LONDON--(BUSINESS WIRE)--The global gas processing market size is poised to reach USD 214 billion by 2023, according to a new report by Technavio, progressing at a CAGR of 4% during the forecast period. Innovations in gas processing technology to augment the market over the forecast period.
Key suggestions from the report:
- Dry gas is likely to register a CAGR of 4% in terms of revenue from 2019 to 2023 owing to the surge in natural gas transportation activities and the use in various industries such as power, fertilizers, and petrochemicals.
- NGL represented over 33% of the overall market share in 2018 on account of their increased use.
- The North American gas processing market accounted for 31% of the overall revenue in 2018, on account of unconventional oil and gas E&P activities and subsequently, increased oil and gas production in the region.
- Presence of many players and the introduction of new technologies for NGL generation and the rising adoption of CNG and LNG are bolstering the growth of the market.
Read a 132-page research report with TOC on "Gas Processing Market Analysis Report by product (dry gas and NGL) and segment forecasts for 2019 to 2023" at
The market is driven by the rising demand for natural gas. The abundance and versatility of natural gas along with its clean-burning properties is the major factor driving its demand. The demand for natural gas has also increased due to the growing use of natural gas in the transportation sector. Furthermore, the demand for natural gas for power generation in developing countries is another factor augmenting the growth of the market. This rising demand for natural gas will drive the growth of the global gas processing market during the forecast period.
At present, many innovative technologies are being developed to enhance the technical and economic feasibility of gas processing operation. These new technologies are expected to reduce energy consumption and could lead to significant cost saving for gas processing companies. Thus, new technologies will reduce the cost of gas-processing operations and subsequently drive the growth of the global gas processing market during the forecast period.
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Operational challenges associated with gas processing, adoption of alternative energy sources, and fluctuation in oil and gas prices are expected to negatively influence the growth of the market. These factors are expected to have a significant impact on the upstream oil and gas sector companies as well as on the investors, which will restrict the supply of natural gas if there is a decline in upstream investments. Thus, such factors will, in turn, restrict the growth of the global gas processing market during the forecast period.
Technavio has segmented the global gas processing market based on the product (dry gas and NGL), and region (APAC, Europe, MEA, North America, and South America).
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