Report Overview

A spurring demand for oil and gas for energy and power and various other types of industrial activities, expanding shale gas exploration, increasing drilling activities, enhanced oil recovery techniques, demand for fracking, and advancements in production technologies are expected to drive United States Oil and Gas Market during the forecast period between 2024 and 2030.

United States Oil and Gas Market – Industry Trends & Forecast Report, 2030

United States Oil and Gas Market size by value was estimated at USD 244.4 billion in 2023. During the forecast period between 2024 and 2030, United States Oil and Gas  Market size is expected 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 increasing exploration and production activities, rising global energy demand, and advancements in oil and gas technologies. Additionally, the expansion in shale gas exploration and infrastructure investments are significant contributors to the growth of United States Oil and Gas Market in the coming years.

Oil and Gas – Overview

Oil and gas, major fossil fuels, play a crucial role in the country’s energy sector, including drilling, production, refining, distribution, and transportation of crude oil and natural gas. They are important sources for energy & power, transportation, power generation, and many manufacturing processes. The demand for oil and gas is driven by increasing energy needs, technological advancements, and the expansion of shale gas exploration and production activities.

United States Oil and Gas Market

Growth Drivers

Energy Independence Policies to Promote Domestic Oil & Gas Production

Energy independence policies of the United States Federal Government to promote domestic oil and gas production are a significant growth driver for United States Oil and Gas Market. The policies aim to reduce reliance on foreign energy imports by boosting domestic production. Initiatives like the Bipartisan Infrastructure Law and the Inflation Reduction Act provide substantial funding and support for energy sector investments. By enhancing the resilience and security of the United States energy supply chain, the policies encourage the development of domestic resources, leading to an increasing demand for oil and gas. It, in turn, drives United States Oil and Gas Market and strengthens the nation's energy independence.

Challenges

Increasing Shift toward Renewable Energy Sources

The growth of United States Oil and Gas Market faces a significant restraint, due to an increasing shift toward renewable energy sources. As the country moves away from fossil fuels and invests more in renewable energy, the demand for oil and gas  may decrease. The transition could significantly impact United States Oil and Gas Market by reducing the need for traditional energy production, posing a challenge to market growth.

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

Escalating geopolitical tensions could significantly impact United States Oil and Gas Market by disrupting global supply chains, increasing raw material costs, and creating market volatility. Trade restrictions, sanctions, and conflicts could limit the availability of critical inputs like specialty chemicals, affecting production efficiency. Heightened energy security concerns may drive investments in domestic production and alternative energy sources, altering demand patterns for oilfield. Additionally, price fluctuations in crude oil and natural gas impact profitability and procurement strategies. Geopolitical instability also influences regulatory landscapes, with potential shifts in policies related to sustainability, imports, and local production, further shaping the market dynamics.

United States Oil and Gas  Market

Segmental Coverage

United States Oil and Gas  Market – By Product Type

By product type, United States Oil and Gas Market is divided into Crude Oil, Natural Gas, Refined Petroleum Products, and Liquefied Natural Gas (LNG) segments. Natural gas is the largest product type in United States Oil and Gas Market, due to its widespread use in power generation, heating, and as an industrial feedstock. The growing emphasis on clean energy and the country's substantial natural gas reserves further boost this segment. Additionally, advancements in extraction technologies, such as hydraulic fracturing, have enhanced production efficiency. The increasing adoption of liquefied natural gas (LNG) export initiatives also indirectly supports the dominance of the natural gas segment.

United States Oil and Gas  Market – By Drilling Type

Based on drilling type, United States Oil and Gas Market is bifurcated into Offshore and Onshore segments. The onshore segment holds a larger share of United States Oil and Gas Market, due to extensive shale gas exploration and production activities, which require significant chemical inputs for hydraulic fracturing and drilling operations. Onshore operations benefit from lower logistical challenges and operational costs compared to offshore activities. The growing demand for energy and advancements in onshore extraction technologies further bolster the segment's growth, solidifying its leading position in the market.

United States Oil and Gas  Market – By Sector

On the basis of sector, United States Oil and Gas Market is divided into Upstream, Downstream, and Midstream segments. The upstream segment is typically the largest sector in United States Oil and Gas Market. The increasing demand for advanced technologies in shale oil and gas extraction has been a key driver of growth. Moreover, the emphasis on enhancing production efficiency and reducing environmental impact further boosts the growth of upstream sector.

United States Oil and Gas  Market – By Application

By application, United States Oil and Gas Market is divided into Residential, Commercial, and Industrial segments. The industrial segment emerges as the largest application in United States Oil and Gas Market, as the segment needs oil and gas for a variety of processes from power generation to the manufacturing of various types of specialty chemicals.

Competitive Landscape

Key players in the highly competitive United States Oil and Gas 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Crude Oil

• Natural Gas

• Refined Petroleum Products

• Liquefied Natural Gas (LNG)

By Drilling Type

• Offshore

• Onshore

By Sector

• Upstream

• Downstream

• Midstream

By Application

• Residential

• Commercial

• Industrial