United States Mid-Stream Oil Gas Equipment Market to Garner around USD 10 Billion by 2031 and to Grow at a CAGR of ~6% during 2022-2031; Growing Demand for Transportation Fuel to Elevate Market Growth – Kenneth Research
Key Companies Outlined in the United States Oil Gas Equipment Market Research Report by Kenneth Research include ABB Ltd, Ariel Corporation, Baker Hughes Company, Caterpillar, Compass Energy Systems Ltd., Eni S.p.A., Flowserve Corporation, General Electric Company, Kinder Morgan, Inc., Linde, Inc., and others.
New York, Oct. 21, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a detailed market report on the “United States Mid-Stream Oil Gas Equipment Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
United States Mid-Stream Oil Gas Equipment Market Size:
The United States mid-stream oil gas equipment market is projected to gather a revenue of around USD 10 billion by 2031 and to grow with a CAGR of ~6% over the forecast period. Additionally, the market gathered a revenue of around USD 7 billion in 2021. One of the main factors driving the growth of the market in the United States during the forecast period is the growing need for transportation fuel. For instance, the United States’ power consumption for moving people and products around in 2021 accounted for nearly 28% of all energy used in the country, according to the U.S. Energy Information Administration (EIA).
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In addition to this, more than 33 trillion cubic feet (Tcf) of dry natural gas was generated by the U.S. annually in 2020, with an average daily output of 92 billion cubic feet. This is the second highest volume ever recorded. Pretty much identical to this, the United States consumed 31 Tcf or more of natural gas in 2021, which was up more than 30% of the overall amount of power used by the country.
The midstream enterprises transport the crude oil and natural gas that are produced from various upstream sector wells to the oil refineries and the gas processing and treating plants, respectively. On account of the crucial role that midstream firms play, the extraction and utilization of natural gas are key elements boosting the growth of the market in the United States.
United States Mid-Stream Oil Gas Equipment Market: Key Takeaways
- The pipe segment to influence the revenue graph
- Gas processing tanks segment retains a sizable presence in the market
Massive Oil Refineries in the Region and Substantial Trade Opportunities for the Country to Encourage Market Growth
In 2021, it was projected that the U.S. exported more than 8 million barrels of oil per day (b/d) to more than 175 nations and a few American territories. As a result, the U.S. turn into a net exporter of yearly total petroleum for the second year in a row dating back that can be traced back to 1949. The five major countries for U.S. total petroleum exports in 2021 were Mexico (14%) followed by Canada (11%), India (8%), China (8%), and South Korea (7%). Crude oil exports made up roughly 36% of the U.S.’s total gross petroleum exports in 2021 or about 3 million b/d. These national export rates indicate a rising trend in the market projection for the U.S. for the years 2022 to 2031.
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Furthermore, as of January 1st, 2022, there were more than 129 petroleum plants that were active in the U.S. The total distillation volume of all US refineries has risen over the past 40 years, going from a low of 14.4 million b/d to a high of 18.7 million b/d in 2019. This is according to the Office of Energy Efficiency & Renewable Energy. Therefore, the mean distillation volume per refinery had expanded by around 123% over the years. The expansion of these oil refineries further drives the growth of the market in the region.
United States Mid-Stream Oil Gas Equipment Market, Segmentation by Type
- Pipe
- Gas Treating & Processing Equipment
- Rail Tank Cars
- Compressor
- Pumps, Valves
- Instrumentation Equipment
- Storage Tanks
- Other Equipment
By the end of 2031, the pipe segment is predicted to have the biggest market size. The critical function of oil pipelines in transportation, which is essential to the midstream in its income generation is predicted to be a major factor in the expansion of the segment. For every unit of hydrocarbon, the pipelines transfer, and the consumers pay rates to pipelines. As of January 2022, there were over 170 functioning gas pipelines in the United States, which represents a sizable portion of the 640 working gas pipelines worldwide. Additionally, the largest portion of the world’s oil and gas transmission network is in the US. Also, in the US, which presently leads with a network length of 814,600 km, 508 pipelines are scheduled to begin operations in 2025. The growing application of pipelines drives the development of the segment over the forecast period.
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United States Mid-Stream Oil Gas Equipment Market, Segmentation by Application Type
- Gas Processing Tanks
- Pipelines
- Liquefied Natural Gas (LNG) Facilities
- Crude by Rail
- Others
The gas processing tanks are estimated to have a noteworthy share of the market during the forecast period. In the oil and gas sector, gas processing tanks are used to bulk contain fluids at various phases of the refining process. Products are often briefly held before being transported for additional processing. There was a significant rise in the export trade of gas processing tanks in the United States in 2021. i.e., the export value for gas processing tanks in 2020 was USD 18,974 thousand which rose to USD 27,719 in 2021 with an annual growth value of 46% from 2020 to 2021. The significant rise in trade promotes the growth of the segment in the United States.
United States Mid-Stream Oil Gas Equipment Market, Segmentation by Service
- Air Separation
- Gas Lift
- Gas Purification
- Hydro Desulphurization
- Hydrogen Production
- Natural Gas Processing
- Recycle Compression
- Vapor Recovery
Few of the well-known market leaders in the United States Mid-Stream oil gas equipment market that are profiled by Kenneth Research are ABB Ltd, Ariel Corporation, Baker Hughes Company, Caterpillar, Compass Energy Systems Ltd., Eni S.p.A., Flowserve Corporation, General Electric Company, Kinder Morgan, Inc., Linde, Inc., and others.
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Recent Developments in the United States Mid-Stream Oil Gas Equipment Market
- On May 3rd, 2022, the launch of MS-2 Annulus Seal by Baker Hughes Company, a novel underwater wellhead technique designed to cut down on rig trips while lowering the cost of drilling and intervention. Many clients in South and North America embraced the sealing solution after its global launch.
- On August 25th, 2020, Compass Energy Systems Ltd. And Exterran Corporation inked a contract for Compass Energy Systems Ltd to purchase Exterran’s natural gas compression facilities in the U.S. to strengthen and expand its presence in international markets.
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