- Modular refinery is a skid-mounted modular structure based crude oil processing refinery plant. Each modular structure is an essential component of crude oil refinery. It is connected to each other by means of pipelines.
- Structures or individual components of modular refineries are usually fabricated in a factory or site far from the required location in a controlled environment. This reduces costs to a larger extent and also improves efficiency of the process. Modules manufactured are transported to the required site for installation, resulting in a much quicker installation time than conventional refineries.
- Major components of modular refineries generally include modular atmospheric distillation units, modular vacuum distillation units, hydrotreater units, hydro desulfurization units, catalytic reformer units, and hydrocracker units.
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Key Drivers of Global Modular Refinery Market
- Rise in government initiatives to increase local refining capacities, especially in developing and underdeveloped countries across the globe, is expected to drive the demand for modular refineries in the near future. Governments across the globe are striving to curb import of refined products in order to reduce their fiscal deficit. Demand for refined products is rising at a rapid pace in these countries. As a result, their import and burden on economy is also increasing. These facilities enable governments either to import or produce crude oil, which can be broken down into refined products.
- Governments are investing significantly in modular refineries to increase their refining capacities in order to lower the cost and maintain continuous supply of refined products. These facilities not only ensure security of continuous supply of transportation fuels, but also enhance the power generation capacity and secure LPG supply.
- Quick installation period and lower investment costs are another key drivers of the market. Modules of these refineries are pre-built and tested before shipping to the site; therefore, their installation requires comparatively much less time than conventional on-site building approach. These refineries are much smaller in size and processing capacity; therefore, they require comparatively low capital investment than conventional refineries. These refineries can be relocated depending upon the situation and requirements.
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