Top 10 Largest Oil Reserve Countries

Top 10 Largest Oil Reserve Countries

September 23rd, 2022 Peter Frerichs Leave a comment

Oil is front and center once again. Inflationary pressures are ravaging most nations and one of the key drivers is the price of oil. Much of the oil reserve market rests in the hands of 10 countries, all of whom are playing a critical role as winter approaches in the northern hemisphere.

Nigeria

Rounding out the Top 10 is Nigeria. With approximately 37 billion barrels, Nigeria is Africa’s second largest reserve of oil. Together with gas, oil makes up an impressive 86% of Nigeria’s total export revenue.

United States

With 47.1 billion barrels, US oil production boomed during the shale oil fracking years. Yet, COVID and regulations have taken their toll and production has waned. Depending on how the crisis shapes up in eastern Europe coupled with political changes, the US could begin pumping and/or fracking again quite soon.

Libya

Coming in at number 8 is another African country – Libya. Home to the largest proven oil reserve in Africa, Libya has also been ravished by a persistent civil war. In fact, the country’s National Oil Corporation (NOC) estimated losses in the neighborhood of $5 billion in 2020 due to the conflict.

Russia

A country that has been in the news cycle as of late, Russia is an important ally of the Organization of the Petroleum Exporting Countries (OPEC) and sits on nearly 80 billion barrels of reserves. Europe awaits news surrounding anticipated Russian exports to the region as winter approaches.

United Arab Emirates

The United Arab Emirates (UAE) is a federation of seven emirates. The most notable of the seven are Abu Dhabi and Dubai. Collectively they control 98 billion barrels of reserves. Abu Dhabi is home to the majority of the UAE’s reserves and the territory as a whole represents a 5.6% share of the global reserves total.

Kuwait

Kuwait, the UAE, and Saudi Arabia announced earlier this year they would collectively cut output. This is expected to fend off the global oil storage capacity from being fully exhausted. Sitting on just over 100 billion barrels of storage, Kuwait represents a 5.9% share of the global total.

Iraq

Iraq is positioned prominently in the Top 5 reserve nations but the Covid pandemic resulted in the halving of crude oil revenues in April. This is deeply problematic for a country that depends on the sale of oil to run most parts of the economy. Government officials are exploring unpopular austerity measures such as cuts to social benefits to right the ship.

Iran

Sanctions and Covid have hit Iran’s oil sector hard. With 145 billion barrels and 8.4% of the global share, Iran is still a formidable producer and trader but dwindling compared to its upper echelon peers. In January estimates pointed to an export drop of roughly 85% (0.4 million barrels per day) compared to mid-2018 (2.8 million barrels per day).

Saudi Arabia

Before the emergence of Venezuela Saudi Arabia held the world’s biggest proven oil reserves for decades. Estimates range in the 267 billion barrels range which amounts to 17.2% of the global total. The state energy giant Saudi Aramco is understandably one of the world’s most valuable companies.

Venezuela

Coming in at number one is none other than Venezuela. The South American powerhouse surpassed Saudi Arabia in 2011, and with just over 300 billion barrels it appears poised to remain in the top spot for the coming years. Persistent political crises have hampered growth and investment, however. *According to OPEC, Canada counts on just 4.4 billion barrels, but if their oil sands reserves are considered, Canada’s reserves would be approximately 170.9 billion barrels.

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Oil Refining Pumps Market to Surpass USD 8.6 Billion by 2032

September 12th, 2022 Fact.MR Leave a comment

The global oil refining pumps market is estimated to be worth USD 6.2 billion in 2022 and is expected to exceed USD 8.6 billion by 2032, growing at a CAGR of 3.3 percent between 2022 and 2032.

In 2022, the global oil refining pumps market will account for 10% of the global industrial pumps market. During the assessment period of 2022-2032, the global oil refining pumps market is expected to have an absolute $ opportunity of USD 2.4 billion.

Manufacturers in the oil and gas industry are focusing on the process of innovation and digitalization, which results in cost-effective and profitable goods. New technology-integrated oil refining pumps are gaining popularity in oil refineries.

Smart oil refining pumps based on the Industrial Internet of Things (IIoT) that can collect data from devices, monitor pipe thickness, pressure, and flow rate, have sensors and monitoring software, and are energy-efficient are expected to increase market demand for oil refining pumps by 1.2X over the next few years.

Key Takeaways:

Middle East & Africa (MEA) oil refining pumps market currently holds 32.3% of the global market share.
Asia-Pacific oil refining pumps market is expected to grow at a CAGR of 3.3% by 2032.
By product type, centrifugal pumps to dominate the market with holding 36.1% market share.
Application of oil refining pumps for refinery process holds highest market share.

