United States Oil & Gas Upstream Market Size, Industry & Opportunities | 2031

Segments - United States Oil & Gas Upstream Market by Location of Deployments (Onshore and Offshore) and Country - United States Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

The United States Oil & Gas Upstream Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 4% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising oil & gas consumption due to the strong economy recovery and increasing population in the country.

Upstream refers to foremost operations stage in the oil & gas industry that involves exploration and production. Upstream, midstream, and downstream are the three segments of the oil & gas industry. Upstream stage includes drilling activities. It is farthest stage of operation from the end-user consumer in the oil & gas supply chain. Upstream is followed by midstream and downstream, which includes transportation of crude oil stage and refining and distribution phases respectively.

United States Oil & Gas Upstream Market Outlook

The upstream segment of the oil & gas industry consists of exploration activities, such as creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling. Oil & gas exploration involves siting potential locations for oil & gas drilling and extraction. Geological surveys are conducted using various methods such as testing subsoil for onshore exploration and seismic imaging for offshore exploration. Majority of the oil & gas production in the US relies on onshore activities.

The wells are grouped together in a field, ranging from a half acre per well for heavy crude oil to 80 acres per well for natural gas, in onshore drilling. The group of wells are connected by carbon steel tubes, which consist of the oil & gas to a production and processing facility through a chemical and heating process. Onshore production companies can turn on and off rigs more easily than offshore rigs, in response to the market conditions. Offshore drilling uses a single platform that consists of fixed or mobile support. It is a mechanical process where a wellbore is drilled below the seabed. It is carried out to explore and subsequently extract petroleum that lies in rock formations under the seabed.

Market Trends, Drivers, Restraints, and Opportunities

Reduction in the cost of the drilling rigs is driving the United States oil & gas upstream market growth during the forecast period.
Increasing number of activities and oil production from the Permian Basin in the US is expected to create lucrative opportunities for the market.
Exploration and production is mainly from onshore oil & gas fields. However, rising advancements in offshore fields is projected to further boost the market expansion during the forecast period.
Increasing demand for natural gas is anticipated to propel the market expansion in the projected timeline.
Increasing deep-water activities in offshore is projected to drive the United States oil & gas upstream market during the forecast period.
Volatility in oil prices along with comparatively higher production costs for unconventional resources is expected to hinder the growth of the market.
Oil production has decreased slightly due to government regulations is anticipated to hamper the market growth during the forecast period.
Rising trend of renewables can create challenges for the market growth in the projected timeline.
Increasing R&D investment and ongoing technological advancements in the gas pipelines construction can create new markets for natural gas exports, creating significant opportunities for the market players.

Scope of United States Oil & Gas Upstream Market Report

The report on the United States oil & gas upstream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Oil & Upstream Market - United States Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2022–2031
Segmentation	Location Deployments (Onshore and Offshore)
Geographical Zone	The US
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Exxon Mobil Corporation, B.P. plc, Chevron Corporation, and Royal Dutch Shell Plc.

United States Oil & Upstream Market Segment Insights

Onshore segment to account a large market share

On the basis of location deployments, the market is bifurcated into onshore and offshore. The onshore segment is expected to constitute a key share of the market during the forecast period owing to rising activities in onshore fields. Conversely, the advancements in the offshore segment is expected to create significant opportunities for emerging players in the market.

Oil & Gas Upstream Market Location of Deployments

Segments

The United States oil & gas upstream market has been segmented on the basis of

Location of Deployments

Onshore
Offshore

Country

The US

Key Players

Exxon Mobil Corporation
B.P. plc
Chevron Corporation
Royal Dutch Shell Plc

Competitive Landscape

Key players competing in the United States oil & gas upstream market include Exxon Mobil Corporation, B.P. plc, Chevron Corporation, and Royal Dutch Shell Plc.

United States Oil & Gas Upstream Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Oil & Gas Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Oil & Gas Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Oil & Gas Market - Supply Chain
  4.5. Global Oil & Gas Market Forecast
     4.5.1. Oil & Gas Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Oil & Gas Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Oil & Gas Market Absolute $ Opportunity
5. Global Oil & Gas Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Oil & Gas Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Oil & Gas Demand Share Forecast, 2019-2026
6. North America Oil & Gas Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Oil & Gas Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Oil & Gas Demand Share Forecast, 2019-2026
7. Latin America Oil & Gas Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Oil & Gas Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Oil & Gas Demand Share Forecast, 2019-2026
8. Europe Oil & Gas Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Oil & Gas Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Oil & Gas Demand Share Forecast, 2019-2026
9. Asia Pacific Oil & Gas Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Oil & Gas Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Oil & Gas Demand Share Forecast, 2019-2026
10. Middle East & Africa Oil & Gas Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Oil & Gas Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Oil & Gas Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Oil & Gas Market: Market Share Analysis
  11.2. Oil & Gas Distributors and Customers
  11.3. Oil & Gas Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Exxon Mobil Corporation
     11.4.2. B.P. plc
     11.4.3. Chevron Corporation
     11.4.4. Royal Dutch Shell Plc
     11.4.5.