Key information about United States Natural Gas: Consumption

• United States Natural Gas: Consumption was reported at 87.052 Cub ft/Day bn in Dec 2024
• This records an increase from the previous number of 85.959 Cub ft/Day bn for Dec 2023
• US Natural Gas: Consumption data is updated yearly, averaging 55.450 Cub ft/Day bn from Dec 1965 to 2024, with 60 observations
• The data reached an all-time high of 87.052 Cub ft/Day bn in 2024 and a record low of 40.241 Cub ft/Day bn in 1965
• US Natural Gas: Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.NS: Natural Gas: Consumption

Graph and download economic data for Natural Gas Consumption (NATURALGAS) from Jan 2000 to Sep 2025 about gas, consumption, and USA.

Worldwide natural gas consumption has stagnated over the past three years. In 2024, natural gas consumption worldwide amounted to roughly ************* cubic meters. What is natural gas? Natural gas is a mixture of gases, primarily methane. Consisting mostly of hydrocarbons, it is found in deposits called reservoirs beneath the surface of the Earth. Natural gas is considered the Earth’s cleanest fossil fuel because it produces carbon dioxide, water vapor, and small amounts of nitrogen oxides when it is burned. In its natural state, natural gas is colorless and odorless. It is used commonly in residential, commercial, and industrial applications, such as heating and electricity generation. Although it is the cleanest burning fossil fuel, natural gas development has resulted in the increase of hydraulic fracturing (also known as fracking), a controversial and environmentally damaging extraction method. Natural gas consumption in the United States In 2023, the United States was the leading consumer of natural gas worldwide. Their natural gas consumption has been increasing slightly since 1995, amounting to some ************* cubic feet in 2023. That same year, the industrial sector in the United States consumed the second largest proportion of natural gas of all sectors, second to electricity generation. In the U.S. industrial sector, natural gas is used as a fuel for process heating, heat and power systems, and as a raw material to produce chemicals and fertilizer.

In 2024, natural gas consumption in the United States amounted to around ****billion cubic meters, up from nearly ****billion cubic meters one year earlier and the highest value recorded within the period of consideration. Between 1998 and 2024, natural gas consumption in the U.S. increased by almost ****billion cubic meters.

The City and County Energy Profiles lookup table provides modeled electricity and natural gas consumption and expenditures, on-road vehicle fuel consumption, vehicle miles traveled, and associated emissions for each U.S. city and county. Please note this data is modeled and more precise data may be available from regional, state, or other sources. The modeling approach for electricity and natural gas is described in Sector-Specific Methodologies for Subnational Energy Modeling: https://www.nrel.gov/docs/fy19osti/72748.pdf.

This data is part of a suite of state and local energy profile data available at the "State and Local Energy Profile Data Suite" link below and complements the wealth of data, maps, and charts on the State and Local Planning for Energy (SLOPE) platform, available at the "Explore State and Local Energy Data on SLOPE" link below. Examples of how to use the data to inform energy planning can be found at the "Example Uses" link below.

United States Natural Gas: Spot Price: Henry Hub-I data was reported at 3.260 USD/MN BTU in 05 May 2025. This records an increase from the previous number of 3.100 USD/MN BTU for 02 May 2025. United States Natural Gas: Spot Price: Henry Hub-I data is updated daily, averaging 2.930 USD/MN BTU from Jan 1997 (Median) to 05 May 2025, with 7145 observations. The data reached an all-time high of 23.860 USD/MN BTU in 17 Feb 2021 and a record low of 1.210 USD/MN BTU in 11 Nov 2024. United States Natural Gas: Spot Price: Henry Hub-I data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under World Trend Plus’s Commodity Market – Table US.P026: Petroleum Spot Price: Energy Information Administration. Previously named as Henry Hub Released once a week (every Wednesday) with data from Wednesday to Friday of the previous week up to Tuesday of the current week. If Wednesday falls on a holiday, the data will be released on the next business day. Price spike on Feb 11 to 18, 2021 data was caused by the effect of decline in natural gas production brought about by the cold wave experienced during the month. Price spike on Jan 12, 2024 data was caused by the anticipation of increased natural gas consumption because of the weather forecast for well-below-normal temperatures for most of the United States over the long weekend. [COVID-19-IMPACT]

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The floating liquefied natural gas market share is expected to increase by USD 4.68 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.12%.

