The U.S. modular process market was valued at USD 478.2 million in 2019 and is expected to record a CAGR of 12.3% during the forecast period, 2020–2027.
The U.S. is one of the most industrialized economies in the world. The country holds a prominent share of the global oil and gas and pharmaceutical industries, which is expected to further grow in upcoming years.
Burgeoning shale gas operations in the U.S. drive the oil and gas industry and, subsequently, the adoption of modular process skids in it. In 2018, annual natural gas production in the U.S. was 30.6 trillion cubic feet (Tcf), the highest ever recorded. This was the result of horizontal drilling and hydraulic fracturing techniques introduced in the region in 2005. In the U.S., five states accounted for roughly 68% of total U.S. dry natural gas production in 2018.
Figure: Top Five Natural Gas-Producing States in the U.S. and Their Share of Total Natural Gas Production in the Country, 2018
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The U.S. Energy Information Administration estimates the U.S. has about 464 Tcf of proven wet natural gas resources and close to 2,137 Tcf of untapped dry natural gas resources. These large reserves further engender lucrative growth opportunities for U.S. players in the oil and gas industry to increase exploration and production processes for gaining maximum traction. As modular skids can be easily operated and relocated and maximize production time, they are used to operate faster and more efficiently.
Another critical factor that has boosted the demand for modular process skids in the U.S. market is the country’s well-established chemical and pharmaceutical industries. The U.S. houses the largest pharmaceutical industry in the world, which significantly contributes to its economy. As a result, the country’s government is considering restructuring the healthcare system to obtain more profitable outcomes.
Figure 7: World Pharmaceutical Market 2017 (Sales)
The U.S. Modular Process Skid Market: Key Players & Developments
Modular Process Skid Market Segmentation
By Product Type
By Industry Segment
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now