The global oil shale market is expected to grow at a CAGR of around 17.6% from 2020 to 2027 and expected to reach the market value of around US$ 7,516.4 Mn by 2027.

Oil shale is the organic-rich fine-grained sedimentary rock that contains a mixture of organic chemical compounds that is used to produce liquid hydrocarbons termed as shale oil. Shale oil is the unconventional oil produced from oil shale rock fragments further processing like hydrogenation, pyrolysis, or thermal dissolution.

Market Dynamics

The rising demand for energy along with the depletion of non-renewable energy sources like crude oil is driving the market growth. The fluctuating cost of fuel and the cost-benefit of using oil shale over conventional energy sources, in the long run, are driving the market value. Furthermore, ongoing research and development activities in the oil shale industry to reduce the environmental impact and to figure out solutions that can cut down the production costs are projected to create potential opportunities during the forecast timeframe.

On the other hand, the high production cost of oil shale and environmental issues such as disturbance of mined land, global warming, and greenhouse gas emission are some of the factors projected to restraint the market value.

Electricity segment accounted for the dominating share

By application, the electricity segment is leading the global market with a major share (%). Moreover, the segment is also projected to maintain its dominance over the forecast timeframe from 2020 to 2027. The increasing demand for electricity is driving the market growth.

In-Situ Technology segment is dominating the market

By technology, in-situ technology is leading the market with a major share in terms of value. The environment-friendly extraction of shale oil with the help of the in-situ method is driving segmental growth. The groundwater is contaminated by the chemical that is used in the extraction of oil shale, for the same in-situ method has a frozen wall that protects against contamination and subsequently protects the groundwater from contamination.

The market research study on “Oil Shale Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Oil Shale market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Oil Shale market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Oil Shale market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Oil Shale market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

North America is leading the global market with major share

In 2019, North America accounted for the major share in the global market. The US is the major economy contributing to regional market growth. The US states including Colorado, Utah, and Wyoming are underground oil shale formation that accounts for approximately 1.8 trillion barrels of shale oil.

The players profiled in the report include Ambre energy, American Shale Oil, Baraka Energy & Resources, BP, Central Pacific Minerals, Chevron Shale Oil Company, Gas & Metals National Corp (JOGMEC), General Synfuels International, Harbin Coal Chemical Company, Independent Energy Partners (IEP)Queensland Shale Oil Limited, Israel Chemicals Ltd, Japan Oil, Oil India Limited (OIL), Oil Shale Exploration Company, and Royal Dutch Shell.

Market Segmentation

Market By Product     

• Shale Gasoline
• Shale Diesel
• Kerosene
• Heavy Oil

Market By Technology

• In-Situ Technology
• Ex-Situ Technology

Market By Process

• Oil Shale Exploration
• Ore Preparation
• Oil Shale Retortion
• Shale Oil Refining
• Specialty Services

Market By Application

• Fuel
• Electricity
• Cement
• Chemicals

Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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