(MENAFN- EIN Presswire) Modular Refineries Market
Modular Refineries Market Expected to Reach $3.6 Billion by 2032-Allied Market Research
PORTLAND, OREGON, UNITED STATE, May 19, 2023 /einpresswire.com / -- The modular refineries market was valued at $2.2 billion in 2022 and is estimated to reach $3.6 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032. Refineries play a significant role in the production of petroleum products as refining crude oil is the first step during the production. The first modern oil refinery based on continuous distillation was built by Ignacy Lukasiewicz near Jasha in Poland between 1854 and 1856. Several developments have been made in the refinery industry for the improvement of economies of scale and design. Refineries have historically not been very profitable, as the refinery industry has been troubled with low margins globally. Oil companies are ready to invest in innovative technology as small-size refineries are the reliable solution to increase the margin in a short period.
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Modular refineries are energy-saving, affordable, safe, and flexible in adjusting to market demands which are expected to fuel the demand for modular refineries at oil production sites. Modular refineries can manage environmental and supply security concerns with petroleum products in the oil production sector which increases modular refineries' market share during the anticipated period.
The demand for the global modular refineries market increases in new oil refinery projects as modular refineries increase the finished fuel production at minimal cost which boosts the modular refineries market trends during the forecast period. Correspondingly, the surge in awareness and promotion of new refining solutions is expected to drive the global modular refineries market size in the coming years.
Furthermore, a traditional refinery involves a high cost of installation and a specific place for operation. Modular refineries require low investment, less space, and are easy to install, overcoming all the challenges of traditional refineries. This is expected to drive the demand for modular refineries in oil production. Modular refineries are a relatively new concept in the oil production sector. Modular refineries technology gained traction in the North America and LAMEA regions.
Modular refineries can be deployed in remote locations which is creating opportunities for public-private partnerships in the modular refineries industry during the forecast period. Countries with the financial ability are investing in modular refineries to decrease the risk of fuel supply which creates modular refineries market opportunities in the near future.
Moreover, modular refiners offer an elevated level of quality control and check to ensure the ultimate functionality of the refinery process which increases its demand in the refinery industry. Modular refineries are capable of producing fuel products according to international standards at a very cost-effective rate. The petroleum products produced from modular refineries are exported to different countries which generates revenue for oil production companies and boost the demand for modular refineries market during the forecast period.
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In addition, the government is coming up with new investment plans to mitigate fuel security issues through the deployment of modular refineries in the oil production units. Higher authorities are investing in new modular refineries which can fulfill the local demand timely along with being capable of the production of finished products for export to other countries.
Similarly, developing countries are investing in modular refineries to lower the dependency on other counties for finished products which boosts the modular refineries market growth. As per the modular refineries market forecast, the future of modular refineries systems looks promising as modular refineries provide the security of oil supply.
The modular refineries market is segmented on the basis of type, capacity, end-use, and region. On the basis of type, the market is categorized into crude oil distillation units, topping units, hydro skimming refineries, full conversion refineries, bitumen refineries, and carbon black refineries. On the basis of capacity, the market is divided into 200 – 10000 BPD, 10001 - 20000 BPD, and 20001 - 30000 BPD. On the basis of end-user, the market is categorized into government refineries and private refineries. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the crude oil distillation unit segment held a significant share in terms of revenue and is expected to grow at a CAGR of 6.5% from 2023 to 2032. The demand for crude oil distillation units is high in the global modular refineries market as a unit is affordable, simple to install, and able to produce a high volume of fuel products. The surge in the demand for efficient modular refineries equipment in the oil refinery industry helps fuel the demand for crude oil distillation units in the market.
On the basis of capacity, the 200 – 10000 BPD segment held a major share in terms of revenue and the segment is expected to grow at a CAGR of 5.9% from 2023 to 2032. The 200 – 10000 BPD is widely accepted in the modular refineries market. Small-size refineries can produce petroleum products in high quantities with cost-effectiveness which increases the demand for 200 – 10000 BPD in the market. Furthermore, the 200–10,000 BPD modular refinery can efficiently process various grades of crude oil, which increases its demand in the market.
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The modular refineries market analysis covers in-depth information on the major industry participants. Some of the major players in the modular refineries market include Honeywell International Inc., Pyramid E&C, Peiyang Chemical Equipment Co., Ltd., Axens, Propak Systems Ltd., Brahms Oil Refineries Ltd., VFuels, LLC, Refinery Equipment of Texas, LLC, AIPCC Energy Ltd., and Plant Process Group, LLC.
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