U.S. midstream oil & gas equipment market is estimated to reach USD 983.73 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the biotechnology market based on product type, application and region.
According to the report, the U.S. crude oil refinery industry has gained increased momentum in recent years. In 2017, the country had a total of 141 operating refineries with a total crude distillation capacity of around 18.62 million bpcd (barrels per calendar day) and 19.80 million barrels per steam day respectively. The refining capacity had also increased by 300,000 bpcd in 2017. With rapid increase in capacity and complexity, demand for midstream equipments in the U.S. is anticipated to increase significantly over the coming years.
The U.S. is also one of the top five global exporters, with an average of USD 22 billion over the past four years. Increasing demand for clean transportation fuels has led to higher global trade from many U.S. exporter, thus driving the U.S. midstream oil & gas equipment market growth.
However, the country's exporters have been facing trade restrictions, labor requirements, rising cost and decreasing competitiveness of U.S. exports owing to rapid growth in Chinese and European markets. Suppliers in the U.S. are also facing significant competition from the Korean, German and Chinese players, cites the study.
In terms of competition, the U.S. industry partakers are focusing more on manufacturing gas treating and processing equipments, automatic valves, compressors, storage tanks, etc. These trends in the equipment manufacturing sector are likely to drive the country's exports sector. Emphasis towards adopting advanced, high-end equipments, especially for heavy oil processing operations, will offer growth impetus to the U.S. midstream oil & gas equipment market over the coming years.
In terms of regional analysis, the Southwest market captured the highest market share in 2017. The report claims that Oklahoma and Texas are the major contributors to the region's high demand. Both the states include around 35 refineries, with Texas alone accounting for 30 refineries. Reportedly, two new refineries are expected to open in Texas, with plans to go operational in 2019. These refineries will seemingly process the shale fuels from the Eagle Ford and Permian Basin shale reserves, cites the report.
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Indeed, construction of these new refineries will generate demand for midstream oil & gas equipments, thereby driving regional industry growth. Moreover, with rapid development, the southwest market is anticipated to attain considerable industry share in U.S. midstream oil & gas equipment market over the forecast period.
Major firms operating in the U.S. midstream oil & gas equipment market include Transocean, Abbot Group, Zenith Oilfield Technology, Schlumberger, Weatherford International, National Oilwell Varco Incorporated, Halliburton Co., ENI, Cameron International, Baker Hughes, FMC Technologies, and Aker Solutions.
The company profiles of these firms are mentioned in the report alongside their business overview, product benchmarking, financials, and recent developments. The report also provides an extensive quantitative and qualitative analysis of potential trends and growth prospects in U.S. midstream oil & gas equipment market between 2018-2026.