Growth Drivers:

The rising demand for oil is expected to drive the growth of the oil refining pumps market.
Rising global demand for crude oil has resulted in investments in oil refineries, propelling the market forward.

Key Restraints:

As global emissions levels rise, governments around the world are enacting strict emissions standards in the oil industry. This is hampering the oil refining pumps market.

Competitive Landscape:

Because of the presence of numerous domestic and regional players, the global oil refining pumps market is highly fragmented and competitive. Key players use a variety of marketing strategies, including mergers and acquisitions, expansions, collaborations, and partnerships.

In addition, leading companies use new product development as a strategic approach to increase their market presence among consumers. As a result of these strategies, advanced oil refining pumps have been incorporated.

In a recently published report, Fact.MR provided detailed information about the price points of top manufacturers of oil refining pumps market positioned across regions, sales growth, production capacity, and speculative technological expansion.

Weir Group was awarded a three-year contract to repair and service motors and pumps by a national oil company in the UAE in 2020.
In 2020, Alfa Laval was awarded a contract to supply Framo pumping systems for two Floating Production Storage and Offloading (FPSO) vessels, which include marine pumping systems for seawater and firewater lift service and operate outside of Brazil’s coast.

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Winter is Coming

August 4th, 2022 Peter Frerichs Leave a comment

Europe is in a rush for natural gas. The Russian invasion of Ukraine resulted in European-imposed sanctions on imported Russian gas. That left the continent scrambling to find a replacement. The most obvious replacement importer of liquified natural gas (LNG) was the US, and while US imports have risen (nearly doubling between March and June of this year compared to 2021), more is needed.

The US is home to immense natural gas reserves and the fracking boom intensified the supply. Construction of export terminals followed to eventually chill the gas into a liquified state and set it to export. Before the Ukraine invasion, Europe had received approximately 40% of its gas from Russia. The US has already gone on record indicating they cannot replace those volumes. In the LNG world, long-term contracts are the norm. US LNG exporters already have their buyers and spare LNG is scant. Some buyers, specifically in Asia, had been willing to sell their LNG imports to Europe for a nice profit, but now that winter is approaching even in the face of an economic windfall, they are also beginning to cut supply.

For the first half of 2022, US LNG exports averaged 11.2 billion cubic feet a day. This is 17% more than the first half of 2021. Australia and US were on track to export the most LNG in 2022 but a massive fire at a Texas LNG terminal slowed exports considerably. Yet, with the war in Ukraine showing few signs of letting up, analysts expect 2022 to be a banner year for US and Australian LNG.

S&P Global Commodity Insights is a provider of commodities and energy information. According to a recent study, demand for LNG at a global level is expected to reach 78 billion cubic feet per day by 2030. This would be a 60% increase from 2021. The global research and consultancy group, Wood Mackenzie, revealed a similar jump in future demand. Since March, six US firms have signed on to process 39.5 million tons of LNG per annum to be shipped out of future terminals. This is a consequential 74% increase from 2021 volumes.

LNG spot prices are understandably hitting new heights. Yet, long-term supply depends on infrastructure. The promises of a transition to renewable energy that most developed countries have pledged to mean a reduction in LNG. Stateside, LNG executives point to interstate pipelines in Appalachia. A region stretching from the southern tier of New York all the way south to northern Alabama and Georgia, Appalachia is home to the country’s most prolific natural gas field. The development of pipelines is critical in ramping up LNG exports, yet many LNG exporters are in a difficult position. To secure funding investors want to see pipelines (or permits for new ones) established with the corresponding permits. Federal officials, however, are reticent to grant permits unless LNG exporters can show they have already secured funding.

This “chicken and egg” scenario is not welcome news to Europe. On the environmental side, we’re now seeing developing nations like India and Pakistan switch back to burning coal because LNG is simply too expensive. These are problematic times for everyone.

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Full Steam Ahead for Shell in the Gulf

July 20th, 2022 Peter Frerichs Leave a comment

The Gulf of Mexico is open for drilling. “Open” is up for interpretation, but Shell PLC has taken the cue from the Biden administration and continues to pour billions of dollars into the region. Their initial investment decision had been made in 2018 but the decision to keep moving forward hinged somewhat on the signals of the Biden administration. In late June a proposal was released by the Interior Department allowing as many as 11 oil lease sales for offshore drilling. The proposal blocks new offshore drilling in the Pacific and Atlantic oceans but will allow limited expansion in Alaska’s south coast and the Gulf of Mexico.

