Global Oil Shale market analysis 2024, Forecast To 2033
4 Mar, 2024
The oil shale market size has experienced rapid growth in recent years, surging from$2.91 billion in 2023 to$3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. This growth in the historic period can be attributed to energy security concerns, fluctuating oil prices, geopolitical factors, environmental regulations, and the availability of resources and reserves. Looking ahead, the market is anticipated to witness rapid expansion, reaching$5.31 billion in 2028 with a CAGR of 12.8%. The forecasted growth is driven by energy transition and demand, global energy policies, economic factors and oil prices, environmental regulations, and infrastructure development. Significant trends in the forecast period include sustainable practices, market diversification, investment in research & development, adaptation to energy transition, and global market dynamics.
Global Oil Shale Market Key Driver
The oil shale market is poised for growth driven by a surge in crude oil prices worldwide. As the spot price for a barrel of benchmark crude oil rises, reaching an average closing price of $97.40 in 2022 from $68.17 in 2021 according to Macro Trends, the demand for shale oil as a replacement for conventional crude oil intensifies. Shale oil extraction, facilitated by fracking techniques, allows for enhanced energy collection from a single drilling well without the need for additional wells. This surge in crude oil prices, influenced by economic growth, supply constraints, and the COVID-19 pandemic, is instrumental in propelling the growth of the oil shale market.
Get A Free Sample Of The Global Oil Shale Market ReportGlobal Oil Shale Market Segments
The global 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
By Geography: The regions covered in the oil shale market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Oil Shale Industry Players
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
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Oil Shale Market Overview
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.
Oil Shale Global Market Report 2023 provides data on the global oil shale market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oil shale market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.