United States Oil & Gas Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 3.8% from 2023 to 2033.
• The United States Oil & Gas Market Size is Expected to Hold a Significant Share by 2033.

The United States Oil & Gas Market Size is expected to Hold a Significant Share by 2033, at a CAGR of 3.8% during the forecast period 2023 to 2033.

Market Overview

Oil can be referred to as crude oil or petroleum, although natural gas is more properly classified as fossil gas or methane. (Although it is sometimes referred to as "gas," gasoline for automobiles is a liquid made from oil.) Because they were generated underground over millions of years from the remains of plants and animals, coal, oil, and gas are classified as fossil fuels. Hydrocarbons are molecules containing hydrogen and carbon that make up both. In addition, the US government is focusing on developing renewable energy sources to meet its demands instead of relying as much on gas and oil to reduce these emissions. The installed renewable energy capacity in the US reached 351.67 GW as of 2022.Despite competition from renewable energy sources and environmental concerns, oil and gas continue to rule the energy balance. The increasing demand for oil and gas in rising economies propels exploration and production spending. the market for oil and gas continues to be a vital component of the economy, providing households and a variety of sectors with vital energy resources. Exploration, production, processing, and distribution of natural gas and crude oil are all included in the United States market.

Report Coverage

This research report categorizes the market for United States Oil & Gas Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States Oil & Gas Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the United States Oil & Gas Market.

Driving Factors

Innovations including horizontal drilling and hydraulic fracturing (fracking) have made previously unreachable reserves accessible, greatly boosting supply and altering the structure of the United States oil & gas market. The conventional oil and gas industry faces a competitive challenge from technological breakthroughs in renewable energy sources, which is driving corporations to adopt more eco-friendly and efficient extraction techniques. Furthermore, improvements in digital technology like as artificial intelligence (AI) and the Internet of Things (IoT) are streamlining operations, cutting expenses, and improving safety in the sector. In the face of mounting environmental concerns and regulatory requirements, this ongoing innovation not only changes businesses' competitiveness but also the oil and gas market's sustainability and resilience.

Restraining Factors

The use of gas and oil in the US has an impact on the entire world since it contributes to climate change. Each year, tens of thousands of people die and millions of people are displaced from their homes due to climate change. It makes food security weaker and promotes the spread of diseases. Thus, such factors are hampering the market growth.

Market Segment

• In 2023, the upstream segment accounted for the largest revenue share over the forecast period.

Based on the type, the United States Oil & Gas Market is segmented into upstream, midstream, and downstream. Among these, the upstream segment has the largest revenue share over the forecast period. It includes all activities connected to searching for possible deep or undersea crude oil and natural gas deposits, drilling exploratory wells, and then drilling and operating wells to recover and deliver the crude oil or raw natural gas to the surface. The upstream industry has grown significantly as a result of the introduction of cutting-edge technology like seismic imaging and improved drilling methods, which have made it possible to extract reserves that were previously uneconomical or unreachable.

• In 2023, the offshore segment is expected to grow at the fastest CAGR during the forecast period.    

On the basis of application, the United States Oil & Gas Market is segmented into offshore, and onshore. Among these, the offshore segment is expected to grow at the fastest CAGR during the forecast period. This section is defined by higher costs, advanced technology, and greater logistical complexity than onshore, but it also provides access to significant untapped deposits capable of producing large quantities of oil and gas. Offshore projects are subject to strict environmental and safety requirements and demand a large investment in infrastructure, including platforms, subsea systems, and specialist vessels. Notwithstanding the difficulties, the offshore industry is essential to supplying the world's energy needs, with a significant portion of future oil and gas production coming from deep-water and ultra-deep-water projects.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States Oil & Gas Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Phillips 66
• Occidental Petroleum
• BP PLC
• Hess Corporation
• Marathon Petroleum Corporation
• Chevron Corporation
• ExxonMobil Corporation
• Valero Energy
• Shell PLC
• ConocoPhillips Company
• EOG Resources
• Total Energies SE
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In March 2022, President Joe Biden of the United States has reached an agreement with the European Union on a significant energy supply arrangement. The United States was supposed to boost its transatlantic gas supply under the terms of this agreement. This agreement will help lessen reliance on Russia in the wake of the Russia-Ukraine War.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the United States Oil & Gas Market based on the below-mentioned segments:

United States Oil & Gas Market, By Type

• Upstream
• Midstream
• Downstream

United States Oil & Gas Market, By Application

• Offshore
• Onshore