This floating liquefied natural gas market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating liquefied natural gas market segmentations by processing capacity (large-scale capacity and small-scale capacity) and geography (North America, Europe, APAC, South America, and MEA). The floating liquefied natural gas market report also offers information on several market vendors, including Black & Veatch Holding Co., Eni Spa , Excelerate Energy LP, EXMAR NV, Golar LNG Ltd., Lloyds Energy DMCC, Petroliam Nasional Berhad , Royal Dutch Shell Plc, Samsung Heavy Industries Co. Ltd., and TechnipFMC Plc among others.

What will the Floating Liquefied Natural Gas Market Size be During the Forecast Period?

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Floating Liquefied Natural Gas Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising global oil and gas consumption is notably driving the floating liquefied natural gas market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating liquefied natural gas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Liquefied Natural Gas Market Driver

Rising global oil and gas consumption is one of the key factors driving the growth of the global floating liquefied natural gas market. Liquid fuel consumption across the globe, especially in emerging economies such as India, China, and Brazil, is expected to grow, owing to the increasing demand for vehicles and a rise in the consumption of petrochemicals. For instance, according to the US Energy Information Administration (EIA), in 2019, the production of petroleum and other liquid fuels in Brazil averaged 3.7 million barrels per day (b/d). Similarly, natural gas consumption has also seen a rise in the last ten years. According to the US Energy Information Administration (EIA), global natural gas consumption increased significantly in 2019. Natural gas has witnessed a higher rise in consumption than oil due to the increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.

Key Floating Liquefied Natural Gas Market Trend

The rise in the number of deepwater and ultra-deepwater drilling projects will fuel the global floating liquefied natural gas market growth. As per the US Energy Information Administration, the oil shock resulted in the decline of crude oil prices in early 2020 due to the COVID-19 pandemic, which was one of the lowest since 2003. Also, the prices of the rigs were reduced due to the fewer number of ongoing projects in the oil and gas industry. Sensing profit through low rig rates, some companies are resuming their offshore projects. FLNG vessels provide the advantages of reduced investments and earlier cash flow compared with fixed platforms. The advantages of FLNG vessels make them ideal for offshore activities. Deepwater and ultra-deepwater projects are also far from the mainland; hence, laying an extensive oil and gas pipeline network to transfer the produced hydrocarbons to onshore facilities is too costly. Therefore, FLNG vessels are economical for deepwater and ultra-deepwater projects, as these vessels can treat, liquefy, and store the natural gas extracted from offshore fields. Operators sell the LNG directly from the vessel and generate revenues. Advances in technology allowed exploring gas reserves that were initially uneconomical. This is likely to drive the global FLNG market during the forecast period.

Key Floating Liquefied Natural Gas Market Challenge

Fluctuations in oil and gas prices are major challenges for the global floating liquefied natural gas market growth. The continued trend of low crude oil prices has put additional pressure on the oil and gas service providers. Low-profit margins for a continued period result in reduced revenues, which directly influence the financial aspect of a company. The market potential for oil and gas service businesses has declined due to the low investments in oil and gas projects. As t

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The natural gas fired electricity generation market size is estimated to grow at a CAGR of 3.95% between 2022 and 2027. The market size is forecast to increase by 122.7 million toe. The growth of the market depends on several factors, including increased energy demand, rising support from governments worldwide, and increasing natural gas production.

