Market Size of US Oil And Gas Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US Oil & Gas Market Analysis
The United States oil and gas market is expected to register a CAGR of more than 4% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as a reduction in the cost of drilling, new drilling and production technologies, and increasing oil prices are likely to drive the market.
- On the other hand, the high volatility of crude oil, coupled with the significant capital and operating expenses required to operate and increasing investments in the renewable sector, may restrain the market.
- Nevertheless, increasing activities and oil production from the Permian Basin in the United States may create many opportunities for the United States oil and gas market.
US Oil & Gas Industry Segmentation
Oil and gas mean petroleum, natural gas, and other related hydrocarbons or minerals, or any of them, and all other substances produced or extracted in association with them.
The United States oil and gas market is segmented by sector into upstream, midstream, and downstream. The report offers crude oil production and consumption forecasts (thousand barrels per day) and natural gas production and consumption forecasts (billion cubic feet per day).
US Oil And Gas Market Size Summary
The United States oil and gas industry is poised for growth, driven by advancements in drilling and production technologies, alongside rising oil prices. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Despite challenges such as crude oil price volatility and substantial capital requirements, the industry benefits from significant opportunities in regions like the Permian Basin. The U.S. stands as a leading global crude oil producer, leveraging its vast reserves to meet its substantial energy demands. Notable projects, such as BP's Herschel Expansion and ConocoPhillips' GMT-2 oil project, underscore the sector's potential for expansion during the forecast period.
However, the industry's environmental impact and the U.S. government's shift towards renewable energy sources pose challenges to the oil and gas market. The sector's carbon footprint remains significant, prompting increased investment in renewable energy capacities, such as geothermal and solar power. Legislative efforts, like the America Competes Act, aim to enhance renewable energy infrastructure, potentially restraining the oil and gas market's growth. The market is moderately fragmented, with major players like ExxonMobil, Chevron, and Shell actively participating. Additionally, geopolitical developments, such as the U.S.-EU energy supply deal, highlight the industry's strategic importance in global energy dynamics.
US Oil And Gas Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Introduction
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1.2 Crude Oil Consumption Forecast in thousands barrels per day, till 2028
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1.3 Natural Gas Consumption Forecast in billion cubic feet per day, till 2028
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1.4 Refinery Installed Capacity and Forecast in thousand barrels per day, till 2028
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1.5 LNG Terminals Installed Capacity and Forecast in MTPA, till 2028
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1.6 Recent Trends and Developments
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1.7 Government Policies and Regulations
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1.8 Market Dynamics
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1.8.1 Drivers
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1.8.2 Restraints
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1.9 Supply Chain Analysis
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1.10 PESTLE Analysis
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2. MARKET SEGMENTATION - BY SECTOR
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2.1 Upstream
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2.2 Midstream
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2.3 Downstream
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US Oil And Gas Market Size FAQs
What is the current US Oil And Gas Market size?
The US Oil And Gas Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in US Oil And Gas Market?
ExxonMobil Corporation, Chevron Corporation, TotalEnergies SE, BP PLC and Shell PLC are the major companies operating in the US Oil And Gas Market.
