NEW YORK, Oct. 21, 2022 (GLOBE NEWSWIRE) — Kenneth Research has an in-depth market report on the “US Mid-Stream Oil Gas Equipment Market“ for the forecast period i.e. 2022-2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional summary
- market segmentation
- growth accelerator
- challenges
- Key market players and their detailed profiling
United States Mid-Stream Oil Gas Equipment Market Size:
The midstream oil gas equipment market in the United States is expected to reach around US$10 billion in revenue by 2031, growing at a CAGR of ~6% over the forecast period. Additionally, the market generated revenue of around $7 billion in 2021. One of the main factors driving the growth of the United States market over the forecast period is the growing demand for fuel for transportation. For example, according to the US Energy Information Administration (EIA), the electricity consumption of the United States for the transportation of people and products accounted for almost 28% of the total energy consumed in the country in 2021.
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Additionally, more than 33 trillion cubic feet (Tcf) of dry natural gas was produced annually in the US in 2020, with an average daily production of 92 billion cubic feet. This is the second highest volume ever recorded. Fairly identical, the United States consumed 31 Tcf or more of natural gas in 2021, accounting for more than 30% of the country’s total electricity consumption.
The midstream companies transport crude oil and natural gas produced from various upstream sector wells to oil refineries and gas processing and treatment plants, respectively. Due to the crucial role played by midstream companies, the extraction and utilization of natural gas are key elements driving the growth of the market in the United States.
Mid-Stream Oil Gas Equipment Market in United States: …
