Oil, Gas & Mining Consultants in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: January 2024
NAICS OD5845Revenue
$6.1bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
36,077
Businesses
21,922
Wages
$X.Xbn
Oil, Gas & Mining Consultants in the US industry analysis
The Oil, Gas and Mining Consultants industry experienced growth over the five years to 2023 as fossil fuel companies aggressively pursued oil and natural gas deposits trapped in shale rock formations. In turn, industry consultants advised clients on various topics, including regulatory, legal, operational and environmental matters related to fossil fuel production. Industry revenue is anticipated to increase an annualized 4.3% to $6.1 billion over the five years to 2023. COVID-19 and the accompanying economic lockdowns initially hurt demand for consulting services as falling commodity prices led downstream producers to shut in production and cut unnecessary expenses. Nonetheless, revenue is expected to grow 2.0% in 2023 alone as the US oil and gas production index is anticipated to rise, stimulating greater demand for consulting services.Over the past five years, hydraulic fracturing and horizontal drilling techniques bolstered the United States' position in global petroleum markets. Companies rushed to secure mineral rights and leases to seek out and develop previously uneconomical natural gas and crude oil deposits. Consultants are hired by energy companies to provide economic, market, geological, and operational services and to help companies determine the feasibility of undeveloped resources prior to breaking ground. IBISWorld estimates average industry profit, measured as earnings before interest and taxes, to represent 8.4% of revenue in 2023. Industry revenue is forecast to increase an annualized 1.1% to $6.4 billion over the five years to 2028. As downstream demand for energy products increases and production cuts buoy commodity prices, demand for consulting services from petroleum and mining companies will likely rise during the outlook period. Furthermore, companies involved throughout the life cycle of fossil fuels will continue to demand industry consulting services to help handle shifting regulatory landscapes and navigate increasingly stringent environmental parameters.
Trends and Insights
- The oil and gas industry has faced a number of challenges in recent years, including the COVID-19 pandemic, the war in Ukraine, and the global energy transition. However, the oil, gas, and mining consultants industry has been relatively resilient, and has continued to grow.
- Oil and gas companies are under increasing pressure to reduce their environmental impact and improve their ESG performance. This has led to increased demand for consulting services that can help companies achieve their sustainability goals.
- Consultant locations attempt to match the spread of business concentration in the United States. Smaller consultants tend to locate in areas with lower living costs.
- Low barriers to entry help consulting match demand with supply. Alternatively, small consultants can create demand by identifying solutions to business problems.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 4.3 % over the past five years, to reach an estimated $6.1bn in 2024.
Trends and Insights
The green energy push provides an opportunity
- The push for decarbonization and sustainability has prompted the oil, gas, and mining industries to address environmental concerns.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The global energy transition poses an opportunity
- The world is moving towards a cleaner energy future, putting downward pressure on oil and gas demand.
Biggest companies in the Oil, Gas & Mining Consultants in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Accenture Plc | 864.7 | 139.0 | 16.1 | |
Deloitte Touche Tohmatsu | 730.2 | 91.4 | 12.5 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Petroleum liquids consulting, Natural gas consulting and Coal consulting. Petroleum liquids consulting is the largest segment of the Oil, Gas & Mining Consultants in the US.
Trends and Insights
Natural gas consulting benefits from natural gas' status as a transition fuel
- Consultants offer their expertise to companies, organizations, governments, and other stakeholders involved in natural gas exploration, production, transportation, distribution, and utilization.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Geophysical Services in the US
- Management Consulting in the US
- Scientific & Economic Consulting in the US
Complementors
- Oil Drilling & Gas Extraction in the US
International industries
- Scientific & Economic Consulting in Canada
- Environmental Science Services in Australia
- Consultant Engineering Services in the UK
- Consultant Engineering Services in Ireland
Table of Contents
About this industry
Industry definition
Companies in this industry provide advice to businesses and other organizations regarding the exploration and development of valuable minerals and other geological materials. Furthermore, industry consultants also provide expertise related to energy efficiency and regulatory changes. This industry does not include companies that provide geological surveying and mapping services; those services are included in the Geophysical Services industry (IBISWorld report 54136).
What's included in this industry?
Petroleum liquids consultingNatural gas consultingCoal consultingRenewables consultingBiofuels consultingNuclear consultingCompanies
Accenture PlcDeloitte Touche TohmatsuPurchase this report to view all 2 major companies in this industry.
Related Terms
MINERALSSOLAR PANELHYDRAULIC FRACTURINGHORIZONTAL DRILLINGIndustry Code
NAICS 54169 - Oil, Gas & Mining Consultants in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The oil and gas industry has faced a number of challenges in recent years, including the COVID-19 pandemic, the war in Ukraine, and the global energy transition. However, the...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Oil and gas companies are under increasing pressure to reduce their environmental impact and improve their ESG performance. This has led to increased demand for consulting se...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Consultant locations attempt to match the spread of business concentration in the United States. Smaller consultants tend to locate in areas with lower living costs.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Low barriers to entry help consulting match demand with supply. Alternatively, small consultants can create demand by identifying solutions to business problems.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Economies of scale are not necessary to achieve significant margin. Tiny consulting operators viewed as field experts can land major contracts and charge huge premiums.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Accenture Plc's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Deloitte Touche Tohmatsu's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Accenture Plc, and factors influencing its performance in the industry
- Description and key data for Deloitte Touche Tohmatsu, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Consulting thrives in turbulent economic climates. Falling business confidence gives large clients a strong reason to spend on bringing in a new perspective.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Consultants spend lavishly on employees, legal and other expenses. After the pandemic, many smaller consultants adopted the work-from-home trend to reduce rent spending.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Oil, Gas & Mining Consultants in the US industry in United States in 2024?
The market size of the Oil, Gas & Mining Consultants in the US industry in United States is $6.1bn in 2024.
How many businesses are there in the Oil, Gas & Mining Consultants in the US industry in 2024?
There are 21,922 businesses in the Oil, Gas & Mining Consultants in the US industry in United States, which has grown at a CAGR of 2.4 % between 2019 and 2024.
Has the Oil, Gas & Mining Consultants in the US industry in United States grown or declined over the past 5 years?
The market size of the Oil, Gas & Mining Consultants in the US industry in United States has been growing at a CAGR of 4.3 % between 2019 and 2024.
What is the forecast growth of the Oil, Gas & Mining Consultants in the US industry in United States over the next 5 years?
Over the next five years, the Oil, Gas & Mining Consultants in the US industry in United States is expected to grow.
What are the biggest companies in the Oil, Gas & Mining Consultants in the US market in United States?
The biggest companies operating in the Oil, Gas & Mining Consultants market in United States are Accenture Plc and Deloitte Touche Tohmatsu
What does the Oil, Gas & Mining Consultants in the US in United States include?
Petroleum liquids consulting and Natural gas consulting are part of the Oil, Gas & Mining Consultants in the US industry.
Which companies have the highest market share in the Oil, Gas & Mining Consultants in the US in United States?
The company holding the most market share in United States is Accenture Plc.
How competitive is the Oil, Gas & Mining Consultants in the US industry in United States?
The level of competition is high and increasing in the Oil, Gas & Mining Consultants in the US industry in United States.
