In a recent published report, Kenneth Research has updated the market report for U.S. Midstream Oil And Gas Equipment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for U.S. Midstream Oil And Gas Equipment Market products.
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A report on U.S. Midstream Oil And Gas Equipment Market has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2021 2025. The report on U.S. Midstream Oil And Gas Equipment Marketfurther provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users.
According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
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.
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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.
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.
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.
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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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