U.S. Oil & Gas Infrastructure Market will surpass USD 80 billion By 2024

Southeast region of U.S. oil & gas infrastructure market is expected to achieve growth owing to the retirement of coal fired power plants which has led to the addition of gas-fired capacity and expansion of regional pipeline networks.

Sellbyville, United States - January 10, 2019 /MarketersMedia/ —

Key players in the U.S. oil and gas infrastructure market include Baker Hughes (GE), Shell, ExxonMobil, Halliburton, Hatch, Schlumberger, Kinder Morgan, BP, Total, Williams Companies, Chevron, Rosneft, ConocoPhillips, Marathon Oil Corporation, Occidental Petroleum Corporation, Energy Transfer Partners, Cheniere Energy, Oneok, NGL Energy Partners, DCP Midstream, Sprague Resources, Vopak, and Centrica.

The U.S. Oil & Gas Infrastructure Market is projected to hit USD 80 billion by 2024; as reported in the latest study by Global Market Insights, Inc. Ongoing investments for the expansion of existing refineries along with along with establishment of new units with environmentally friendly footprint will positively influence the U.S. oil & gas infrastructure market growth. Furthermore, rising gasoline demand from Mexico on account of the country’s growing automotive sector has led to planning of new refineries in the nearby regions of the U.S. will complement the industry landscape.

Availability of proved gas reserves coupled with incessant increase in natural gas demand will augment the oil & gas infrastructure market share. Moreover, the government efforts to reduce generation of electricity from coal has resulted into inauguration of new natural gas fired power plants and modification of coal into natural gas, which will further complement the business landscape.

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In 2017, Southwest region accounted for over 30% of the oil and gas infrastructure market share in the U.S. Availability of major shale reservoirs in Texas including Barnett shales and Eagle Ford will encourage infrastructure investment across the region. In addition, high energy consumption across the industrial sector will positively impact the industry landscape.

Rising gasoline demand from a several industries, primarily the automobile and power sector will fuel the refining and oil products transport market share. The country has witnessed an increase in the refinery throughput and refining capacity over past few years. Moreover, increasing export of crude and natural gas will complement the business landscape.

Southeast oil and gas infrastructure market is predicted to witness growth on account of retirement of coal fired power generation units, leading to addition of natural gas fired capacity. Moreover, regional expansion of pipeline networks with an aim to bring shale gas to cater the gas-fired generation will drive investment across the midstream sector.

Government initiatives to reduce carbon footprint has resulted into application of CNG and LNG vehicles a substitute to diesel fuel which will augment the natural gas infrastructure market growth. The western states including Nevada and California has witnessed a continuous increase in the consumption of vehicle fuel since 1990's. Furthermore, the country has witnessed an incessant increase in the LNG consumption particularly for cryogenic application across the industrial sector which will escalate the demand for infrastructure investment.

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Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/us-oil-and-gas-infrastructure-market

Source URL: https://marketersmedia.com/us-oil-gas-infrastructure-market-will-surpass-usd-80-billion-by-2024/468364

Source: MarketersMedia

Release ID: 468364