U.S.: Market for Oil And Gas Field Machinery And Equipment 2024

Market Size for Oil And Gas Field Machinery And Equipment in the U.S.

For the third year in a row, the U.S. market for oil and gas field machinery and equipment recorded growth in sales value, which increased by X% to $X in 2022. Overall, consumption showed a resilient expansion. Oil and gas field machinery consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Oil And Gas Field Machinery And Equipment in the U.S.

In value terms, oil and gas field machinery production reached $X in 2022. Over the period under review, production, however, continues to indicate a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Oil And Gas Field Machinery And Equipment

Exports from the U.S.

In 2022, exports of oil and gas field machinery and equipment from the United States skyrocketed to X units, jumping by X% on 2021. Over the period under review, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2020 with an increase of X%. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, oil and gas field machinery exports rose sharply to $X in 2022. Overall, exports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X units) was the main destination for oil and gas field machinery exports from the United States, accounting for a X% share of total exports. Moreover, oil and gas field machinery exports to Mexico exceeded the volume sent to the second major destination, Bangladesh (X units), sevenfold. Oman (X units) ranked third in terms of total exports with a X% share.

From 2013 to 2022, the average annual growth rate of volume to Mexico amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and Oman (X% per year).

In value terms, Mexico ($X), the United Arab Emirates ($X) and Saudi Arabia ($X) appeared to be the largest markets for oil and gas field machinery exported from the United States worldwide, together accounting for X% of total exports.

Saudi Arabia, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for oil and gas field machinery and equipment stood at $X per unit in 2022, dropping by X% against the previous year. In general, the export price faced a sharp shrinkage. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Belize ($X per unit), while the average price for exports to Bangladesh ($X per unit) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belize (X%), while the prices for the other major destinations experienced a decline.

Imports of Oil And Gas Field Machinery And Equipment

Imports into the U.S.

For the third consecutive year, the United States recorded growth in purchases abroad of oil and gas field machinery and equipment, which increased by X% to X units in 2022. In general, imports recorded significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, oil and gas field machinery imports soared to $X in 2022. Over the period under review, imports, however, saw a noticeable decline. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Canada (X units), China (X units) and South Korea (X units) were the main suppliers of oil and gas field machinery imports to the United States, with a combined X% share of total imports.

From 2013 to 2022, the biggest increases were recorded for South Korea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest oil and gas field machinery suppliers to the United States were Canada ($X), Mexico ($X) and China ($X), together accounting for X% of total imports. The UK, Singapore, South Korea, India, Norway, Austria, Germany, Italy and Japan lagged somewhat behind, together comprising a further X%.

South Korea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for oil and gas field machinery and equipment stood at $X per unit in 2022, declining by X% against the previous year. Over the period under review, the import price faced a sharp contraction. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for Austria ($X per unit) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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