Just 6% of US energy firms exploring new export markets despite strong domestic growth
Data centre surge expected to force overdue investment in US power infrastructure
HOUSTON – July 2025:
The US energy sector had another strong year in 2024, posting an average revenue growth rate of 20%, according to the Energy Industries Council’s Survive & Thrive report. That makes the US one of the top performers globally, behind only the Middle East.
But there’s a catch: most companies are staying home.
Despite the upbeat financials, just 6% of US energy firms interviewed for the report said they were actively exploring new export markets. This low number is largely due to policy and tariff uncertainty abroad, cultural mismatches, and a clear absence of government-led trade support.
“Without government support, we’re stuck in familiar territories,” said one executive interviewed for the report. Others echoed similar concerns, citing risk aversion, red tape, and lack of insight into local business cultures as key deterrents.
The US isn’t alone in showing signs of domestic dependence. But compared to the Middle East, where 90% of companies grew and average revenue gains hit 68%, American firms look relatively conservative.
Across the Atlantic, the UK and Ireland posted 16% growth, while Continental Europe managed 13%. Asia Pacific lagged at 8%. But what sets the US apart isn’t just the numbers, it’s the strategic posture. While global peers are using growth momentum to push into new regions, the US seems content to deepen what it already knows.
“The American energy sector is booming, but they’re playing it safe,” said Stuart Broadley, CEO of the EIC, the world's leading trade association for companies providing products and services to the energy industry. “This is happening while competitors are aggressively moving into their backyard.”
That sentiment reflects broader shifts in global energy trade. As countries like China and South Korea scale up both clean tech and hydrocarbons, they’re bringing with them integrated supply chains and ambitious export strategies. In contrast, the US appears to be growing with one eye closed.
Oil & Gas
Oil and gas still dominate the global energy supply chain, accounting for 57% of revenues in 2024. The US is no exception. While many companies have pilot projects in areas like hydrogen and carbon capture, very few are shifting significant revenue away from fossil fuels.
That’s a warning sign, says Broadley. “The US risks falling behind in the transition race if it doesn’t match Middle East-style diversification.”
Middle Eastern economies are using oil revenues to bankroll large-scale investments in renewables, power grids, and even AI-based logistics systems. The US has the talent and capital to do the same, but policy cohesion and long-term incentives remain patchy.
One area to watch is grid infrastructure. While the 2025 report shows relatively flat grid investment in the US, especially compared to the UK and Middle East—that’s likely to change fast. With energy-hungry data centres expanding across the country, power grid upgrades are set to accelerate in 2026 and beyond.
It won’t just be a matter of cables and substations. The next wave of energy expansion will hinge on digitalisation, AI optimisation, and regional planning. Companies that embrace these trends early will be best placed to lead the next chapter of US energy dominance.
So while the 20% growth is a strong headline, the underlying story is more nuanced. The US energy sector is thriving—but whether it can lead in tomorrow’s energy world may depend on how quickly it looks beyond its borders.
Across all regions surveyed (the US, UK, Europe, Middle East and APAC), 2024 was a record-breaking year for energy firms, with 77% of companies reporting growth and an average surge of 24% in revenue—matching last year’s record. But that momentum came with blind spots. Only 6% of companies pursued new export markets, energy transition revenues dropped from 9% to 5%, and 91% of firms stayed focused on oil and gas. Even digital strategies fell short: 60% used AI, but just 9% linked it to growth.
For more information and to view the full report, please visit the following link: https://www.the-eic.com/MediaCentre/Publications/SurviveandThrive
** ENDS **
Notes to editors:
The Energy Industries Council brings together over 950 companies from the energy supply chain sector across all industries.
Since 1943, we have evolved to provide up-to-date global market intelligence, unrivalled networking opportunities, and direct engagement with policymakers across regions.
Our members — leading innovators, industry experts, and global thinkers — are at the forefront of the energy transition.
Through our leading events, real-time project data, and policy expertise, we help members capitalise on opportunities and scale their operations globally. Together, we are working towards a more sustainable future.