Oil Shale Market is expected to grow at a robust CAGR
Oil
Shale Market is expected to grow owing to the depletion of non-renewable energy
sources and the fluctuating cost of fuel throughout the forecast period.
According
to TechSci Research report, “Oil
Shale Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast 2018-2028”, the Global Oil Shale Market is expected to
register robust growth during the forecast period. Consumer
attitudes are shifting in favor of oil shale due to the upward trend in crude
oil prices and the numerous advantages it offers over conventional energy sources.
The market is also influenced by the surge in car sales resulting from
increasing income levels and urbanization. Furthermore, the demand for shale
oil is being propelled by the growing energy consumption and the construction
of new power plants, thereby driving market expansion. Shale oil can be
utilized as a boiler fuel in furnaces to produce steam for electricity
generation. Additionally, the industry is experiencing a significant increase
in demand for cement and other products, owing to the extensive growth in
construction development worldwide.
Incorporating
sustainable practices in oil shale projects can significantly enhance their
social license to operate. Companies that prioritize environmental protection,
community engagement, and responsible land reclamation can position themselves
as industry leaders in sustainable resource development.
Moreover,
the potential of oil shale resources extends beyond conventional oil and gas
production. Through the exploration of innovative processes and technologies,
companies can unlock additional value from oil shale, including the production
of specialty chemicals, polymers, and fertilizers derived from by-products.
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Based
on product, Shale
Gasoline segment is expected to dominate the market during the forecast period.
Shale gasoline, also known as shale oil, is a liquid hydrocarbon resource found
in shale rock formations. It primarily consists of kerogen, a solid organic
material that, upon heating, undergoes transformation into liquid hydrocarbons
like crude oil and natural gas. The extraction of shale gasoline involves
advanced drilling and fracturing techniques. The development of drilling
technology and horizontal drilling methods has made shale gasoline extraction
economically feasible. Consequently, exploration and production activities have
seen a surge. Shale gasoline offers countries an opportunity to achieve energy
independence by utilizing domestic resources, reducing dependence on foreign
oil, and enhancing energy security. Furthermore, shale gasoline exploration can
expand to regions with untapped shale resources, potentially unlocking new
reserves and providing economic opportunities. Moreover, shale gasoline
production can stimulate economic growth by generating employment, increasing
tax revenue, and supporting industries associated with oil and gas extraction.
Based
on technology, In-Situ Technology segment is projected to dominate the market
throughout the forecast period. In-situ technology encompasses a variety of
techniques devised to extract hydrocarbons from oil shale formations without
resorting to conventional surface mining. Instead, these methods involve
heating subterranean oil shale deposits to liberate hydrocarbons, which can
then be gathered and processed. In-situ technology encompasses methodologies
such as in-situ retorting, thermal recovery, and electro-thermal heating.
Compared to surface mining, in-situ technologies have a reduced environmental
impact by minimizing surface disruption, habitat disturbance, and soil erosion.
This aligns with the industry's objective of addressing environmental concerns
and complying with regulatory requirements. Some in-situ approaches are more
water-efficient than traditional mining and retorting processes, making them
more sustainable in water-scarce regions. Thermal recovery methods, such as
underground combustion, inject heated air or gases into the oil shale deposit,
raising the temperature to facilitate the release and recovery of hydrocarbons.
Continued research and development in in-situ technology can lead to more
efficient and environmentally-friendly extraction techniques. Innovations like
carbon capture and storage (CCS) can help mitigate environmental implications.
Additionally, in-situ methods enable the extraction of hydrocarbons from
unconventional and lower-quality oil shale deposits, thereby expanding the
resource base and reducing the need for surface mining.
Key
market players in the Global Oil Shale Market are:
- Exxon
Mobil Corporation
- Chevron
Corporation
- ConocoPhillips
Company
- Royal
Dutch Shell PLC
- Continental
Resources Inc.
- Murphy
Oil Corporation
- Occidental
Petroleum Corporation
- Marathon
Oil Corporation
- Schlumberger
Limited
- Halliburton
Company
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“North
America is expected to be the dominating region during the forecast period. The
development of oil shale resources has the potential to drive economic growth
in North America. This growth encompasses job creation in the energy sector,
along with opportunities for local businesses and industries that provide
support for oil shale operations. Moreover, the revenue generated from oil
shale projects can yield benefits for local communities and governments.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Oil
Shale Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
By Product (Shale Gasoline, Shale Diesel, Kerosene and Others), By Technology
(In-Situ Technology and Ex-Situ Technology), By Process (Oil Shale Exploration,
Ore Preparation, Oil Shale Retortion and Shale Oil Refining & Specialty
Services), By Application (Fuel, Electricity and Cement & Chemicals), By
Region, Competition 2018-2028,” has
evaluated the future growth potential of Global 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 Global Oil Shale Market.
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