Overview and Scope
Oil shale refers to a kind of fine-grained sedimentary rock that is abundant in kerogen and rich in organic material. It refers to hydrocarbons that are locked up in shale rock and must be extracted by fracking.
Sizing and Forecast
The oil shale market size has grown rapidly in recent years. It will grow from $2.91 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. 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 $5.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. 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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Segmentation & Regional Insights
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
Top Major Players:
AuraSource Inc
BP PLC
Chevron Corporation
ExxonMobil Corporation
Independent Energy Partners Inc
North America was the largest region in the oil shale market in 2023.
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The oil shale market report table of contents includes:
1. Executive Summary
2. Oil Shale Market Characteristics
3. Oil Shale Market Trends And Strategies
4. Oil Shale Market – Macro Economic Scenario
5. Global Oil Shale Market Size and Growth
…
31. Global Oil Shale Market Competitive Benchmarking
32. Global Oil Shale Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Oil Shale Market
34.Oil Shale Market Future Outlook and Potential Analysis
35. Appendix
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