Vito is the name of Shell’s 13th major offshore project in the Gulf. With a total cost of roughly $3 billion, Shell expects Vito to arrive at its destination, 150 miles southeast of New Orleans, by the end of July. From there it will begin to pump gas and oil in waters approximately 4,000 feet deep from eight wells. The larger oil industry had been lobbying Washington for a minimum of two annual lease sales in the Gulf over the next five years. While the administration responded favorably, including one in Cook Inlet, Alaska, officials indicated they could still move to block all new offshore-drilling sales.

For the oil industry, having continued leasing to maintain its reserves for future production is vital. BP PLC is the Gulf’s second-largest producer and will also be moving forward with its drilling plans. While this is a political issue in many ways, Shell and BP have committed to shifting some of their investment away from fossil fuels and over to lower-carbon energy sources. Shell is planning on decreasing oil production by 1% to 2% per year until 2030, and then using gas and oil profits to spur the development of renewable energy.

Shell is additionally planning to build smaller, cheaper drilling platforms. Vito, for example, is one-quarter of the size of Appomattox, Shell’s largest floating unit. Vito’s anticipated field life is 25 years. For platforms the size of Appomattox, it is common for the field life to stretch up to 40 years. Vito will be consuming just 40% of the power Appomattox would require and will be pumping for nearly half the years. This will all result in a lighter carbon footprint.

Vito is expected to be the model moving forward. Shell has already embarked on a similar platform called Whale, expected to be in production in the Gulf, southwest of Houston in 2024. Gulf production from Shell was roughly 558,000 barrels a day in 2021. This was up 12% since 2017.

Contractors wanting to keep their businesses profitable will need new strategies to combat rising fuel prices.

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5 Ways Contractors Can Reduce the Impact of High Fuel Prices

April 19th, 2022 Emily Newton Leave a comment

Fuel is essential to almost every construction process. As a result, fast-rising fuel prices are cutting into contractors’ profits.

Experts say that fuel prices are likely to keep rising even as oil prices start to fall. Contractors wanting to keep their businesses profitable will need new strategies to combat rising fuel prices.

These are some of the best strategies that contractors are using right now to reduce fuel consumption and find better deals on fuel.

1. Invest in Fleet Management Software

How fleet vehicles and heavy construction equipment are used or maintained can have a significant impact on their fuel efficiency. Harsh driving, speeding, idling, and poor maintenance practices can all reduce the fuel economy of a truck or piece of construction equipment.

With fleet management software, contractors can identify how employees and subcontractors are using their fleet equipment. Combined with the right telematics solution, these software tools
can track and flag behaviors that make equipment less fuel-efficient.

These tools can also automatically notify managers or supervisors, allowing them to take quick action to stop the behavior and prevent it from happening in the future. Along with other digital construction tools, fleet management software can make tracking, directing, and scheduling fleet vehicle use much easier, as well.

Fleet management software can also make it easier to track equipment maintenance. Well-maintained fleets tend to be more fuel-efficient because everything from tire inflation to the freshness of engine oil can have an impact on equipment fuel consumption. By monitoring and scheduling equipment maintenance with the right tool, contractors can maximize their fleet’s fuel efficiency, helping to reduce fuel costs.

2. Upgrade to High-Efficiency Vehicles
The growing market of high-efficiency vehicles and construction equipment can help contractors reduce fuel expenses. By choosing a high-fuel-efficiency machine when upgrading equipment, contractors can potentially cut down the amount of fuel they need for construction processes.

Contractors can also consider adopting hybrid or alternative-fuel vehicles. These vehicles either take advantage of electric propulsion systems or alternative fuels, like biodiesel. In addition to reducing fleet emissions, these vehicles can significantly reduce a contractor’s fuel expenses.

Alternative fuels, like biodiesel and renewable diesel, tend to be cheaper than conventional diesel. For example, “the national average price of B-20 biodiesel blends in July 2021 was $3.05 per gallon compared to $3.26 per gallon for diesel fuel,” according to the Alternative Fuels Data Center.

By upgrading to vehicles or equipment that use these alternative fuels, contractors may be able to reduce their overall fuel expenses while also making their business more sustainable – a potential selling point for environmentally focused clients.

3. Rent Rather Than Buy Fleet Vehicles

Owning a fleet vehicle or construction machine comes with its advantages: primarily convenience, reliability, and the familiarity of equipment you may use frequently over the course of years.

However, buying isn’t a contractor’s only option, and renting can sometimes be more cost- effective and efficient than purchasing a fleet vehicle outright.

Renting is a great way to supplement core fleet vehicles, free up business capital, and minimize vehicle upkeep costs like maintenance, repairs, vehicle storage, and transportation to sites or
when vehicles break down.

Choosing to rent can also help contractors manage rising fuel prices. Buying a vehicle locks you into a particular make, model, and fuel efficiency. Over time, a purchased vehicle will slowly become obsolete. With renting, you’ll always have access to the newest and most fuel-efficient construction vehicles or machines available.