This natural gas fired electricity generation market report extensively covers market segmentation by type (CGCT and OCGT), end-user (residential, commercial, and industrial), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

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Natural Gas Fired Electricity Generation Market: Key Drivers, Trends, Challenges, and Customer Landscape

The increasing natural gas production is notably driving the market growth, although factors such as environmental concerns associated with the combustion of natural gas may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Natural Gas Fired Electricity Generation Market Driver

The increasing natural gas production is notably driving market growth. The fastest-growing fossil fuel is now natural gas due to the increasing supply of tight gas, shale gas, and coalbed methane. Since 2008, successful shale oil and gas extraction in nations like the US has increased the global supply of natural gas. The US EIA estimated that shale gas production will reach 8.1 million barrels per day (bpd) by September 2020. Additionally, the IEA predicted that by 2022, US natural gas production would make up 40% of the world's total natural gas output. Furthermore, the Permian Basin, where natural gas production was anticipated to double by 2022, dominates US shale gas production.

Similarly, the IEA predicted that by 2022, the Middle East would increase global natural gas production by 2,472.03 bcf (70 bcm). The Yamal peninsula is also home to significant untapped natural gas production capacity for Russia, which is the second-largest natural gas producer in the world after the United States. Hence, natural gas will be readily available for use in generating electricity due to the increase in natural gas production around the world. Hence, such factors will boost the growth of the global market during the forecast period.

Significant Natural Gas Fired Electricity Generation Market Trends

A shift to gas generators is an emerging trend in market growth. Natural gas, one of the non-renewable fuels used by gas generators, is a cost-efficient and efficient source of energy for mobile power generation. Compared to other fossil fuels, natural gas is more efficient and has lower operating costs. The capacity utilization rate of natural gas-fired combined cycles was the highest among other fossil fuels in 2018, according to the US EIA. By 2030, it is anticipated that 80% of natural gas's capacity will be used, further promoting the use of this fuel for the production of natural gas-fired electricity.

Compared to diesel generators, gas generators emit fewer emissions and are cleaner. These generators produce a smaller amount of air pollutants. Additionally, unlike diesel generators, they do not produce ash and soot leftovers. The power industry has switched to gas generators as a result of these benefits. New government regulations that encourage the use of gas generators have also been created as a result of environmental concerns. As a result, gas generators are becoming more widely used. Moreover, new variations of natural gas generators are also being introduced by numerous vendors active in the target market. Hence, factors like these will fuel the growth of the global market during the forecast period.

Major Natural Gas Fired Electricity Generation Market Challenge

The environmental concerns associated with the combustion of natural gas are major challenges impeding market growth. Natural gas is a fossil fuel, and so it still releases a variety of hazardous pollutants when it is burned, even though the emissions of greenhouse gases (GHGs) are much lower than those from coal or oil. Additionally, the combustion of natural gas releases nitrogen oxides, which are precursors to smog. These emissions have also been linked to a number of human illnesses, including lung cancer, asthma, bronchitis, and heart disease, in addition to air pollution. Furthermore, exposure to high concentrations of these air pollutants may have negative health effects, including cancer, cardiovas

This statistic represents the annual natural gas demand in the United States between 2008 and 2019. In 2019, total natural gas demand totaled **** billion cubic feet per day, based on estimates as of October 2019.

North America Natural Gas Market was valued at USD 172.39 Million in 2024 and is projected to reach USD 251.61 Million by 2032, growing at a CAGR of 4.8% from 2025 to 2032.

Key Market Drivers:

Increasing Demand for Cleaner Energy: The natural gas market is being driven by the growing need for cleaner energy sources. According to the United States Energy Information Administration (EIA), natural gas will account for 34% of U.S. electricity generation in 2023 as a lower-emission alternative to coal. This transition contributes to the sustained need for natural gas.

Expansion of LNG Exports: North American liquefied natural gas (LNG) exports are quickly expanding, driven by worldwide demand for cleaner fuels. According to the EIA, the United States will export roughly 12.5 Billion cubic feet per day (Bcf/d) of LNG in 2023, boosting market growth and enhancing North America’s position as a global energy exporter.

