The oil shale market size is expected to see rapid growth in the next few years, reaching an estimate of $5.92 billion by 2029 with a CAGR of 12.5%. The expected 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, and infrastructure development. Major trends factoring into this forecasted period include sustainable practices, market diversification, investment in research & development, adaptation to energy transition, and global market dynamics.
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What Are The Primary Drivers of the Oil Shale Market?
The increasing price of crude oil is expected to propel the growth of the oil shale market. The spot price for a barrel of benchmark crude oil has been increasing due to factors including economic growth, supply limitations, and the ongoing COVID-19 pandemic. Shale oil is being utilized as a replacement for conventional crude oil, with shale oil extraction allowing for greater potential energy collection from a single drilling well without the need for additional wells. For instance, in July 2023, according to the U.S. Energy Information Administration, the forecast Brent crude oil price is expected to increase to the mid-$80 per barrel range by the end of 2024, up from the June 2023 average of $75 per barrel. This rise in crude oil prices is set to be a major driving force behind growth in the oil shale market.
How Is the Oil Shale Market Segmented?
The oil shale market is segmented into:
1) Product: Shale Gasoline, Shale Diesel, Kerosene, Other Products
2) Technology: In-Situ Technology, Ex-Situ Technology
3) Application: Fuel, Electricity, Cement and Chemicals, Other Applications
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Who are the Major Players in the Oil Shale Market?
Significant companies in the oil shale market include 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., PetrĂ³leo Brasileiro SA, Pioneer Natural Resources Company, Schlumberger Limited, Statoil ASA, TechnipFMC PLC, Total S.A., Weatherford International PLC, and Whiting Petroleum Corporation.
What Are the Emerging Trends in the Oil Shale Market?
Major companies within the oil shale market are focusing on technological advancements to enhance efficiency and reduce environmental impact. For instance, in June 2024, US-based energy company Baker Hughes launched three-gas, flow, and moisture measurement sensor technologies to improve safety performance and productivity in oil and gas, hydrogen, and other applications across the energy and industrial sectors.
Which Region is Expected to Lead in the Oil Shale Market?
In 2024, North America was the largest region in the oil shale market, with Europe coming in as the second-largest. The regions covered in the oil shale market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Does the 2025 Oil Shale Market Report Offer?
The Oil Shale Market research report from The Business Research Company provides global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Oil shale refers to a kind of fine-grained sedimentary rock that is abundant in kerogen and rich in organic material.
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