Renting may also provide a contractor with access to cost-friendly electric and alternative-fuel vehicles, helping them reduce their fuel expenses even further.

A fleet composed of both rental and owned equipment will provide contractors with a good balance of the benefits of both options.

4. Add a Fuel Surcharge to New Contracts

While not popular among customers, sometimes the only way to manage rising fuel prices is to pass along the cost increase. Adding additional fuel fees or surcharges to new contracts or increasing the overall contract price to cover rising fuel costs will help contractors manage the current fuel price spike.

When other options fail – like improving fleet fuel efficiency or sourcing the cheapest fuel available in your area – the fuel surcharge is a good fallback option to consider.

The specific amount of the fuel surcharge can vary depending on current fuel prices and the needs of a particular client. For example, some customers may have projects that require the use of machines that require an unusually large amount of fuel to operate.

Charging a larger fuel surcharge for these projects may help you adjust contract pricing based on how much fuel-intensive projects will increase typical operating costs.

5. Consider Electrifying Your Fleet

Rising fuel prices and a volatile oil market are likely to cause problems for contractors well into the future. Even after the current fuel price crisis ends, future market shocks could easily lead to steep fuel prices next year or the year after.

In addition to adopting more fuel-efficient vehicles and using software to improve fleet fuel efficiency, contractors can also utilize vehicles that don’t need gas or diesel at all.

Electric vehicles are a serious investment, and available EV options won’t offer the same variety as the internal-combustion-engine vehicle market. However, adopting one or more EVs could allow contractors to minimize the impact of high fuel prices on their profits or avoid paying for fuel altogether.

As the EV market expands over the next few years and electric construction equipment becomes more accessible, going electric will become steadily easier for contractors.

More EVs and electric construction machines will become available, providing contractors with options at varying price points. At the same time, a robust used EV market will begin to develop, providing contractors with access to cheaper-than-ever EVs.

Planning the total or partial electrification of their fleet now can help contractors prepare to save money on fuel prices in the near future, even if they’re not willing to adopt an EV right now.

How Construction Contractors Can Manage Rising Fuel
Prices
Experts believe fuel prices are likely to continue rising and that future fuel price spikes could be an inevitability. Because contractors can’t do without fuel, they’ll need to find new ways to
manage fuel prices.

Fleet management technology, high-efficiency vehicles, renting, and fuel surcharges can all help contractors cope with rising fuel costs. As a long-term strategy, investing in electric construction equipment may also help.

In any case, finding ways to both increase revenue and decrease fuel costs will help contractors navigate the current fuel market.

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U.S. States Producing the Most Oil

November 2nd, 2021 Commodity.com Leave a comment

With gasoline prices reaching their highest levels since 2014 this fall, consumers, policymakers, and economic experts have lately turned their attention to the state of oil production in the U.S. and worldwide.

The COVID-19 pandemic has been an uneasy time for oil, as with many other products and sectors of the economy. The price of oil futures briefly turned negative in the first months of the pandemic, and remained at relatively low levels through most of 2020 and the first part of 2021, a product of reduced demand for fuel and a price war between Russia and Saudi Arabia. While demand has recovered the longer the pandemic has gone on, oil production has been affected by the global supply chain struggles that many other industries are experiencing as well. As a result, oil prices have rebounded to their highest levels in more than half a decade.

The volatility of the oil markets during the COVID-19 pandemic highlights the challenges of having a critical product like oil be part of a complex globalized economy. Even before the pandemic, many political and economic leaders had been seeking to lessen U.S. dependence on foreign sources of oil to make the country more self-reliant in its energy mix.

The U.S. has had success on this front in recent years. The U.S. saw a steady decline in oil production from the late 1980s to the mid-2000s, a product of a range of factors including decreased demand, the growth of the environmental conservation movement, and increased involvement in the Middle East. Oil production in the U.S. bottomed out at 5 million barrels per day in 2008. Since then, as policymakers have prioritized domestic production and the rise of techniques like fracking have reduced the cost of extracting petroleum, U.S. production has boomed. In 2018, the U.S. surpassed Russia and Saudi Arabia to become the world’s leading producer of crude oil.

The result of this growth in domestic production has been a sharp decline in petroleum imports. Imports have fallen since their peak of 13.7 million barrels per day in 2005, dropping to only 7.85 million in 2020. After taking exports of 8.5 million into account, the U.S. actually became a net exporter of oil for the first time last year.

In the U.S., as is the case globally, oil reserves are not evenly distributed, and some states produce significantly more than others. Texas is far and away the leading oil producer in the U.S. at nearly 1.8 billion barrels annually—more than four times the total for runner-up North Dakota. States in the Plains and Mountain West fare best, along with Alaska and Gulf Coast states like Louisiana and Mississippi.