The world’s largest consumer of natural gas is the United States, which consumed nearly ****billion cubic meters in 2024. The U.S. is also one of the largest producers of natural gas in the world. Natural gas consuming sectors The electric power sector was one of the highest consumer sectors of natural gas in the United States. In this sector, natural gas is used to generate electricity, which is, in turn, largely sold for consumption in other end-use sectors within the United States. The industrial sector is the second largest consumer of natural gas, using the resource as fuel for process heating, in combined heat and power systems, and as feedstock to produce other materials. Natural gas delivery To deliver natural gas, processing, transportation, and storage infrastructure is required. The processing plants usually receive natural gas through a system of pipelines. The composition of the natural gas that is received will determine how the natural gas is processed in order to produce dry natural gas. Transmission pipelines tend to be long-distance systems that connect producing areas, processing plants, and the recipients.

The consumption of natural gas in the European Union has fluctuated since 1998. It increased to a peak of ***** billion cubic meters in 2010, but by 2024 had fallen to around *** billion cubic meters. Natural gas consumption in the EU was only lower than oil consumption, despite the overall decrease. Production of natural gas in decline Although the consumption of natural gas is expected to increase across the region, production in the EU has fallen significantly over the past two decades. By 2023 had fallen by approximately ** percent. EU reliant on Russian exports With the production of natural gas in decline, the EU is expected to become more reliant on international imports. Overall, there was a six percent increase of imports in 2019 when compared to the previous year. Currently, the main exporter of gas to the EU is Russia, who in 2017 exported ** percent of all imports. Plans for a 746-mile gas pipeline from Russia to Germany in the Baltic Sea are set to go ahead. The Nord Stream 2 project has received critics from the US and EU over fears it will increase Europe’s reliance on gas imports from Russia.

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The gas sensors market share in North America is expected to increase by USD 173.76 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 9.38%.

This gas sensors market in North America research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers gas sensors market in North America segmentations by type (wired and wireless) and geography (US, Canada, and Mexico). The gas sensors market in North America report also offers information on several market vendors, including Control Instruments Corp., DOD Technologies Inc., Dragerwerk AG and Co. KGaA, Edinburgh Instruments Ltd., Figaro Engineering Inc., Gas-Sensing.com, Mettler Toledo International Inc., SIARGO Ltd., SPEC Sensors, LLC, and Zhengzhou Winsen Electronics Technology Co Ltd. among others.

What will the Gas Sensors Market Size in North America be During the Forecast Period?

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Gas Sensors Market in North America: Key Drivers, Trends, and Challenges

The increase in LNG trade is notably driving the gas sensors market growth in North America, although factors such as price volatility in the oil and gas industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the gas sensors industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Gas Sensors Market Driver in North America

The increase in LNG trade is one of the key drivers supporting the gas sensors market growth in North America. In 2021, the US was the largest producer of natural gas globally. Natural gas supplies about one-third of the US primary energy consumption, with its primary uses being heating and generating electricity. While the majority of it is delivered in its gaseous form via pipeline in the US, the growth in the international market for natural gas has led to the use of it in a liquefied form, or LNG. For instance, according to the US Energy Information Administration (EIA), natural gas marketed production will increase to an average of 104.4 billion cubic feet per day (Bcf/d) in 2022 and then further increase to a record-high of 106.6 Bcf/d in 2023. Thus, rising LNG production and use in the region would further bolster the demand for gas sensors in North America during the forecast period.

Key Gas Sensors Market Trend in North America

Increasing adoption of IoT products is one of the key gas sensors market trends in North America that is contributing to the market growth. Sensors used in the gas industry are IoT enabled, which provide a high level of accuracy, reliability, and flexibility for a variety of applications in the industry, which further includes remote monitoring, condition monitoring, and analysis. Furthermore, gas sensors are primarily used to measure the pressure, level, flow, and temperature of the gas. Meanwhile, governments across the region are approving rules to encourage the adoption of IoT technology to increase efficiency, downtime, and operational costs. According to Oxford Economics, the use of IoT in the gas industry could boost the global GDP by $816 billion between 2018 and 2028. As a result, it will further drive the adoption of gas sensors in North America during the forecast period.

