Incorporating: Arizona, New Mexico, Oklahoma and Texas.
The industrial gas market of the South West region is the second largest out of the eight regions of the US, and also is home to the largest onsite supply market in the country.
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 4.4% p.a. in a low scenario to 5.2% p.a. in a high scenario. Accordingly, the industry in the South West is expected to achieve revenues of between $4.25bn to $4.41bn by 2023.
The South West region has enjoyed strong economic growth since 2000. One of the major contributors to the regions wealth is the large oil and gas/petrochemical industries. Texas alone is home to approximately 25 major refineries, and further seven are located in New Mexico and Oklahoma. Four of the top ten largest oil fields, and three of the top ten natural gas fields, are located in the region.
Average GDP growth for the decade (2008-2018), stood at 4% p.a. The region’s economy did, like most others, fall into recession during the worst years of the global financial crisis – in 2009 GDP declined by -6%. In 2018, GDP grew at a rate of 6.1%.
Report Data: 2018
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