US Energy’s Growing Foothold in the Global Market:
The US is the convener of supply and production of Energy and is one of the largest consumers in the world. The energy producing companies in the US hold expertise in the production of oil, natural gas,coal, renewable fuels, as well as electricity. The energy network infrastructure is supported by emerging products and services such smart grid technologies. With growing consumer demand and innovation combined with competitive workforce and supply chain capable of building, installing and maintaining all the energy technologies makes the US one of the attractive energy markets in the world.
The total investment in the US energy market accounted for 280 bn$ in 2015. As a result, US energy sector offers immense business opportunities for energy investors. With rapid changes sweeping the energy sector, driven by technological changes and consumer demand. The governing authority has been taking rapid steps to ensure that the industry remains vibrant and globally competitive. Public sector represents a strong and efficient market for energy-efficient goods and services. Technology empowered by wireless communications are allowing more and more producers to own power. Therefore call for competitive bidding for the provision of power supply are being steadily rising.
The US has a thriving renewable energy industry with global competitive firms in the energy sub-sectors. Moreover, US ranks second in the investments in renewable energy production. As a result of which government renewable energy tenders are being highly demanded from the US. Regular deployment of solicitation Notices from the public authority for the provision of
up gradation of existing grids and installation of smart grid lines are published through e-procurement or online tender portals.
In order to increase government investments in the energy sector rolling out of renewable energy projects are encouraging growth and allowing businesses to prosper. Government contracts with private investors have largely encouraged private sector participation in the country. For nearly two decades the US has been producing oil domestically more rather than importing it from foreign countries. Despite a slump in the global crude oil prices, the US oil industry has been resilient to the global slump in the oil prices.
The add more fuel to the growth global tender is being floated with an expression of interest for oil and gas extractive industries. The government has come up with innovative knowledge agenda project in Latin America to support the growth of extractive industries. Investment opportunities also exist for the development of the bio fuels using new technologies and feed stocks, therefore, oil and gas giants from all around the globe are looking for opportunities to enter into joint ventures, partnerships or government contracting opportunities to tap the local market.
To add further, US is a number-one natural gas producer and LNG has made US gas sector even more competitive. US companies have been exporting Gas, sending shipments to major markets in south America, Europe, Middle East and East Africa. Companies around the globe are looking for opportunities to contract with the government in order to take advantage of the potential market.
The market for achieving greater energy efficiency is growing in the United States. Combined financing and flow of large investment, US energy sector offers profound benefits to the economic growth.