Key Gas Sensors Market Challenge in North America

Price volatility in the oil and gas industry is one of the factors hindering the gas sensors market growth in North America. The oil and gas industry is a major consumer of gas sensors. The need for continuous monitoring of high-value assets throughout the upstream, midstream, and downstream industries makes the oil and gas industry highly dependable on sensors. Therefore, the slowdown in the oil and gas industry due to price volatility can adversely affect the growth of the market. For instance, crude oil prices have fallen significantly since the beginning of 2020, which was attributed to the economic contraction caused by the COVID-19 and, in a span of a month, a sudden increase in crude oil supply following the suspension of agreed production cuts among the Organization of the Petroleum Exporting Countries (OPEC) and partner countries. Moreover, with the declined demand and increasing supply, daily price changes for the US crude oil have become extremely volatile. Such factors are limiting the market growth.

This gas sensors market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges w

Corrugated Stainless Steel Tube Market size was valued at USD 239.80 Million in 2023 and is projected to reach USD 350.15 Million by 2031, growing at a CAGR of 4.84% from 2024 to 2031.

Global Corrugated Stainless Steel Tube Market Overview

The increasing demand for natural gas is expected to propel the growth of the stainless steel corrugated tubing market going forward. Natural gas is a naturally occurring mixture of gaseous hydrocarbons that mostly consist of methane with minor amounts of other higher alkanes. Natural gas distribution involves the transportation of natural gas through pipelines to end-users for various industrial, commercial, and residential applications, primarily for heating and power generation.

For instance, in March 2023, according to a report shared by the Energy Information Administration (EIA), a US-based government agency, the average daily consumption of natural gas in the US reached a historic high of 88.5 billion cubic feet per day in 2022. This marked a 5% increase compared to 2021, with natural gas usage totaling 4.5 billion cubic feet per day (Bcf/d). Furthermore, in 2022, U.S. end-user sectors accounted for 38% of the total natural gas consumption.

In Terms of Revenue, Seamless market was the Leading segment with 58.67% Share of total Oil Country Tubular Goods Market. In Terms of Revenue, Well Casing was the Leading segment with 34.06% Share of total Oil Country Tubular Goods Market. In Terms of Revenue, Onshore was the Leading segment with 58.13% Share of total Oil Country Tubular Goods Market. North America was the dominated region with 34.06% of total revenue market share. The mounting oil and gas industry drives the growth of the oil-country tubular goods market Oil and gas are non-renewable sources of energy. The world has showcased high dependence on oil and gas products to meet and fulfil a wide array of requirements right from personal, to residential, commercial, and industrial needs. Thus, increasing demand and dependency on oil and gas has been estimated which drives the growth of the oil and gas market. The increasing population and growing industrialization further drive the demand for oil and gas products.

According to the study, global petroleum consumption in 2018 was almost 100 million units of barrels per day.
According to U.S. Energy Information Administration in 2021, U.S. petroleum consumption averaged about 19.78 million barrels per day (b/d).

The oil and gas industry plays a vital role in the economy of the associated nations. As all nations are not blessed with oil and gas reservoirs, the blessed nation always has an upper hand when it comes to the distribution of oil and gas among other nations which is directly related to the national economy. Thus, several countries and oil and gas companies are directing themselves toward the exploration and extraction of oil and gas from conventional and unconventional oil resources which required advanced drilling and piping systems

According to American Petroleum Institute, the oil and gas industry’s total impact on US GDP was nearly $1.7 trillion, accounting for 7.9 percent of the national total in 2019 and it supports 10.3 million jobs in the United States

Further emerging trends such as the internet of things, AI, robotics, automation, big-data analytics, blockchain, and other technologies are expected to change the dimensions of oil and gas refineries. The rising deployment of advanced technology such as hydraulic horizontal drilling and fracturing technology is also boosting the growth of the Oil Country Tubular Goods market. Pipeline plays a significant role in the transport of natural gas right from the collection of products from the source to the shipment and storage of oil or liquefied natural gas (LNG). Thus, the mounting oil and gas industry drives the growth of the oil country tubular goods market. Restrain factor for Oil Country Tubular Goods Market

The world is dealing with several nature-related problems such as global warming, depletion of non-renewable resources, etc. Thus, in order to reduce the dependency on non-renewable resources like oil and gas, fossil fuels, etc. several government and nongovernment authorities are promoting the usage of alternative renewable energy sources. Moreover, owing to the high cost associated with exploration, production, import, and supply disruption of oil and gas, several governments are also taking demand restraint measures to reduce oil consumption in the country. As there is mounting usage and acceptance of renewable energy, a reduction in oil and gas consumption is been observed. Thus, the depletion of oil and gas reservoirs and reduced demand for oil and gas may act as a restraining factor for the oil country tubular goods market.

