Increasing depletion of crude oil reserves to drive the growth of United States oil shale market during forecast period
According to TechSci Research report, “United States Oil Shale Market By Type, By Product Type, By Technology, By Application, Competition, Forecast & Opportunities, 2024”, the United States oil shale market is expected to grow at a CAGR of around 14% during the forecast period. The oil shale is witnessing adoption owing to the growing technological advancements in drilling techniques, increasing oil output and surging quantity of recoverable oil reserves. Industries are using oil shale as a fuel for thermal power-plants to drive steam turbines. Additionally, oil shale serves in the production of specialty carbon fibers, carbon black, adsorbent carbons, resins, phenols, tanning agents, road bitumen, and soil-additives. Moreover, the growing use of oil shale across various industries is driving the United States oil shale market. However, high cost of mining equipment and large initial investment, are likely to hamper the United States oil shale market during the forecast period.
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The United States oil shale market is segmented based on type, product type, technology, application, region and company. Based on technology, the market can be divided into in-situ and ex-situ. The in-situ segment is expected to hold a significant market share owing to its environment-friendly extraction of shale oil. Based on application, the market can be categorized into electricity, chemicals, cement, fuel and others. The electricity segment dominates the market since oil shale is used to produce electricity in countries where resources such as coal and gas are unavailable. The cement segmented is projected to grow at a fast pace during the forecast period on account of large production of spent shale during kerogen extraction.
American Shale Oil LLC, Enefit American Oil, Oil Shale Exploration Company LLC, Independent Energy Partners, Inc, ConocoPhillips Co., Exxon Mobil Corporation, Anadarko Petroleum Corporation, Occidental Petroleum Corporation, Marathon Oil Company, EOG Resources, Inc., and others are some of the leading players operating in United States oil shale market.
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“United States oil shale market is anticipated to grow at a significant CAGR during the forecast period, on account of the presence of abundant oil shale reserves in the country. Moreover, as the cost of extraction of oil shale is expected to decrease backed by advancement in technology, the US is likely to emerge as a leading producer of oil shale in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Oil Shale Market By Type, By Product Type, By Technology, By Application, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of United States oil shale market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States oil shale market.
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