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. 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.
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Modular refineries are energy-saving, affordable, safe, and
flexible in adjusting to market demands which is 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 refinery 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 checks 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 boosts the demand for the modular refineries market
during the forecast period.
In addition, the government is coming up with new investment
plans to mitigate fuel security issues by deploying modular refineries in the
oil production units. Higher authorities are investing in new modular
refineries that can fulfill the local demand timely along with being capable of
the production of finished products for export to other countries.
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Similarly, developing countries are investing in modular
refineries to lower the dependency on other countries for finished products
which boosts the modular refineries market growth. As per the modular refinery
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 unit, topping unit, hydro skimming
refinery, 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 use, the
market is categorized into government refinery and private refinery.
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 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 unit is
high in the global modular refineries market as unit is affordable, simple to
install, and able to produce high volume of fuel products. 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 quantity 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.
On the basis of end-use, the government refinery segment
held the dominant share in terms of revenue and is expected to grow at a CAGR
of 5.5% from 2023 to 2032. Government refineries are projected to dominate the
global modular refineries market as the demand for modular refineries is high
in different government oil production units. The government mainly operates
the price related to crude oil and finished products due to which the
government is taking initiatives for modular refineries which leads to the
growth of the government segment in the market.
On the basis of region, North America held a major share in
terms of revenue and is anticipated to grow at a CAGR of 5.5% from 2023 to
2032. An increase in oil extraction projects in the U.S. is projected to drive
the growth of the modular refineries market. African countries have started
investing in new private refineries projects and oil excavation projects which
drive the demand for modular refineries in the LAMEA region during the forecast
period.
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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.
Key findings of the study
- On the basis of type, the crude oil distillation unit
segment held a market share of more than 30% in 2021 in terms of revenue
- On the basis of capacity, the 200 – 10000 BPD segment held around half of the
market share in 2021 in terms of revenue
- On the basis of end-use, the government refinery segment held the major
market share in 2021 in terms of revenue
- On the basis of region, the North America region held a market share above
33% in 2021 in terms of revenue
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