PUBLISHER: The Business Research Company | PRODUCT CODE: 1414409
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414409
“Midstream Oil & Gas Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on midstream oil & gas equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for midstream oil & gas equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The midstream oil & gas equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Midstream oil and gas equipment comprises the equipment and infrastructure responsible for transporting and storing oil and gas after extraction from the ground and before refining or processing for use. This equipment ensures the safe and efficient transportation of oil and gas products over long distances, minimizing the risk of spills or other accidents.
The primary types of midstream oil and gas equipment include pipes, rail tank cars, gas processing equipment, storage tanks, pumps, valves, and compressors. Pipes are cylindrical, hollow structures made of metal, plastic, or other materials used to convey fluids (liquids or gases) from one point to another. They are utilized for various applications such as air separation, gas lift, gas purification, hydrodesulfurization, hydrogen production, natural gas processing, recycle compression, and vapor recovery.
The midstream oil & gas equipment market research report is one of a series of new reports from The Business Research Company that provides midstream oil & gas equipment market statistics, including midstream oil & gas equipment industry global market size, regional shares, competitors with a midstream oil & gas equipment market share, detailed midstream oil & gas equipment market segments, market trends and opportunities, and any further data you may need to thrive in the midstream oil & gas equipment industry. This midstream oil and gas equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The midstream oil & gas equipment market size has grown strongly in recent years. It will grow from $30.9 billion in 2023 to $33.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The expansion observed in the historical period can be attributed to the surge in global energy demand, the expansion of oil and gas exploration, strategic pipeline infrastructure projects, the globalization of gas markets, and the increase in shale gas production.
The midstream oil & gas equipment market size is expected to see strong growth in the next few years. It will grow to $44.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to the transition to renewable energy, the development of a hydrogen economy, improved pipeline safety measures, global connectivity projects, and investments in LNG infrastructure. Significant trends expected in the forecast period include digitalization and IoT integration, energy storage solutions, advanced inspection technologies, the integration of automation and control systems, the adoption of digital twin technology, and heightened safety measures in transportation.
The anticipated surge in global demand for oil and gas is set to drive the growth of the midstream oil and gas equipment market in the future. This heightened demand signifies the increasing necessity for natural resources to fulfill the energy requirements of diverse industries and consumers worldwide. The midstream oil and gas sector plays a crucial role in meeting this demand by facilitating the secure and efficient transportation and storage of these resources. For instance, data from the US Energy Information Administration in December 2022 revealed that global oil production reached 95.70 million barrels per day in 2021, showing a 1.96% increase from 93.86 million barrels per day in 2020. The US held the largest share, contributing 20% to the total global oil production. Thus, the escalating global demand for oil and gas is a significant driver propelling the midstream oil and gas equipment market.
Investments in infrastructure are anticipated to be a driving force behind the growth of the midstream oil and gas equipment market. Infrastructure encompasses the fundamental physical and organizational structures essential for the functioning of societies, enterprises, or projects, covering buildings, transportation, communication, and utilities. The crucial components and machinery of midstream oil and gas equipment play a pivotal role in supporting infrastructure structures such as transportation, storage, and distribution within the energy sector. In February 2023, Statistics Canada reported a 5.6% growth in capital expenditures on Canadian infrastructure, reaching a total of $108.1 billion in 2021, indicating a significant increase in investment. Therefore, the rising investment in infrastructure is a key factor driving the midstream oil and gas equipment market.
Innovation in products is emerging as a prominent trend in the midstream oil and gas equipment market, with major companies introducing novel solutions to maintain their market positions. In February 2022, CIRCOR International Inc., a US-based industrial equipment manufacturer, unveiled the CIR 3100 control valve designed specifically for oil and gas transportation. The valve's innovative design allows for customizable internal options, facilitating interchangeable process condition adjustments and reducing equipment maintenance costs. It is suitable for both low- and high-pressure drop services, featuring a class V leakage option suitable for high-temperature conditions.
Leading companies in the midstream oil and gas equipment market are concentrating on the development of advanced digital solutions, including cloud-based options, to optimize natural gas compression. A cloud-based digital solution, hosted and accessed over the internet, is exemplified by the SKIDIQ product suite launched in September 2023 by INNIO Group and Detechtion Technologies. This cloud-based solution integrates Waukesha engine analytics with real-time compressor monitoring, providing a comprehensive monitoring and optimization solution. SKIDIQ aims to reduce operating expenses and increase uptime by enabling troubleshooting of compressor and engine fault codes and providing direct access to the Waukesha E-help manual for quick issue resolution.
In June 2023, Rental Equipment Investment Corp, a US-based specialty rental division, completed the acquisition of Midstream Equipment Corp, a Canada-based oil and gas service company. This strategic acquisition enhances REIC's specialty rental offerings in critical applications within the oil and gas and large industrial sectors. Midstream Equipment Corp specializes in providing rental solutions such as compressors, generators, skids, and vapor recovery equipment for the oil and gas industry.
Major companies operating in the midstream oil & gas equipment market report are Ariel Corporation, EVRAZ plc, General Electric Company, Pentair Industries Inc., Trinity Industries Inc., Exterran Corporation, Sulzer Ltd., Greenbrier Companies Inc., Flowserve Corporation, Tenaris SA, Cameron International Corporation, ABB Limited, Baker Hughes Company, Caterpillar Inc., Halliburton Company, Legend Oil and Gas Ltd., Energy Transfer LP, Boardwalk Pipeline Partners LP, Kinder Morgan Inc., Enterprise Products Partners LP, Enbridge Inc., MarkWest Energy Partners LP, TransCanada Corporation, Cheniere Energy Inc., The Williams Companies Inc., Plains All American Pipeline LP, ONEOK Inc., Compania de Petroleos de Chile SA, MPLX LP, Magellan Midstream Partners LP, Ebara Corporation
Asia-Pacific was the largest region in the midstream oil and gas equipment market in 2023, and is expected to be the fastest-growing region in the global midstream oil and gas equipment market during the forecast period. The regions covered in the midstream oil & gas equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the midstream oil & gas equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The midstream oil and gas equipment market consists of sales of metering and measurement equipment, separation equipment, cryogenic equipment, and filtration equipment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.