The data used in this analysis is from the U.S. Energy Information Administration. To determine the states producing the most oil, researchers at Commodity.com calculated the total annual crude oil production in 2020. In the event of a tie, the state with the higher 10-year change in annual crude oil production was ranked higher. Researchers also included the latest statistics on proven oil reserves, the number of operable petroleum refineries, and per capita oil consumption.

Here are the states producing the most oil.

State	Rank	Total annual crude oil production (thousand barrels)	10-year change in annual crude oil production	Crude oil reserves (million barrels)	Number of operating refineries	Per capita oil consumption (barrels)
Texas	1	1,776,449	+316.3%	18,622	31	53.6
North Dakota	2	434,889	+286.4%	5,897	1	46.8
New Mexico	3	370,402	+464.9%	3,456	1	24.1
Oklahoma	4	171,740	+144.7%	2,047	5	25.0
Colorado	5	167,832	+407.5%	1,414	2	18.2
Alaska	6	163,852	-25.1%	2,680	5	53.2
California	7	143,114	-28.6%	2,213	14	16.8
Wyoming	8	89,091	+65.3%	1,013	4	49.9
Louisiana	9	36,708	-45.7%	389	16	80.9
Utah	10	30,951	+25.5%	275	5	18.5
Kansas	11	28,260	-30.2%	313	3	23.2
Ohio	12	23,819	+399.1%	88	4	18.1
West Virginia	13	19,059	+934.7%	13	1	22.9
Montana	14	18,985	-25.1%	298	4	31.4
Mississippi	15	14,166	-40.9%	114	3	24.9
United States	–	4,129,563	+106.3%	44,191	129	22.8

For more information, a detailed methodology, and complete results, you can find the original report on Commodity.com’s website: https://commodity.com/blog/states-producing-oil/

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AI in the Oil and Gas Market

August 26th, 2021 Marcus Clarke Leave a comment

Artificial Intelligence (AI) is beneficial to all types of industries. In the oil and gas industry, it stands to make huge gains. The industry is one of the most dangerous because of the constant risk of fires and explosions due to the explosive nature of these fuels. Digital transformation in the oil and gas sector may save about 10% of field operations cost thanks to using augmented visual technologies. AI improves business operations, the productivity of the fuels, and safety. It also lends preciseness to applications such as quality control, prediction planning, and predictive maintenance, all of which affect the running of the business.

AI technologies are used in three ways. The first is in operation, which pertains to the upstream, midstream, and downstream. Upstream deals with the exploration and production sector. Midstream is when the transportation of crude or refined petroleum products takes place. Downstream is the process of refining, processing, and purifying crude oil and natural gas.

The second is service type defined by professional services and managed services. The third is geography, which is segmented into five continent-based areas of the world.

Use of AI In Safety

AI works to optimize operations during the upstream, midstream, and downstream functions. Defects may arise in the pipeline or in the mechanisms used to explore for oil and produce it. Using AI will detect any defects in the machinery or pipeline used to explore, produce, transport, refine and process crude oil and natural gas, enabling the rectification of any identified error. This will save costs and prevent extensive damage that may otherwise have occurred.

AI in the oil and gas industry promotes high safety and security standards. Oil and gas are highly dangerous because of the fuels’ flammability and the production of toxic fumes. AI systems can monitor toxicity levels and leaks and send an alert to rectify the flagged issues.

Another safety hazard in the industry is the change of temperature. Environmental conditions can cause changes in the safety of the storage and transportation of crude oil and natural gas. Early detection is key to make the necessary corrections to avert disaster quickly. AI can automatically adjust heating and cooling systems so that the product remains safe throughout the changing seasons of the year. AI will also help alert the maintenance crew when maintenance is needed on various machinery used to process and transport the crude oil.

AI In Business Optimization

AI aids businesses to predict downtimes, for example, when machinery is being maintained. The business can make arrangements to get alternative equipment, thus preventing loss of income because of better planning.

With proper maintenance, the life of the machinery is lengthened, which results in long-term cost savings.

Data is used in the oil industry to derive information on various plants and assist geoscientists in making strategic decisions. For example, if there is a need to move an exploration plant to another site. AI can quickly process large amounts of data, enabling real-time decision-making that improves overall business operations, leading to efficiency, fewer risks, and damage, which is costly, and cost savings based on improved business processes.

AI-based technologies can also increase the rate of exploration, which is a time-consuming and capital-intensive venture. AI can interpret the geology, geophysics and oil reservoir of a geographical location so that exploration is more precise, thus eliminating the need to spend more money on a hit-and-miss scenario.

