United States Oil and Gas Market Report and Forecast 2024-2032

United States Oil and Gas Market Size

The United States oil and gas market is projected to grow at a CAGR of 4.2% during the forecast period of 2024-2032. The growing investments in innovative drilling and extraction technologies are aiding the market.

United States Oil and Gas Market Outlook

The United States oil and gas market expansion is being fuelled by the increasing government focus on ensuring a steady supply of fuel domestically. Geopolitical tensions and economic headwinds have affected the global fuel supply. However, increasing investments in innovative technologies for drilling and extracting natural gas and oil have led to the market’s growth in the USA. In 2023, the nation produced 12.9 million b/d of crude oil, breaking its previous record of 12.3 million b/d in 2019.

The evolving regulatory landscape of the United States which supports the transition towards clean energy is prompting oil and gas companies to reformulate their investment and growth strategies, which is expected to drive the United States oil and gas market development over the forecast period.

Advancements in Extraction Technologies and Increasing Exploration Activities are Some of the Crucial United States Oil and Gas Market Trends

• The upstream sector (exploration and production) is expected to experience the highest growth, with a CAGR of 4.7%. The United States oil and gas demand growth is being driven by advancements in extraction technologies and increasing exploration activities in untapped reserves. 

• The midstream sector (transportation and storage), growing at a CAGR of 4.5%, remains crucial for ensuring the efficient movement and storage of oil and gas products. 

• As per the United States oil and gas market analysis, the downstream sector (refining and distribution), with a CAGR of 4.0%, continues to be significant due to ongoing investments in refining capacity and distribution networks.

The Growing Economic Activities and the Flourishing Transportation Sector are Driving the United States Oil and Gas Market Growth

• The transportation sector is expected to lead with the highest CAGR of 4.8%. The increasing demand for fuel in automotive, aviation, and marine transportation, supported by a growing population and economic activities, is boosting the United States oil and gas market revenue. 

• The industrial sector, growing at a CAGR of 4.5%, reflects the rising demand for oil and gas in manufacturing processes and industrial applications. 

• The power generation sector is projected to grow at a CAGR of 4.3% during the forecast period of 2024-2032. The growing energy demand is increasing the United States oil and gas market value. 

• The residential and commercial sector, growing at a CAGR of 4.1%, benefits from the use of natural gas for heating, cooking, and other applications. 

• As per the United States oil and gas industry statistics, the 'Others' category, with a CAGR of 3.8%, includes various other applications of oil and gas contributing to overall market growth, driven by diverse energy needs and technological advancements.

United States Oil and Gas Market Regional Analysis

• The Far West region is expected to lead with the highest CAGR of 4.9%. A strong investment in renewable energy projects, combined with ongoing oil and gas activities, is creating lucrative United States oil and gas market opportunities. 

• The Rocky Mountain region follows with a CAGR of 4.6%, supported by significant shale gas extraction and favourable geological conditions. 

• The Southwest, with a CAGR of 4.4%, is expected to hold a significant portion of the United States oil and gas market share. The region benefits from a rich resource base and a well-developed infrastructure for oil and gas operations. 

• The Southeast, growing at a CAGR of 4.2%, shows significant growth due to expanding industrial activities and increasing energy demands. 

• New England, with a CAGR of 3.9%, and the Mideast, with a CAGR of 3.6%, exhibit steady growth, driven by a balanced mix of energy sources and consistent demand. 

• The United States oil and gas market regional insights show that the Plains region, with a CAGR of 3.4%, and the Great Lakes region, with a CAGR of 3.2%, experience moderate growth due to stable but slower increases in oil and gas production activities.

Key Questions Answered in This Report:

• How has the United States oil and gas market performed historically, and what are the growth expectations for the future?

• What are the primary factors influencing demand and growth in the United States oil and gas market?

• What are the key segments within the United States oil and gas market, and how are they expected to evolve over the forecast period?

• What are the major challenges and opportunities facing stakeholders in the United States oil and gas market?

• Who are the key players in the United States oil and gas market, and what strategies are they employing to maintain a competitive edge?

• What are the regulatory and policy factors influencing the United States oil and gas market globally or regionally?

• How competitive is the United States oil and gas market according to Porter's five forces analysis, including factors like bargaining power of buyers and suppliers?

• What are the current trends shaping the United States oil and gas market landscape, and how are they expected to evolve in the future?

• How are technological advancements impacting the United States oil and gas market, and what role do innovation and R&D play in driving growth?

• What are the consumer preferences and buying behavior trends influencing the United States oil and gas market?

• How sustainable are current growth rates in the United States oil and gas market, and what factors could potentially disrupt these trends?

• What are the regional dynamics within the United States oil and gas market, and how do they contribute to overall market growth?

• What are the economic factors influencing the United States oil and gas market, such as GDP growth, inflation rates, and currency fluctuations?

• How are demographic shifts, such as aging populations or urbanization trends, affecting demand in the United States oil and gas market?

• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the United States oil and gas market?

• What are the regulatory and legal frameworks impacting the United States oil and gas market globally or in key regions?

• How are changing consumer lifestyles and preferences influencing product or service demand within the United States oil and gas market?

• What are the emerging market trends and niche opportunities within the United States oil and gas market that stakeholders should be aware of?

• How resilient is the United States oil and gas market to external shocks or disruptions, such as geopolitical tensions or natural disasters?

• What are the potential barriers to market entry and growth for new players in the United States oil and gas market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, historical and current market trends, and forecasts the dynamics of the United States oil and gas market spanning from 2018 to 2032.

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the United States oil and gas industry.

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the United States oil and gas market.

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the United States oil and gas market landscape.

Key Highlights of the Report