Midstream Oil and Gas Equipment Market to Grow with a CAGR of 6.19% through 2028
Increasing global demand for oil and gas and
technological advancements are likely to drive the market in the forecast
period.
According to TechSci Research report, “Midstream
Oil and Gas Equipment Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Midstream Oil and Gas Equipment Market stood at USD 32.08 billion in 2022 and
is anticipated to grow with a CAGR of 6.19% in the forecast period.Energy
demand and supply dynamics represent a pivotal driver of the midstream oil and
gas equipment industry. This sector is intrinsically linked to the global
energy landscape, serving as the vital intermediary between upstream production
and downstream consumption. As the world's population grows and economies
develop, the need for reliable and efficient energy sources, particularly oil
and natural gas, continues to surge. Rising energy demand is propelled by several
factors, including urbanization, industrialization, and increased
transportation needs. Emerging economies, in particular, heavily rely on oil
and gas for their energy requirements. Simultaneously, developed nations
continue to consume substantial quantities of hydrocarbons for various
applications, such as electricity generation, transportation fuels, and
petrochemical feedstocks. This growing appetite for energy necessitates the
development and expansion of midstream infrastructure, including pipelines,
storage facilities, and distribution networks. These assets ensure a steady and
efficient supply of oil and gas from production sites to end-users. Therefore,
energy demand and supply dynamics exert a significant influence on the
midstream oil and gas equipment industry, driving investments, innovation, and
strategic planning to meet evolving energy needs.
Infrastructure development and expansion represent
another fundamental driver of the midstream oil and gas equipment industry. The
efficient movement and storage of oil and gas are contingent on the
availability and quality of midstream infrastructure, including pipelines,
storage tanks, terminals, and associated equipment. As energy demand continues
to rise globally, there is a compelling need to expand and upgrade existing
midstream infrastructure. For instance, the shale gas revolution in the United States
has spurred substantial investments in pipeline networks and processing
facilities to transport and process newfound natural gas reserves. Similarly,
offshore oil exploration activities necessitate investments in offshore
platforms, subsea pipelines, and floating storage units to extract and
transport oil from remote offshore reserves. Infrastructure development is
closely tied to economic growth, energy security, and access to diverse energy
sources. Governments, industry stakeholders, and investors collaborate to plan,
fund, and execute large-scale midstream projects that support energy
distribution, stimulate regional economies, and enhance energy security.
Therefore, infrastructure development and expansion serve as a critical driver
of the midstream oil and gas equipment industry, shaping its growth trajectory
and long-term sustainability.
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The Global Midstream Oil and Gas Equipment Market is
segmented into type, application and region.
Based on type, The Pipes segment held the largest
market share in 2022 & expected to maintain it in the forecast period.
Pipelines are highly efficient and cost-effective means of transporting large
volumes of oil and natural gas over long distances. They minimize the need for
frequent handling, reducing labor costs, and the risk of accidents compared to
alternative transportation methods such as rail or truck. Pipelines are
considered one of the safest modes of transporting oil and gas. They are less
susceptible to accidents, leaks, and spills compared to other transportation
options, reducing environmental and safety risks. Pipelines allow for a
continuous flow of oil and gas, ensuring a consistent supply to refineries,
distribution centers, and export terminals. This reliability is crucial for
meeting energy demands. Pipelines have a smaller carbon footprint compared to
other transportation methods, as they typically require less energy and produce
fewer emissions per unit of transported product. This aligns with growing
environmental sustainability concerns. Pipelines are often seen as long-term
infrastructure investments, providing a stable and predictable means of
transporting energy resources over several decades. This makes them attractive
to investors and energy companies looking for consistent returns. Pipelines
have the capacity to transport large volumes of oil and gas, making them ideal
for major energy production regions with substantial output. They can
accommodate the demands of both domestic and international markets. In many
regions, governments and regulatory bodies support the development of pipeline
infrastructure due to its efficiency and safety advantages. This regulatory
support can facilitate the expansion and maintenance of pipeline networks.
Based on application, The Natural Gas Processing Plant
segment held the largest market share in 2022 and is projected to experience
rapid growth during the forecast period. With the growth in natural gas
production, driven by technologies like hydraulic fracturing (fracking) and
horizontal drilling, the need for Natural Gas Processing Plants has increased.
These facilities extract valuable natural gas liquids (NGLs) and remove
impurities from raw natural gas, making it suitable for transportation and various
end uses. Natural Gas Processing Plants recover valuable NGLs, such as ethane,
propane, and butane, which have significant commercial value. These NGLs are
used in various industries, including petrochemicals and as feedstocks for
plastics and chemicals production. Stricter environmental regulations have led
to increased demand for Natural Gas Processing Plants that can remove
pollutants and reduce greenhouse gas emissions from natural gas streams. These
facilities are vital for ensuring compliance with emissions reduction targets.
Natural gas is considered a transitional energy source due to its lower carbon
emissions compared to coal and oil. Natural Gas Processing Plants are crucial
in making natural gas cleaner and more environmentally friendly, aligning with
global efforts to reduce carbon emissions. Natural Gas Processing Plants are
integral to liquefied natural gas (LNG) production. LNG facilities process
natural gas, cool it to a liquid state, and then transport it to global
markets. The demand for LNG is growing, making these processing plants
essential for international energy trade.
Major companies operating in the Global Midstream
Oil and Gas Equipment Market are:
- Schlumberger Limited
- Baker Hughes Company
- Halliburton Company
- General Electric Company
- National Oilwell Varco Inc.
- Tenaris S.A.
- ABB Ltd.
- Flowserve Corporation
- Caterpillar Inc.
- Emerson Electric Company
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“The Global Midstream Oil and Gas Equipment market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The primary driver of the global Midstream Oil and Gas
Equipment market is the persistent growth in energy demand, coupled with the
need for efficient energy distribution. As populations expand, industries
evolve, and economies thrive, there is an ongoing surge in the requirement for
reliable energy resources, notably oil and natural gas. Midstream infrastructure,
including pipelines, storage facilities, and terminals, plays a pivotal role in
ensuring a seamless flow of these vital resources from production hubs to
end-users worldwide. To meet the ever-increasing energy needs, investments in
midstream equipment and infrastructure remain robust, making energy demand and
distribution the driving force behind this market. Therefore, the market of
Midstream Oil and Gas Equipment is expected to boost in the upcoming years.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Midstream Oil and Gas Equipment Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Type (Pipes, Rail Tank Cars, Gas Processing Equipment, Storage Tanks, Pumps,
Valves & Compressors), By Application (Pipelines, Natural Gas Processing
Plant, LNG/LPG Facilities, Crude by Rail, Others), By Region, By Competition”, has evaluated
the future growth potential of Global Midstream Oil and Gas Equipment Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Midstream Oil and Gas Equipment
Market.
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