AI in Quality Assurance

Artificial Intelligence in the oil and gas industry is great for quality assurance. The industry is highly dynamic, and the risk factors are high. AI-based technologies are designed for seamless applications and limitless uses. This increases the quality of the entire process from the beginning point of exploration to the endpoint of purification and processing crude oil and natural gas. This is done by early detection of any existing or potential risks to be corrected immediately.

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GLOBAL TRADE’S 2021 TOP STATES AND CITIES FOR MANUFACTURING

August 12th, 2021 Taylor Girardi Leave a comment

While 2020 was by no means an ordinary year, manufacturing still remains a strong industry in the United States, largely due to manufacturers keeping on their toes and pivoting when necessary. While some categories were able to chug along at the same output as usual, others changed their products to keep with the times, adding hand sanitizer or PPE to their product lines. Some, unfortunately, have not been as lucky, with supply shortages crippling or slowing output.

In better news, manufacturing is starting to rebound in some of the harder-hit places. In fact, in the Dallas-Fort Worth metropolitan area, manufacturing jobs saw growth in March that is expected to continue throughout the year. According to the Institute for Supply Management’s most recent survey, manufacturing saw the fastest expansion growth in March 2021 since December 1983.

That’s great news for manufacturing, but a welcome consequence of rapid expansion is a need for more employees. So, where do you go when you need a skilled workforce that’s ready to go? Here’s a list of the best areas for the top manufacturing categories in the United States.

Pharmaceuticals

While many areas around the U.S. boast a strong pharmaceutical economy, Cambridge, Massachusetts, remains the top spot for biotech in the country. The state even offers generous incentives to companies looking to expand in its slice of New England, including tax benefits, incubators, education and pre-permitted worksites.

With the most highly educated workforce in the country and 18 out of the 20 top biotech companies in the world boasting at least a location in the Boston area, Massachusetts should definitely be on your shortlist if you’re looking for biotech or pharmaceutical manufacturing space.

Automotive

With apologies to some states in the South and areas along the U.S.-Mexico border where automotive manufacturing is thriving and growing, Michigan is still the king—undeniably. With nearly 1,000 automotive-related manufacturing companies, a highly skilled workforce, ample connections and—let’s face it—a deep and rich vehicle history, Michigan once again tops the list, towering over its most closely-ranked competitors.

In 2020, manufacturing made up nearly 20 percent of the state’s total output, while workers from the sector filled 14.20 percent of Michigan’s jobs, according to data from the National Association of Manufacturers.

Oil Production

If your business is oil or oil adjacent, Texas is still the place to be. With chemicals, petroleum and coal ranking as the top three industries in the state, Texas has abundant natural resources and the skilled workforce to get the job done right. In fact, the Lone Star State was responsible for more than 40 percent of U.S. oil production in 2019 as well as 25 percent of the country’s total natural gas output.

Texas is home to the popular Texas Enterprise Fund, an economic development incentive that helps incoming businesses. The state still boasts its own power grid and is No. 1 in oil, gas and wind energy.

Computers and Electronics

When it comes to computer manufacturing, California naturally gets the top spot. Home to Silicon Valley, computers are California’s largest industry, raking in a whopping $93.1 billion in 2015. According to Wall Street, that’s more than the economy of 14 other states combined!

California also has a highly-skilled computer science manufacturing workforce, with a variety of tech jobs and strong education programs that attract top talent from all around the world.

Food Production

Once again, California takes the lead when it comes to manufacturing, only this time we are referencing the food manufacturing category. With a pleasant climate and ample farming space, California is an ideal place for farming and food manufacturing.

California is home to such food manufacturing giants as Annie’s and Del Monte, and between the state’s farm community and skilled food manufacturing workforce, your business will be in good hands in the Golden State.

Quality of Life

Though you can’t manufacture quality of life per se, there’s something to be said for locating your manufacturing business somewhere with a high quality of life for yourself and your workers. For the quality of life metrics, San Jose, California, tops the list. One of the top cities for manufacturing in 2020, San Jose is home to more than 65,000 manufacturing jobs. The city’s manufacturing output was $76 billion in 2018 alone.

As for the quality of life, San Jose is No. 1 for college readiness for high school students, and the city’s mild climate and small city feel earned it the 19th spot (out of 150) in the Gallup National Health and Well-Being Index. Even WalletHub named San Jose the “second happiest place to live in America,” and U.S. News & World Report named the city the third best place to live in America in 2017.

Most Manufacturing Job Growth

Hinesville, Georgia, earns the top spot for manufacturing growth, expanding an impressive 27.50 percent between 2017 and 2018. With nearly 18 percent of its total workforce in manufacturing, Hinesville has also seen recent increases in job growth.

