The United States oil & gas midstream market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 4.2% during 2023–2031. The growth of the market is attributed to the rising production of oil and increasing demand for natural gas in the country.
Refining of petroleum crude oil includes processing & purifying of raw natural gas, and marketing and distribution of the products made from oil and natural gas. The products derived include asphalt, lubricants, waxes, fuel oils, natural gas, liquefied petroleum gas, gasoline, kerosene, jet fuel, diesel oil, and petrochemicals. The hydrogen sulfide removed in the refining process of crude oil and natural gas is converted into byproduct elemental sulfur.
Companies are adopting the gas to liquid technology to reduce the pollution levels and to produce high quality petroleum products. The conversion of natural gas to high quality liquid products is done through gas to liquid technology. International support and investment in the oil & gas industry is driving the market. The companies are rearranging its operations and activities to recover from the covid-19 impact.
Rising demand for the natural gas has elevated drastically since the United States have replaced their coal-based power plant by natural gas fire power plant. Increasing investment towards natural gas infrastructure and expansion of pipeline and LNG facilities to meet the growing demand is estimated to attract more investment during the forecast period.
The covid-19 pandemic affected the supply & demand of the United States oil & gas midstream market. Decreasing supply of raw materials, lockdown across the country, and supply chain disorders forced manufacturers to close down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing demand for natural gas and related infrastructure is one of the key factors boosting the market during the forecast period.
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Rising drilling programs and all time low break even prices is projected to fuel the market in the coming years.
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Rapid growth in the natural based gas infrastructure in the form of LNG is the main factor in fuelling the market during the projected period.
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Lack of awareness about the importance and expansion in oil and gas pipeline projects act as a key factor that can hamper the market growth during the forecast period.
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R&D investment and technological advancement towards LNG facilities and natural gas infrastructure is expected to offer lucrative opportunities for the market players.
Scope of the market
The report on the US oil & gas midstream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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United States oil & gas market – Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Midstream (Transportations, Storages, LNG Terminals)
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Country
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The United States Of America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Chevron Inc.; BP plc; Shell Midstream Partner LP; America Midstream Partner LP
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Market Segment Insights
The LNG segment is anticipated to hold a key share of the market
In terms of midstream, the market is categorized into transportations, storages, and LNG terminals. Liquefied natural gas (LNG) segment is expected to constitute a key share of the market in the coming years due to rising demand and increasing investment in the natural gas infrastructure. On the other hand the transportation segment is expected to grow at a rapid rate owing to growing and meeting with the demand export-import process will facilitates more frequently.
Segments
The US oil & gas midstream market has been segmented on the basis of
Midstream
- Transportations
- Storages
- LNG Terminals
Country
Key players
- Chevron Inc.
- BP plc.
- Shell Midstream Partner LP
- America Midstream Partner LP
Competitive Landscape
Key players competing in the US oil & gas midstream market include Chevron Inc.; BP plc., Shell Midstream Partner LP; America Midstream Partner LP.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance
In October 2021, Lightsource BP plc. launched bighorn solar project in Colorado for powering and became worlds’ first ever mills to run completely on solar power.
In September 2021, BP plc. delivers its first carbon offset LNG cargo to Asia Pacific to CPC Corporation in Taiwan.
In August 2021, BP plc. study found out that it is feasible to produce large scale green hydrogen and green ammonia using renewable sources of energy in Australia.
In September 2021, Chevron U.S.A. Inc. a subsidiary of Chevron Corporation has signed a joint agreement venturing with Mercuria Energy Trading.
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