Market Size –
The oil shale market size has grown rapidly in recent years. It will grow from <b>$2.91 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. </b> The growth in the historic period can be attributed to energy security concerns, fluctuating oil prices, geopolitical factors, environmental regulations, resource availability and reserves.
The oil shale market size is expected to see rapid growth in the next few years. It will grow to <b>$5.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. </b> The growth in the forecast period can be attributed to energy transition and demand, global energy policies, economic factors and oil prices, environmental considerations and regulations, infrastructure development. Major trends in the forecast period include sustainable practices, market diversification, investment in research & development, adaptation to energy transition, global market dynamics.
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Scope Of Oil Shale Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Oil Shale Market Overview
Market Drivers –
A surge in the crude oil price is expected to propel the growth of the oil shale market going forward. The crude oil price is the spot price for a barrel of benchmark crude oil. The crude oil price is increasing due to economic growth, supply limitation, and the COVID-19 pandemic. Shale oil is utilized as a replacement for conventional crude oil because, unlike the crude oil extraction technique, shale oil extraction (fracking) allows one drilling well to collect more potential energy without having to dig additional wells. For instance, in September 2022, according to a crude oil price report shared by Macro Trends, a US-based provider of historical charts covering the global stock, bond, commodity, and real estate markets, the average closing price of crude oil in 2022 is $97.40, an increase from $68.17 in 2021, which indicates an increase of 16.87%. whereas in 2020, the average closing price of crude oil was $39.68. Therefore, a surge in the crude oil price is driving the growth of the oil shale market.
Market Trends –
Technological advancements have emerged as a key trend gaining popularity in the oil shale market. Major companies operating in the oil shale market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2021, ExxonMobil Corporation, a US-based oil and gas corporation, launched EMRD, a renewable diesel process technology with the purpose of increasing bio-feedstock yields. With the use of this revolutionary process technique, renewable diesel may be produced from feedstocks such as animal fats, vegetable oils, and unrefined cooking oil. The Bio-Isomerization Dewaxing (BIDWTM) catalyst from ExxonMobil is used in the EMRD process, which is an integrated solution. This offers robust dewaxing for refiners and biofuel producers in both winter and summer modes. In comparison to other internally developed zeolite-based substitutes, the BIDW catalyst displayed improved yields.
The oil shale market covered in this report is segmented –
1) By Product: Shale Gasoline, Shale Diesel, Kerosene, Other Products
2) By Technology: In-Situ Technology, Ex-Situ Technology
3) By Application: Fuel, Electricity, Cement and Chemicals, Other Applications
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Regional Insights –
North America was the largest region in the oil shale market in 2023. Europe was the second-largest region in the global oil shale market. The regions covered in the oil shale market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the oil shale market report are AuraSource Inc., BP plc, Chevron Corporation, ExxonMobil Corporation, Independent Energy Partners Inc., Queensland Energy Resources Limited, Shell plc, American Shale Oil LLC, Japan Petroleum Exploration Co Ltd., Occidental Petroleum Corporation, Chesapeake Energy Corporation, Marathon Oil Corporation, American Resources Corporation, EQT Corporation, Japan Oil Gas and Metals National Corporation, Blue Ensign Technologies Limited, Cabot Oil & Gas Corporation, Gazprom Neft PJSC, National Oilwell Varco Inc., Anadarko Petroleum Corporation, Apache Corporation, ConocoPhillips Company, Continental Resources Inc., Devon Energy Corporation, Electro-Petroleum Inc., EOG Resources Inc., GE Company, Halliburton Company, Hess Corporation, Murphy Oil Corporation, Noble Energy Inc., Petróleo Brasileiro SA, Pioneer Natural Resources Company, Schlumberger Limited, Statoil ASA, TechnipFMC plc, Total S.A., Weatherford International plc, Whiting Petroleum Corporation
Table of Contents
1. Executive Summary
2. Oil Shale Market Report Structure
3. Oil Shale Market Trends And Strategies
4. Oil Shale Market – Macro Economic Scenario
5. Oil Shale Market Size And Growth
…..
27. Oil Shale Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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