The city, which is home to manufacturers in the paper and plastics industries, among others, was recently named No. 3 for manufacturing workers by SmartAsset.

Top State for Manufacturing, Overall

For the top spot for manufacturing overall, California again takes the crown, with its electronics and computer manufacturing grossing well over the $100 million mark. In 2020, the Golden State employed 1.2 million workers at nearly 39,000 companies, with average pay for a manufacturing engineer coming in around $77k, according to Salary.com. California consistently ranks higher for manufacturing salaries compared to the national average.

The state had $149.56 billion in manufactured goods exports in 2019, according to the National Association of Manufacturers, and has grown 19.87 percent in manufactured goods exports between the years of 2010 and 2019.

Most Manufacturing Jobs

The Elkhart-Goshen, Indiana, metropolitan area holds the title for most manufacturing jobs with approximately 38 percent of the region’s workforce in the manufacturing industry, according to the county website. (A recent Fox News report claims it’s actually a whopping 58 percent!)

The area has nearly 1,000 manufacturing companies spanning 14 industries, including recreational vehicle manufacturers Thor Industries and Forest River, Inc. A versatile, skilled workforce is ready to work for new and expanding businesses relocating to the community, and the Elkhart County EDC can assist with everything from incentives to training programs.

Whether you’re looking to manufacture automotive products or electronics, food or technology, there’s no need to look abroad: The United States has plenty of sites and skilled workers to suit your business needs.

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U.S. States Most Dependent on Fossil Fuels

August 9th, 2021 Commodity.com Leave a comment

With the effects of global climate change becoming increasingly apparent, policymakers across the U.S. are moving to reduce the nation’s reliance on carbon-based fossil fuels.

At the beginning of his term, President Joe Biden rejoined the Paris Climate Accord, and in April, the Biden Administration announced aggressive new greenhouse gas reduction goals, including an overall aim to reduce U.S. greenhouse gas pollution to half of 2005 levels by 2030. Meanwhile, nearly 40 states have adopted renewable portfolio standards to facilitate a transition away from fossil fuels for energy production to renewables.

Despite these efforts, however, fossil fuel consumption remains deeply entrenched in the U.S. economy, and it could take years to transition away from fossil fuels as the country’s primary energy source.

Petroleum remains the leading source of energy in the U.S., accounting for approximately one-third of energy consumed. Energy consumption from natural gas expanded over the last decade as the rise of hydraulic fracturing made it less costly to extract. Most of that growth has come at the expense of coal, which represented 22.7% of the energy consumed in 2008 but just 13.1% a decade later. And while nuclear has held steady and renewables have continued to grow with improved technology and greater scale, fossil fuels still represent more than 80% of total energy consumption in the U.S. each year.

One example of the difficulties of shifting away from fossil fuels is consumers’ relationship to gasoline and car travel. Recently, gasoline prices have been on the rise again: prices dropped sharply in 2020, as many travelers and commuters stayed off the roads during the COVID-19 pandemic. Now, with many public health restrictions being relaxed as cases decline and more people get vaccinated, prices have topped $3 per gallon nationally for the first time since 2014. But despite what the laws of supply and demand might suggest, rising prices do not strongly affect driver behavior: research shows they tend to purchase the same amount of gasoline regardless of how much it costs. Instead, breaking drivers’ reliance on fossil fuels will depend on auto manufacturers providing more hybrid and electric options, whether by choice or by policy, like California’s zero-emission vehicle regulations.

State-level data reinforces that there is a long way to go before the transition away from fossil fuels is complete. Every single U.S. state derives at least 50% of its energy from fossil fuels, and a total of nine states derive more than 90% of their energy from fossil fuels. Among the most dependent are small states like Delaware and Rhode Island, which import most of their energy from elsewhere, and states with rich stores of fossil fuels, like Alaska, West Virginia, and Kentucky. At the other end of the spectrum are states like Washington, Oregon, and New Hampshire, which rely more on nuclear and renewables like hydroelectric power and derive less than 60% of their energy from fossil fuels.

To find the states most dependent on fossil fuels, researchers at Commodity.com used data from the U.S. Energy Information Administration to calculate the percentage of total primary energy consumption from coal, natural gas, and petroleum in 2018 (the most recent available data). Researchers also calculated the percentage of total primary energy consumption derived from renewable sources, as well as the largest fossil fuel source.

Here are the states most dependent on fossil fuels.

