Oil & Gas

Global Wafer Processing Equipment Market Forecast 2024

The Shale Gas Processing Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Shale Gas Processing Equipment Global Market Report 2024, The shale gas processing equipment market size has grown rapidly in recent years. It will grow from $7.03 billion in 2023 to $8.17 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to growth in the fashion and apparel industry, expansion of home sewing and diy crafting activities, increased disposable income and consumer spending on apparel, demand for industrial sewing machines in manufacturing, emphasis on textile and leather industries, rise in popularity of customized and tailored clothing.

The shale gas processing equipment market size is expected to see rapid growth in the next few years. It will grow to $14.67 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to adoption of computerized and automated sewing machines, expansion of sewing machine markets in emerging economies, research and development in sustainable sewing technologies, need for specialized machines for technical textiles, emphasis on compact and portable sewing machines, growing demand for smart and connected sewing machines. Major trends in the forecast period include computerized and programmable machines, innovations in flare gas management, focus on environmental compliance and emission reduction, electrification of equipment and power generation, advanced separation and filtration technologies, high-efficiency compression and refrigeration systems.

Growing energy demand is expected to propel the growth of the shale gas processing equipment market going forward. Energy demand refers to the total amount of power or heat consumed by fixed structures on the farm, expressed in kilowatt-hours or kilowatt-hour equivalent, in a given period. Shale gas is having a beneficial impact on supplies and consumer prices for natural, and additional environmental benefit., Natural gas provides a quarter of overall U.S. energy. For instance, in 2021, according to BP, a UK-based oil and gas company, energy demand increased by 5.8% in the year 2021, exceeding 2019 levels by 1.3%. Further, in 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organisation working towards economic development, global energy consumption will increase by 5% in the year 2021, following a 4.5% decline in 2020. Therefore, the growing energy demand is driving the growth of the shale gas processing equipment market.

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The shale gas processing equipment market covered in this report is segmented –

1) By Component: Compressors and Pumps, Electrical Machinery, Heat Exchangers, Internal Combustion Engines, Measuring and Controlling Devices, Others Components

2) By Process: Distillation, Pyrolysis, Reheating, Cracking, Chemical Treatment

3) By Application: Pipeline, Natural Gas Processing Plants, LNG or LPG Facilities, Crude by Rail, Other Midstream Applications

Product innovations are a key trend gaining popularity in the shale gas processing equipment market. Major companies operating in the shale gas processing equipment market are focused on developing innovative products to strengthen their position. For instance, in July 2023, ABB Ltd., a Sweden-based automation company, launched a new I/O (input/output) series called the ABB XIO series to address the digital requirements of the oil and gas sector. This series is designed to enhance the monitoring, control, and management of oil and gas flow applications, utilizing Ethernet-to-Serial passthrough applications to enable real-time monitoring and control, thereby improving data accessibility and integrity.

The shale gas processing equipment market report table of contents includes: