Press release
Oil Shale Market Share Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Oil Shale Global Market Share
The anticipated rise in crude oil prices is projected to stimulate expansion in the oil shale market. The spot price of a barrel of benchmark crude oil defines the cost of crude oil, which can escalate due to factors like economic growth, supply restrictions, and the circumstances of the COVID-19 pandemic. As an alternative to conventional crude oil, shale oil plays a crucial role because it enables the collection of more potential energy from a single drilling well through the fracking technique, eliminating the need for drilling additional wells. Highlighting an example, the U.S. Energy Information Administration, a US government agency, predicted in July 2023 that the Brent crude oil price will ascend to the mid-$80 per barrel level by 2024 end, an increase from the average $75 per barrel in June 2023. Consequently, escalating crude oil prices seem to be bolstering the oil shale market's growth.
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What is the projected compound annual growth rate (CAGR) of the oil shale market from 2025 to 2034, and what factors influence it?
Recently, the oil shale market has been expanding quite swiftly. Its size is anticipated to surge from $3.26 billion in 2024 to $3.69 billion in 2025, with a compound annual growth rate (CAGR) of 13.1%. The surge in growth over the historic period can be ascribed to various factors such as anxiety over energy security, unpredictable oil prices, geopolitical influences, environmental regulations, and the availability and reserves of resources.
In the coming years, the oil shale market is predicted to experience swift expansion. It is projected to reach $5.92 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 12.5%. The growth during the forecast period is anticipated due to factors such as the shift towards different energy forms and the ever-rising demand, global energy regulations, economic influencers and the fluctuation of oil prices, environmentally-driven considerations and regulations, and the development of infrastructure. Key trends for the forecasted period include the implementation of sustainable practices, diversification of the market, investments into research and development, adaption to the energy transition, and the differing dynamics of the global market.
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How are the latest trends influencing the growth of the oil shale market?
The leading entities in the oil shale sector are emphasizing technological breakthroughs, such as three gas, flow, and moisture measurement sensor innovations, with the goal of increasing productivity and mitigating environmental harm - factors instrumental in the industry's growth and sustainability. The three gas, flow, and moisture measurement sensor technologies constitute a trio of sophisticated sensors that evaluate gas concentration, flow momentum, and moisture levels, thereby improving safety and performance in the industrial and energy domains. To illustrate, Baker Hughes, an American energy firm, introduced these technologies in June 2024 with intentions to enhance safety performance and boost productivity in oil, gas, hydrogen, and other applications throughout the energy and industrial fields. These technologies not only focus on safety enhancement but also aim to increase productivity by providing reliable information to operators for making process-related decisions.
What are the major segments of the oil shale market and their role in driving growth?
The 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
Subsegments:
1) By Shale Gasoline: Conventional Shale Gasoline, Specialty Shale Gasoline
2) By Shale Diesel: Ultra-Low Sulfur Diesel (ULSD), Renewable Shale Diesel
3) By Kerosene: Aviation Kerosene, Heating Kerosene
4) By Other Products: Shale Oil, Petrochemical Feedstocks, Asphalts And Residuum
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Which regions are key players in the growth of the oil shale market?
North America was the largest region in the oil shale market in 2024. 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.
Who are the key firms paving the way for growth in the oil shale market?
Major companies operating in the oil shale market are 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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What Is Covered In The Oil Shale Global Market Report?
• Market Size Forecast: Examine the oil shale market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the oil shale market for a structured understanding.
• Key Players Overview: Analyze major players in the oil shale market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the oil shale market.
• Segment Contributions: Evaluate how different segments drive overall growth in the oil shale market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the oil shale market.
• Industry Challenges: Identify potential risks and obstacles affecting the oil shale market.
• Competitive Landscape: Review strategic developments in the oil shale market, including expansions, agreements, and new product launches.
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