November 23, 2021
According to the recent research report titled ‘Global Oil & Gas Midstream Market Size study, by Sector (Transportation, Storage, Terminal) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global oil & gas midstream market is expected to expand with a robust CAGR over 2021-2027.
Global oil & gas midstream market growth is majorly driven by rising investment in the sector, along with surging demand and supply of gas and petroleum.
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According to the USA Energy Information Administration, worldwide output will increase to 101.45 million barrels per day by 2022, up from 94.18 million barrels per day in 2020. Meanwhile, overall global petroleum consumption is anticipated to climb from 92.32 million barrels per day in 2020 to 101.01 million barrels per day by 2022, subsequently enhancing the overall market remuneration prospects.
For the uninitiated, oil & gas midstream practices are widely employed in the transportation, marketing, and management of oil & gas products demand and supply. Pipelines and other modes of transportation are used to transfer oil & gas from the point of production to the refineries.
Technological advancements and escalating demand for energy are likely to add to worldwide oil & gas midstream industry value.
Speaking of restraints, environmental concerns regarding new oil & gas pipelines, and lack of transportation infrastructure expansions are anticipated to negatively impact market growth over the forecast period of 2021-2027.
Coming to regional landscape, Europe, North America, Asia Pacific, and Latin America are the key areas considered for the regional assessment of the market. The report cites that Asia Pacific presently accounts for considerable industry share, creditable to mounting demand of oil, gas, and other petroleum refineries in the region.
On the other hand, South America industry is likely to register a strong compound annual growth rate over the analysis period, owing to key players increasingly investing in oil & gas sector.
Elaborating on competitive landscape, Enbridge Pipelines Inc., Halliburton Company, Chevron Corporation, Venture Global LNG Inc., APA Group, BP plc, Baker Hughes Company, Royal Dutch Shell plc, Williams Companies Inc., and Enlink Midstream LLC are the top companies operating in global oil & gas midstream market sphere.