New York, Oct. 21, 2022 (GLOBE NEWSWIRE) — Kenneth Research has revealed an in depth market report on the “United States Mid-Stream Oil Gas Equipment Market” for the forecast interval, i.e., 2022-2031 which incorporates the next elements:
- Market development over the forecast interval
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market gamers and their detailed profiling
United States Mid-Stream Oil Gas Equipment Market Size:
The United States mid-stream oil fuel tools market is projected to collect a income of round USD 10 billion by 2031 and to develop with a CAGR of ~6% over the forecast interval. Additionally, the market gathered a income of round USD 7 billion in 2021. One of the principle elements driving the expansion of the market within the United States throughout the forecast interval is the rising want for transportation gasoline. For occasion, the United States’ energy consumption for transferring folks and merchandise round in 2021 accounted for almost 28% of all vitality used within the nation, in accordance to the U.S. Energy Information Administration (EIA).
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In addition to this, greater than 33 trillion cubic toes (Tcf) of dry pure fuel was generated by the U.S. yearly in 2020, with a mean every day output of 92 billion cubic toes. This is the second highest quantity ever recorded. Pretty a lot similar to this, the United States consumed 31 Tcf or extra of pure fuel in 2021, which was up greater than 30% of the general quantity of energy utilized by the nation.
The midstream enterprises transport the crude oil and pure fuel which can be produced from varied upstream sector wells to the oil refineries and the fuel processing and treating vegetation, respectively. On account of the essential function that midstream corporations play, the extraction and utilization of pure fuel are key parts boosting the expansion of the market within the United States.
United States Mid-Stream Oil Gas Equipment Market: Key Takeaways
- The pipe section to affect the income graph
- Gas processing tanks section retains a large presence out there
Massive Oil Refineries within the Region and Substantial Trade Opportunities for the Country to Encourage Market Growth
In 2021, it was projected that the U.S. exported greater than 8 million barrels of oil per day (b/d) to greater than 175 nations and some American territories. As a end result, the U.S. flip right into a web exporter of yearly whole petroleum for the second 12 months in a row courting again that may be traced again to 1949. The 5 main international locations for U.S. whole petroleum exports in 2021 have been Mexico (14%) adopted by Canada (11%), India (8%), China (8%), and South Korea (7%). Crude oil exports made up roughly 36% of the U.S.’s whole gross petroleum exports in 2021 or about 3 million b/d. These nationwide export charges point out a rising development out there projection for the U.S. for the years 2022 to 2031.
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Furthermore, as of January 1st, 2022, there have been greater than 129 petroleum vegetation that have been energetic within the U.S. The whole distillation quantity of all US refineries has risen over the previous 40 years, going from a low of 14.4 million b/d to a excessive of 18.7 million b/d in 2019. This is in accordance to the Office of Energy Efficiency & Renewable Energy. Therefore, the imply distillation quantity per refinery had expanded by round 123% through the years. The growth of those oil refineries additional drives the expansion of the market within the area.
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 top of 2031, the pipe section is predicted to have the most important market dimension. The essential operate of oil pipelines in transportation, which is crucial to the midstream in its earnings era is predicted to be a significant component within the growth of the section. For each unit of hydrocarbon, the pipelines switch, and the shoppers pay charges to pipelines. As of January 2022, there have been over 170 functioning fuel pipelines within the United States, which represents a large portion of the 640 working fuel pipelines worldwide. Additionally, the biggest portion of the world’s oil and fuel transmission community is within the US. Also, within the US, which presently leads with a community size of 814,600 km, 508 pipelines are scheduled to start operations in 2025. The rising utility of pipelines drives the event of the section over the forecast interval.
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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 fuel processing tanks are estimated to have a noteworthy share of the market throughout the forecast interval. In the oil and fuel sector, fuel processing tanks are used to bulk include fluids at varied phases of the refining course of. Products are sometimes briefly held earlier than being transported for added processing. There was a major rise within the export commerce of fuel processing tanks within the United States in 2021. i.e., the export worth for fuel processing tanks in 2020 was USD 18,974 thousand which rose to USD 27,719 in 2021 with an annual development worth of 46% from 2020 to 2021. The important rise in commerce promotes the expansion of the section within 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 within the United States Mid-Stream oil fuel tools market which can be 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 within 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 approach designed to minimize down on rig journeys whereas decreasing the price of drilling and intervention. Many purchasers in South and North America embraced the sealing answer after its world launch.
- On August 25th, 2020, Compass Energy Systems Ltd. And Exterran Corporation inked a contract for Compass Energy Systems Ltd to buy Exterran’s pure fuel compression amenities within the U.S. to strengthen and broaden its presence in worldwide markets.
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