What Does the Historical and Current Midstream Oil & Gas Equipment Market Size Trend Indicate?
The midstream oil & gas equipment market has seen considerable growth due to a variety of factors.
•The market size for equipment in the midstream sector of oil & gas has seen substantial growth in the recent past. The market, which was valued at $33.23 billion in 2024, is forecasted to increase to $35.81 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%.
This growth observed in the historical period is attributable to factors such as an increase in global energy demand, the advancement of oil and gas exploration, strategic implementation of pipeline infrastructure projects, the globalization of the gas markets as well as a rise in the production of shale gas.
How Will the Midstream Oil & Gas Equipment Market Size Evolve over the Forecast Period?
The midstream oil & gas equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the midstream oil & gas equipment market is projected to experience robust growth, escalating to "$48.37 billion by 2029 with a compound annual growth rate (CAGR) of 7.8%.
The anticipated growth over the forecast period could be due to increasing adoption of renewable energy, establishment of hydrogen economy, improvement in pipeline safety protocols, worldwide connectivity projects, and investments being made in the LNG infrastructure. The forecast period is also expected to see major trends such as the incorporation of digitalization and IoT, energy storing solutions, high-end inspection technologies, automated control system integration, digital twin technology, and safety provisions in transport.
What Factors Are Driving Growth In The Midstream Oil & Gas Equipment Market?
The escalating global demand for oil and gas is predicted to spur the growth of the midstream oil and gas equipment market. This growing demand translates into an increased requirement for natural resources to cater to the energy needs of multiple industries and consumers all over the world. By providing safe and efficient transportation and storage, midstream oil and gas resources fulfill this demand. In October 2024, it was reported by the US-based government agency, the Energy Information Administration, that global oil production had escalated to 100.9 million barrels per day (b/d) in 2023, marking an increase of 1.5 million barrels per day compared to the 99.4 million b/d in 2022. Thus, the growing global demand for oil and gas is fueling the growth of the midstream oil and gas equipment market.
What Are The Main Segments Of The Global Midstream Oil & Gas Equipment Market?
The midstream oil & gas equipment market covered in this report is segmented –
1) By Type: Pipes, Rail Tank Cars, Gas Processing Equipment, Storage Tanks, Pumps, Valves And Compressors
2) By Resource: Crude Oil, Natural Gas
3) By Application: Air Separation, Gas Lift, Gas Purification, Hydro Desulphurization, Hydrogen Production, Natural Gas Processing, Recycle Compression, Vapor Recovery
Subsegments:
1) By Pipes: Seamless Pipes, Welded Pipes, Coated Pipes
2) By Rail Tank Cars: Pressure Tank Cars, Non-Pressure Tank Cars, Specialty Tank Cars
3) By Gas Processing Equipment: Gas Sweetening Units, Gas Dehydration Units, Fractionation Equipment
4) By Storage Tanks: Aboveground Storage Tanks (AST), Underground Storage Tanks (UST), Floating Roof Tanks
5) By Pumps: Centrifugal Pumps, Positive Displacement Pumps, Submersible Pumps
6) By Valves: Gate Valves, Ball Valves, Check Valves
7) By Compressors: Reciprocating Compressors, Rotary Screw Compressors, Centrifugal Compressors
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What Emerging Trends Are Influencing The Growth Of The Midstream Oil & Gas Equipment Market?
Product innovation is becoming an increasingly popular trend in the midstream oil and gas equipment market. The main companies in this market are focusing on bringing forward innovative product offerings to secure their market standing. For instance, in February 2022, a well-known industrial equipment manufacturer, CIRCOR International Inc., based in the US, unveiled their CIR 3100 control valve. This valve, specifically designed for transporting oil and gas, boasts a unique design with versatile internal options which can adapt to interchangeable process conditions as needed. This not only cuts down on maintenance costs but also functions efficiently in both low and high-pressure drop services. The CIR 3100 control valve also offers a class V leakage option suitable for high-temperature circumstances.
Who Are the Key Players in the Midstream Oil & Gas Equipment Market?
Major companies operating in the midstream oil & gas equipment market include:
• Ariel Corporation
• EVRAZ plc
• General Electric Company
• Pentair Industries Inc.
• Trinity Industries Inc.
• Exterran Corporation
• Sulzer Ltd.
• Greenbrier Companies Inc.
• Flowserve Corporation
• Tenaris SA
• Cameron International Corporation
• ABB Limited
• Baker Hughes Company
• Caterpillar Inc.
• Halliburton Company
• Legend Oil and Gas Ltd.
• Energy Transfer LP
• Boardwalk Pipeline Partners LP
• Kinder Morgan Inc.
• Enterprise Products Partners LP
• Enbridge Inc.
• MarkWest Energy Partners LP
• TransCanada Corporation
• Cheniere Energy Inc.
• The Williams Companies Inc.
• Plains All American Pipeline LP
• ONEOK Inc.
• Compañía de Petróleos de Chile SA
• MPLX LP
• Magellan Midstream Partners LP
• Ebara Corporation
What Is The Most Dominant Region In The Midstream Oil & Gas Equipment Market?
Asia-Pacific was the largest region in the midstream oil and gas equipment market in 2024. and is expected to be the fastest-growing region in the global midstream oil and gas equipment market during the forecast period. The regions covered in the midstream oil & gas equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
