September 19, 2019
U.S. oil and gas infrastructure market is expected to amass US $80 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Inception of new refineries with environment friendly footprint, along with constant investments towards extension of existing refinery units will stimulate the U.S. oil and gas infrastructure market. Furthermore, increasing demand of gasoline from Mexico due to the country’s growing automotive industry has resulted into setting up of new refineries, hence complementing the market outlook.
Considering the transport category, oil & gas infrastructure market from transport segment will register significant growth, owing to increasing gasoline demand from various industries, mainly the power and automobile sector. The country has perceived a rise in the refining capacity and refinery throughput in the recent past. Moreover, growing export of natural gas and crude will augment the business landscape.
As per the report, government initiatives to cut down carbon footprint has resulted into extensive use of LNG and CNG vehicles as a substitute to diesel vehicles, which will enhance natural gas infrastructure market growth. In addition, the country has experienced a constant surge in the LNG consumption, mainly for cryogenic application, hence escalating the demand for infrastructure investment.
Based on the regional landscape, Southwest region acquired more than 30% of the U.S. oil and gas infrastructure market share in 2017. Presence of major shale reservoirs such as Eagle Ford and Barnett in Texas will boost the regional market growth.
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Additionally, oil and gas infrastructure market in the Southeast region is predicted to growth substantially, pertaining to withdrawal of coal fired power generation units, leading to increase in the capacity of natural gas fired units. Furthermore, regional extension of pipeline systems with an aim to supply shale gas to the gas-fired generation is fueling investment in the midstream sector.
The prominent companies operating in the U.S. oil and gas infrastructure market include Centrica, Shell, NGL Energy partners, Baker Hughes (GE), DCP Midstream, Halliburton, Cheniere Energy, Hatch, and ExxonMobil among others.