Delayed Coker Unit Process Technology Market: Steady Growth Expected Despite Challenges (2022-2029)
Delayed Coker Unit Process Technology Market: Steady Growth Expected Despite Challenges (2022-2029)
The global delayed coker unit process technology market size was valued at USD 424.3 million in 2021. The market is projected to grow from USD 438.9 million in 2022 to USD 591.8 million by 2029, exhibiting a CAGR of 4.3% during the forecast period. This growth is driven by the need for refineries to improve profitability and navigate fluctuating oil prices.
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Key Market Drivers:
Profitability Enhancement: DCU technology helps refineries convert heavy crude oil into lighter, more valuable products, increasing their bottom line.
Depletion of Lighter Crude Reserves: As reservoirs with lighter crude oil are depleted, refineries turn to heavier crudes, necessitating DCU technology for processing.
Focus on Revamps and Upgrades: Existing refineries are undergoing modernization to improve efficiency and meet stricter environmental regulations. DCU installations are often part of these upgrades.
Market Challenges:
Low Pre-Pandemic Margins: Even before COVID-19, refineries faced tight margins, making investments in new technology challenging.
COVID-19 Impact: The pandemic's significant drop in oil demand further strained refinery finances, impacting DCU adoption.
Regional Market Trends:
Middle East & Africa (MEA): This region is expected to see the highest installation rates due to ongoing refinery capacity expansion projects.
Asia Pacific: Rising energy demand, particularly in China and India, is driving DCU adoption in this region.
Dominant Technology:
Dual-fired DCUs: These units offer continuous operation, maximizing capacity and product yield, making them the preferred choice for refineries globally.
Major Players:
Bechtel Corporation
Lummus Technology
Wood PLC
Honeywell UOP
Worley Parsons Limited (Jacobs)
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