State	Rank	Percentage of energy derived from fossil fuels	Percentage of energy derived from renewables	Total energy consumed from fossil fuels (trillion BTU)	Total energy consumed from renewables (trillion BTU)	Largest fossil fuel source
Delaware	1	96.4%	3.6%	213.1	8.0	Petroleum
Alaska	2	95.9%	4.1%	584.8	25.0	Natural Gas
West Virginia	3	95.4%	4.6%	1,103.3	53.7	Coal
Rhode Island	4	95.0%	5.0%	189.1	10.0	Natural Gas
Kentucky	5	94.1%	5.9%	1,616.5	102.1	Coal
Wyoming	6	93.5%	6.5%	793.2	54.9	Coal
Indiana	7	93.4%	6.6%	2,617.2	185.9	Coal
Utah	8	93.1%	6.9%	830.0	61.3	Petroleum
Louisiana	9	92.1%	3.7%	3,895.5	155.0	Petroleum
Texas	10	89.9%	7.1%	12,752.3	1,009.0	Petroleum
Ohio	11	89.7%	4.7%	3,040.2	158.6	Natural Gas
Hawaii	12	89.4%	10.6%	261.8	31.1	Petroleum
Colorado	13	88.8%	11.2%	1,305.1	164.6	Natural Gas
Mississippi	14	88.2%	6.1%	1,116.6	76.8	Natural Gas
Missouri	15	88.0%	5.9%	1,608.7	108.5	Coal
United States	–	80.5%	11.2%	81,238.0	11,281.6	Petroleum

For more information, a detailed methodology, and complete results, you can find the original report on Commodity.com’s website: https://commodity.com/blog/states-fossil-fuels/

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Three Key Aspects that will Influence the Demand for Industrial Sensors by 2027

July 15th, 2021 Global Market Insights Leave a comment

Large-scale adoption of industrial robots across manufacturing & processing industries is expected to offer a considerable push to the industrial sensor market outlook. According to the International Federation of Robotics, around 2 million industrial robots are expected to be utilized across factories worldwide by 2022. Robotic Process Automation (RPA) technology in the manufacturing sector, as well as automation equipment such as HMI (human-machine interface) and PLC (programmable logic controllers) in assembly and production lines heavily, rely on industrial sensors.

The demand for such automation equipment may accelerate supported by favorable government initiatives designed to advocate the acceptance of industrial automation in the food & beverage sector. In March 2021, the Government of Australia announced an investment of USD 993 million to support the region’s F&B manufacturers under its MMI (Modern Manufacturing Initiative) scheme.

Projections from a report published by Global Market Insights, Inc., suggest that the industrial sensors market is expected to surpass USD 30 billion by 2027. Although, it is vital to note that the shortage of raw materials & components due to imposed COVID-19 restrictions have severely impacted the industrial sensors market growth in mid-2020. The shift of existing manufacturing facilities to new regions due to political and business obstacles might hinder the market growth during the pandemic.

Here are some of the trends to look for in the industrial sensors market until 2027:

Force Sensors Witnessing High Demand

Industrial IoT is steadily extending its reach across the pharmaceutical, food & beverage, chemical, and oil & gas sector. As a vital component in industrial IoT, industrial sensors are used to detect, measure, and analyze parameters such as level, temperature, pressure, force, and position, among others. Reports indicate that the force sensor segment held a market share of around 8% in 2020.

Force sensors are used to measure various physical parameters such as torque, mass, and weight of an object in the industrial sector. These sensors are commonly used in counting scales, hopper scales, bench scales, platform scales, truck scales, and belt scales. Force sensors have high capabilities to monitor the load and prevent industrial machinery from overloading and find application in force exertion control and industrial test benches in industrial robotics.

Demand Across the European Pharmaceutical Sector

Europe is home to some of the world’s leading pharmaceutical manufacturers such as AstraZeneca, Novo Nordisk, and Pfizer, Inc., among others. These companies are currently emphasizing on the mass production of vaccines and novel drugs. Certain equipment used in the medical industry are integrated with force sensors for fluid monitoring applications, endoscopic surgery, dialysis machines, physical therapy equipment, orthopedics and MRI devices.

Pharmaceutical companies in the region are extensively focusing on new research & development activities, increasing the adoption of industrial sensors. High-volume manufacturing and large-scale investments in the pharmaceutical sector will devise new opportunities for industrial sensor manufacturers in Europe. As per estimates, the industrial sensors of Europe is anticipated to register 7% CAGR from 2021 to 2027.

Use of Gas Sensors in Mining Application

The demand for industrial sensors such as gas sensors is escalating in mining & exploration activities. Generally, industrial gas sensors are used undermining conditions to monitor safety parameters to safeguard miners from toxic & flammable gases. Linking sensors with IoT systems will help mining companies to extract real-time & exact data about the temperature, pressure, and gases in the mines. The mining application segment held a 7% market share in 2020 and is projected to grow at 8% CAGR by 2027.

Source: https://www.gminsights.com/industry-analysis/industrial-sensors-market

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