Key opportunity of Market.

Increased interest in offshore oil drilling ventures will create humongous growth opportunities.

Players in the global oil country tubular goods market will be set to reap tremendous revenue as a result of the increased interest of the global oil majors in offshore oil drilling ventures. These ventures involve the exploitation of petroleum reservoirs located beneath the surface of oceans rather than the conventional mainland reservoirs. In the last few years, offshore drilling schemes have gone skyrocketing at an outstanding rate. Most part of the discovered ocean is yet unknown and researchers opine that the top of oceans has tremendous amounts of crucial petroleum reserves. That is why an increased regional governments' as well as private operators' interest came to explore investing in off...

US Gas Sensors Market size was valued at USD 664.8 Million in 2024 and is expected to reach USD 1230.6 Million by 2032, growing at a CAGR of 8% from 2026 to 2032.Key Market Drivers:Rising Natural Gas Production and Infrastructure Development: The growing output of natural gas and the construction of pipeline infrastructure are driving up demand for gas sensors, notably for methane detection. According to the EIA, US natural gas output will reach a new high of 102.3 billion cubic feet per day in 2023, up 5% from 2022.Growth in Industrial IoT Applications: The expanding use of Industrial IoT (IIoT) is boosting demand for gas sensors, as enterprises seek better, real-time environmental monitoring solutions. According to the US Department of Energy, IoT-enabled industrial systems are expected to generate $1.8 trillion in new value by 2025, with environmental monitoring accounting for 7% of that. Additionally, NIST estimates a 42% growth in IoT-connected sensors in industrial settings between 2020 and 2023, with gas sensors among the fastest-growing categories.

Hydraulic fracturing service providers have recently been on a roller coaster ride of sorts. The pandemic initially hit them hard as travel restrictions and safety measures led to a considerable slowing of industries across the board. This noticeably reduced the need for fossil fuels. However, as restrictions were lifted and travel resumed, companies enjoyed a precipitous recovery. Events like Russia's invasion of Ukraine in 2022 served to further elevate prices and ramp up production in the US. Revenue for service providers have pushed up at a CAGR of 13.8% through 2025, reaching $40.3 billion. This includes a 0.4% dip in 2025 alone as price stagnations constrained growth after massive spikes in the middle of the period. Hydraulic fracturing service providers have leveraged technological developments, like fiber-optic cables and revolutionary software, to optimize efficiency and boost profits, even amid increasing costs. The rising domestic and global demand for natural gas has spurred expansion. The European Union's sanctions on Russian natural gas liquids have carved a niche for US producers to step in, leading to a surge in exports, even making the US the largest natural gas liquid exporter in the world. While exports to European countries did eventually creep down in 2024, this stemmed from lower consumption due to milder winters. Looking ahead, while domestic oil and gas production is slated to continue its ascent over the next five years, hydraulic fracturing service providers may find themselves embattled because of falling prices and a looming regulatory squeeze. Dwindling prices could impact their ability to charge premium rates, leading to price-based drops. While hydraulic fracturing services must consider local and regional regulations, like temporary or permanent bans, recent legislation prevents the President from imposing a federal moratorium on fracking, so companies do not need to worry about new federal restrictions. Overall, revenue is set to push down at a CAGR of 0.6% through 2030, reaching $39.1 billion.

