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U.S. Oil & Gas Electrification Market Size
The U.S. oil & gas electrification market size in 2024 was valued at USD 106 million and is estimated to grow at a CAGR of 6% from 2025 to 2034. Ongoing technological advancements in energy production and the paradigm shift away from traditional energy generation sources, is driving the industry growth. Government policies focused on reducing fossil fuel dependence, together with the development of efficient and cost-effective power systems, will propel the business dynamics.
Government policies aimed toward energy security and infrastructure modernization, along with rising need to upgrade aging infrastructure and increased investments in development projects, are driving the industry growth. For instance, in December 2024, Energy Transfer LP's December 2024 announcement revealed plans for the Hugh Brinson pipeline, designed to move natural gas from the Permian Basin to Dallas/Fort Worth infrastructure. The 1.5 billion cubic feet per day capacity project aligns with U.S. emissions regulations driving industry electrification.
What is the expected growth rate of the offshore platform electrification segment?
The offshore platform electrification segment is anticipated to grow at a CAGR of over 5% by 2034, driven by a focus on sustainable energy solutions and favorable government policies encouraging a transition from conventional fuels.
What is the growth outlook for the solar segment in the U.S. oil & gas electrification industry?
The solar segment is expected to exceed USD 7.5 million by 2034, supported by efforts to reduce carbon emissions and government initiatives promoting electrification in onshore fields and refineries.
How big is the U.S. oil & gas electrification market?
The U.S. oil & gas electrification industry was valued at USD 106 million in 2024 and is projected to grow at a 6% CAGR from 2025 to 2034, driven by technological advancements and a shift from traditional energy sources.
Who are some of the prominent players in the U.S. oil & gas electrification market?
Key players in the market include ABB, Aker Solutions, BP, Chevron, Equinor, Exxon Mobil, LS Cable, Nexans, Prysmian, Shell, Siemens, and Southwire.