
• Saudi Arabian Oil Co.

Segments Covered in the Report

Gas processing market by product

• Dry gas
• Natural gas liquid (NGL)

Gas processing market by region

• APAC
• Europe
• MEA
• North America
• South America

Key Highlights of the Gas Processing Market Forecast Report for the Period 2019-2023 

• CAGR of the market during the forecast period 2019-2023 
• Detailed information on factors that will accelerate the growth of the gas processing size during the next five years 
• Precise estimation of the global gas processing market size and its contribution to the parent market 
• Accurate predictions on upcoming trends and changes in consumer behavior 
• The growth of the gas processing industry across APAC, Europe, MEA, North America, and South America 
• A thorough analysis of the market's competitive landscape and detailed information on several vendors 
• Comprehensive details of factors that will challenge the growth of gas processing companies

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