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Mar 12, 2024

Midstream Oil & Gas Equipment Global Market Report 2023

Major players in the midstream oil & gas equipment market are Ariel Corporation, EVRAZ Plc, General Electric Company, Pentair Industries Inc., Trinity Industries Inc., Exterran Corporation, Sulzer

Major players in the midstream oil & gas equipment market are Ariel Corporation, EVRAZ Plc, General Electric Company, Pentair Industries Inc., Trinity Industries Inc., Exterran Corporation, Sulzer Ltd.

New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Midstream Oil & Gas Equipment Global Market Report 2023" - https://www.reportlinker.com/p06479762/?utm_source=GNW , Greenbrier Companies Inc., Flowserve Corporation, Tenaris SA, Cameron International Corporation, ABB Limited, Baker Hughes Company, Caterpillar Inc., and Halliburton Company.The global midstream oil and gas equipment market is expected to grow from $28.43 billion in 2022 to $30.90 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The midstream oil and gas equipment market is expected to reach $41.29 billion in 2027 at a CAGR of 7.5%.The midstream oil and gas equipment market consists of sales of metering and measurement equipment, separation equipment, cryogenic equipment, and filtration equipment.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Midstream oil and gas equipment refers to the equipment and infrastructure responsible for the transportation and storage of oil and gas after they have been extracted from the ground and before they are refined or processed for use. This equipment are used to ensure safe and efficient transportation of oil and gas products over long distances by minimizing the risk of spills or other accidents.Asia-Pacific was the largest region in the midstream oil and gas equipment market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in midstream oil and gas equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of midstream oil and gas equipment are pipes, rail tank cars, gas processing equipment, storage tanks, pumps, valves, and compressors.Pipes are cylindrical, hollow structures made of metal, plastic, or other materials used to transport fluids (liquids or gases) from one point to another.They are used tp resource crude oil and natural gas for applications in air separation, gas lift, gas purification, hydrodesulfurization, hydrogen production, natural gas processing, recycle compression, and vapor recovery.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.In January 2020, Tenaris, a Luxembourg-based manufacturer of steel pipes acquired IPSCO Tubulars Inc. for $220 million. This acquisition broadens, diversifies, and enriches Tenari’s product portfolio by adding high-quality welded and sealed pipes and strengthening their distribution across the USA by adding the IPSCO Inc. distributor network. IPSCO Tubulars Inc. is a US-based manufacturing company specializing in welded and sealed pipes for the exploration, production, and transportation of oil and natural gas.The countries covered in the midstream oil and gas equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The midstream oil & gas equipment market research report is one of a series of new reports that provides midstream oil & gas equipment market statistics, including midstream oil & gas equipment industry global market size, regional shares, competitors with a midstream oil & gas equipment market share, detailed midstream oil & gas equipment market segments, market trends and opportunities, and any further data you may need to thrive in the midstream oil & gas equipment industry. This midstream oil and gas equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.Read the full report: https://www.reportlinker.com/p06479762/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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