United States Oil and Gas Market Expands at Steady CAGR to Surpass USD 325 Billion by 2030

Published | 28 November 2024

United States Oil and Gas Market is thriving due to an increasingly high demand for energy and power, shale gas exploration, an increasing demand for enhanced oil recovery, and advancements in drilling technologies.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated United States Oil and Gas Market size by value at USD 244.4 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects United States Oil and Gas Market size to expand at a CAGR of 4% reaching a value of USD 325.5 billion by 2030. United States Oil and Gas Market is driven by a spurring demand for energy and power for various industry activities, increasing shale gas exploration and production activities, a growing demand for enhanced oil recovery (EOR) techniques, and the need for efficient drilling and production processes.

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Opportunity – Adoption of Specialized Chemicals to Mitigate Environmental Risks

The implementation of stringent environmental regulations is significantly influencing the growth of United States Oil and Gas Market. Strict regulations demand advanced chemical solutions to mitigate environmental risks, enhance operational efficiency, and ensure compliance. For example, eco-friendly fracturing fluids and corrosion inhibitors are increasingly utilized to reduce the environmental footprint and support sustainable drilling practices. The regulatory push is fostering innovations and driving the adoption of specialized chemicals across the oil and gas value chain.

Impact of Escalating Geopolitical Tensions on United States Oil and Gas Market

Escalating geopolitical tensions significantly impact United States Oil and Gas Market by disrupting supply chains, influencing crude oil prices, and altering trade dynamics. Economic, politicla, and trade tensions often lead to price volatility, affecting the cost and availability of key raw materials like specialty and solvents. Additionally, heightened security concerns and trade restrictions may reduce imports, pushing domestic production. Such uncertainties also drive an increasing demand for advanced oilfield to optimize extraction and production amid fluctuating global market conditions.

Upstream Sector Leads United States Oil and Gas Market

The upstream segment, encompassing exploration and production, holds the largest share of United States Oil and Gas Market by sector. The segment’s leadership position stems from the high volume of exploration activities, the critical role of specializing in hydraulic fracturing, and the adoption of enhanced oil recovery methods. Essential such as drilling fluids, corrosion inhibitors, and biocides are extensively used to optimize processes and address operational challenges.

Competitive Landscape

United States Oil and Gas Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Shell PLC, Chevron Corporation, ExxonMobil Corporation, EOG Resources, Phillips 66, Occidental Petroleum, BP PLC, Hess Corporation, Marathon Petroleum Corporation, Valero Energy, and Total Energies SE. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in United States Oil and Gas Market.

Don’t miss the business opportunity United States Oil and Gas Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of United States Oil and Gas Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in United States Oil and Gas Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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