New York
City, 25 January 2019: The U.S. Midstream Oil & Gas Equipment Market is anticipated to reach USD
983.73 billion by 2026 according to a new study published by Polaris Market
Research.
Crude oil
refinery industry in the U.S. has been gaining momentum rapidly since the low
crude oil price era. By the end of 2017, the country hosted a total of 141
operating refineries with an overall crude distillation capacity of
approximately 18.62 million barrels per calendar day and 19.80 million barrels
per steam day. The refining capacity has increased 300,000 bpcd in 2017. Such
increase in capacity and complexity in the country, demand for midstream
equipments will increase significantly over the forecast period.
The country
is one of the leading five global exporters with an average of USD 22 billion
for the past four years. The increasing demand for transportation fuels along
with the rising complexity for clean fuels, there are legal and regulatory
constraints that have actually threatened to higher global trade in many of the
U.S. strategic export is driving the U.S. midstream oil & gas equipment
market. The country’s exporters have been facing requirements of local contents,
trade restrictions, labor requirements and rising cost along with decreasing
competitiveness of U.S. exports due to growing Chinese and some European
markets.
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The
suppliers in the country face significant competition from the Korean, German
and the Chinese players. By competition, the U.S. industry participants have
been particularly competitive in manufacturing of gas treating and processing
equipments, compressors, automatic valves, storage tanks etc. These specific
trends in manufacturing of these equipments are likely to continue with the
country’s exports weighted more towards specialized high tech equipments
especially relating to heavy oil processing influencing the industry growth of
U.S. midstream oil & gas equipment market during the forecast period.
The share of
U.S. made equipments and appliances sector is projected to remain competitive
in over the next three to four years, the country’s share of equipments being
exported to the global markets, as a part of the global midstream equipment
exports to the worldwide market, has reduced moderately. This is actually owing
to its increasing domestic consumption during the past three years, however it
is also a sign of higher competition from foreign manufacturers, as the other
nations has significantly increased its share of export to the U.S. midstream
oil & gas equipment market.
Competitive Landscape and Key Vendors:
The
Southwest was the largest regional market in 2017. Texas and Oklahoma are the
major contributors to the region’s high demand. Both the states host 35 refineries
with Texas accounting for 30 of them. Another two refineries are planned in
Texas and are to be operational by 2019. These have been planned to process the
shale fuels from the Egale Ford and Permain Basin shale reserves. Construction
of these refineries has been the major factor driving demand for these
equipments in the region apart from the ones used for maintenance and repair
operations making southwest the largest region in the U.S. midstream oil &
gas equipment market.
Some of the
leading industry participants in the U.S. midstream oil & gas equipment
market include Abbot Group, Transocean, Zenith Oilfield Technology, National
Oilwell Varco Incorporated, Schlumberger, Weatherford International,
Halliburton Company, ENI, Baker Hughes, Cameron International, FMC
Technologies, Aker Solutions.
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