United States Oil Shale Market to Grow at a Robust CAGR During Forecast Period
Increasing depletion of
crude oil reserves to drive the growth of United States oil shale market during
forecast period
According to
TechSci Research report, “United States Oil Shale Market By Type,
By Product Type, By Technology, By Application, Competition, Forecast &
Opportunities, 2024”, the United States oil shale market
is expected to grow at a CAGR of around 14% during the forecast period. The oil
shale is witnessing adoption owing to the growing technological advancements in
drilling techniques, increasing oil output and surging quantity of recoverable
oil reserves. Industries are using oil shale as a fuel for thermal
power-plants to drive steam turbines. Additionally, oil shale serves in the
production of specialty carbon fibers, carbon black, adsorbent carbons, resins,
phenols, tanning agents, road bitumen, and soil-additives. Moreover, the
growing use of oil shale across various industries is driving the United States
oil shale market. However, high cost of mining
equipment and large initial investment, are likely to hamper the United States oil
shale market during the forecast period.
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The United States oil shale market
is segmented based on type, product type, technology, application, region and
company. Based on technology, the market can be divided into in-situ and
ex-situ. The in-situ segment is expected to hold a significant market share
owing to its environment-friendly extraction of shale oil. Based on
application, the market can be categorized into electricity, chemicals, cement,
fuel and others. The electricity segment dominates the market since oil shale
is used to produce electricity in countries where resources such as coal and
gas are unavailable. The cement segmented is projected to grow at a fast pace
during the forecast period on account of large production of spent shale during
kerogen extraction.
American Shale Oil LLC, Enefit
American Oil, Oil Shale Exploration Company LLC, Independent Energy Partners,
Inc, ConocoPhillips Co., Exxon Mobil Corporation, Anadarko Petroleum
Corporation, Occidental Petroleum Corporation, Marathon Oil Company, EOG
Resources, Inc., and others are some of the leading players operating in United
States oil shale market.
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“United States oil
shale market is anticipated to grow at a significant CAGR during the forecast
period, on account of the presence of abundant oil shale reserves in the
country. Moreover, as the cost of extraction of oil shale is expected to decrease
backed by advancement in technology, the US is likely to emerge as a leading
producer of oil shale in the coming years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“United States Oil Shale Market By Type, By
Product Type, By Technology, By Application, Competition, Forecast &
Opportunities, 2024” has evaluated
the future growth potential of United States 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 United States oil shale market.
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