Press release
Midstream Oil & Gas Equipment Market Outlook Report 2024
Midstream Oil & Gas Equipment Market Outlook
According to The Business Research Company's, 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 growth in the historic period can be attributed to global energy demand surge, expansion of oil and gas exploration, strategic pipeline infrastructure projects, globalization of gas markets, rise 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 growth in the forecast period can be attributed to transition to renewable energy, development of hydrogen economy, enhanced pipeline safety measures, global connectivity projects, investments in lng infrastructure. Major trends in the forecast period include digitalization and iot integration, energy storage solutions, advanced inspection technologies, integration of automation and control systems, digital twin technology, safety measures in transportation.
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Market Drivers and Trends:
The increase in demand for oil and gas across the globe is expected to propel the growth of the midstream oil and gas equipment market going forward. The increase in demand for oil and gas across the globe refers to the growing need for natural resources to meet the energy needs of various industries and consumers worldwide. Midstream oil and gas resources help meet oil and gas demand by enabling the safe and efficient transportation and storage of these resources. For instance, in December 2022, according to the US Energy Information Administration, a US-based official agency for energy statistics, global oil production accounted for 95.70 million barrels per day in 2021, with an increase of 1.96% compared to 93.86 million barrels per day in 2020. Further, the US accounted for the largest share, with 20% of total oil produced worldwide. Therefore, the increase in demand for oil and gas across the globe is driving the midstream oil and gas equipment market.
Product innovation is the key trend gaining popularity in the midstream oil and gas equipment market. Major companies operating in the midstream oil and gas equipment market are introducing innovative products to sustain their position in the market. For instance, in February 2022, CIRCOR International Inc., a US-based industrial equipment manufacturer, launched the CIR 3100 control valve, designed specifically for the transportation of oil and gas. The innovative design of this valve has customizable internal options that allow interchangeable process condition changes as per the requirement, which allows a reduction in equipment maintenance costs. This valve can operate on both low- and high-pressure drop services. The CIR 3100 control valve has a class V leakage option that can be used in high-temperature conditions.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.; Compañía de Petróleos de Chile SA; MPLX LP; Magellan Midstream Partners LP; Ebara Corporation
Midstream Oil & Gas Equipment Market 2024 Key Insights:
• The midstream oil & gas equipment market will grow to $44.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Surge In Oil And Gas Demand Fuels Growth In The Midstream Oil And Gas Equipment Market
• Product Innovation In Midstream Oil And Gas Equipment Market
• 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
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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