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AC Electric Motor Sales in Oil and Gas Market Size 2024-2028

The Global AC Electric Motor Sales in Oil and Gas Market size is forecast to grow by USD 3.58 billion, at a CAGR of 5.72% between 2023 and 2028. The global oil and gas industry is experiencing a surge in demand due to increasing energy consumption and economic growth. This trend is driving a rise in Exploration and Production (E&P) activities, particularly in emerging markets. In response, there is a growing investment in refineries to meet the demand for processed petroleum products. The expansion of refining capacity is a critical component of the industry's growth strategy, ensuring a steady supply of fuel for transportation and energy for industries. Additionally, advancements in technology are improving efficiency and reducing costs, making refining a profitable venture for companies. Overall, the oil and gas industry's future looks bright, with continued growth expected in the coming years.

Market forecasting

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Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Market Dynamics

In the market, induction electric motors and synchronous electric motors are pivotal. These motors are integral to extraction and production facilities, pumping stations, and various exploration and production projects. Their high starting torque and reliability under harsh operating conditions, including extreme temperatures and corrosive atmospheres make them indispensable. Advancements in motor technology and energy efficiency improvements are crucial for reducing carbon emissions and adapting to economic uncertainties and fluctuating oil prices. Variable frequency drives enhance energy efficiency by optimizing voltage and power systems. Moreover, alternative energy storage, including batteries, supports this shift towards greener solutions. AC Electric Motors must handle bulk usage while maintaining compatibility with DC motors and other components like cranes, machine tools, and auxiliary generators. Emphasizing electromagnetic induction, these motors convert alternating current to mechanical power, driven by primary rotating magnetic fields in the stator and secondary rotating magnetic fields in the rotor.

Key Market Driver

Increasing demand for oil and gas is notably driving the market growth. Rapid urbanization in developing nations is accompanied by a significant rise in energy demand. As a result, more liquid fuels and natural gas are being consumed. Oil and natural gas are in high demand due to the rising global demand for electricity and fuel. Global liquid fuel consumption increased from 99.97 mbpd in 2018 to 100.75 mbpd in 2019, according to the US EIA. Additionally, it is anticipated that by 2021, the world will consume 102.85 mbpd of liquid fuel.

Further, the demand for E&P machines, equipment, and components is growing at the same time as the demand for oil and gas. Hence, the demand for AC electric motors, which have a variety of uses in both the upstream and downstream segments of the oil and gas industry, is also rising. Therefore, the rise in the global demand for oil and gas is driving the growth of the market during the forecast period.

Significant Market Trends

The increasing adoption of modular mini refineries is an emerging trend in the market. For producers of diesel and other petrochemicals in remote areas, modular mini refineries are a flexible and affordable supply option. The simplicity, speed, and relatively low capital cost of modular mini refineries are their main advantages. The best places to use modular mini-refineries are in remote areas and developing nations where there is a high demand for diesel, gasoline, and fuel oil.

Furthermore, refineries that are modular require less land than conventional refineries because they are smaller. The adoption of these refineries is rising because they provide process flexibility and aid in increasing refinery capacity. For instance, the Nigerian National Petroleum Company Limited (NNPC) reports that in March 2023, oil production in Nigeria averaged 1.59 million barrels per day. As the adoption of modular mini refineries in remote areas increases, the demand for modular refinery components such as AC electric motors also increases. Therefore, these factors will drive the growth of the market during the forecast period.

Major Market Challenge

Environmental impacts of oil and gas activities are major challenges impeding the market growth. In addition to being used as fuel for automobiles and buildings, oil and gas are also used in the

Expand Energy is the largest producer of natural gas in the United States. The company was created in 2024 through the merger of Chesapeake Energy and Southwestern Energy and reported a production output of some *** billion cubic feet per day. Of the five leading producers, ExxonMobil and Chevron are considered an oil and gas supermajor or "Big Oil" company. Most productive U.S. shale play Expand Energy is primarily active in the Appalachia and Haynesville shale plays, some of the most productive U.S. shale plays. The Marcellus play, which belongs to the Appalachian basin, yields around ** trillion cubic feet of shale gas every year. The U.S. relies on shale for a large part of its natural gas output. Total natural gas production in the U.S. has climbed to over one trillion cubic meters. Natural gas consumption in the U.S. As more indigenous natural gas became available, consumption rose accordingly. Although petroleum has remained the main primary energy source in the U.S., natural gas use has increased notably and is on the course to overtake petroleum in the near future.