✷ Report Code: A03296 | Pages: 374 | Mar 2022 | 18001 Views | ||
Author(s) : Ujjwal T, Mohd A , Eswara P | Tables: 226 | Charts: 126 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Oil Shale Market
Request Now !The global oil shale market size was valued at $2.8 billion in 2020, and is projected to reach $5.9 billion by 2030, growing at a CAGR of 7.7% from 2020 to 2030. Oil shale is the rock from which shale oil is extracted. Shale oil is similar to petroleum and can be refined into many different substances, including diesel fuel, gasoline, and liquid petroleum gas (LPG). Companies can also refine shale oil to produce other commercial products, such as ammonia and sulfur.
A surge in the price of crude oil began during the lockdown, due to extensive supply and less demand, which increased the production of electricity. However, there is no impact of COVID-19 on the oil shale market due to the extensive production of oil.
Oil shale is a low-unit-cost energy commodity that requires mining and retorting thousand tons of oil shale per year to achieve profitability. For example, one short ton of a commercial grade oil shale from the Green River formation in Colorado assays about 35 U.S. gallons of shale oil per short ton of rock (approximately 145 liters per metric ton), or about 0.83 U.S. barrel of oil. About one-fifth of the rock by weight is organic matter that can be retorted to obtain oil and gas. The remaining four-fifths of the oil shale is inert mineral matter that is mined with the organic matter, passed through the retort, and disposed of in an environmentally acceptable way.
In addition, rise in exploration activity of shale products may act as the driving factor for the market. Moreover, high cost associated with exploration projects may act as the restraining factor for the market.
The oil shale market is segmented on the basis of product, technology, process, application, and region. Depending on product, the market is categorized into shale gasoline, shale diesel, kerosene, and others. On the basis of technology, it is classified into in-situ technology and ex-situ technology. By process, it is categorized into oil shale exploration, ore preparation, oil shale retortion, and shale oil refining & specialty services. On the basis of application, it is divided into fuel, electricity, and cement & chemicals. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global oil shale market forecast covers in-depth information about the major industry participants. The key players operating and profiled in the report include Southwestern Energy Company, EQT Corporation, Equinor ASA, Repsol SA, SINOPEC/Shs, Chesapeake Energy Corporation, Royal Dutch Shell PLC, Exxon Mobil Corporation, Chevron Corporation and PETROCHINA/Shs.
By product, the shale gasoline segment dominated the global oil shale market share in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its advantages as it is highly used in the generation of electricity and even it is used to generate a quarter of U.S. electricity.
By technology, the in-situ segment dominated the global oil shale market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This technology is widely used since; in-situ retorting is the only technology available to achieve large-scale industrial exploitation.
By process, the oil shale exploration segment dominated the global oil shale market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to its effectiveness since; oil shale is first extracted from the earth by surface or underground mining. The rock is crushed, and then retorted (heated) to release the shale oil. The shale oil is then refined of impurities, such as sulfur. In situ is a new and experimental method of extracting shale oil.
By application, the fuel segment dominated the global oil shale market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rise in population and increased dependency on fuels.
By region, North America dominated the global oil shale market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to numerous factors such as large proved reserves, new applications of hydraulic fracturing technology, and horizontal drilling & development of new sources of oil shale.
Key Benefits For Stakeholders
Impact Of Covid-19 On The Global Oil Shale Industry
Oil Shale Market Report Highlights
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The global oil shale market has registered a dynamic growth over the past few years, owing to drastic growth in automotive, power generation, and other industries. In addition, huge investment plans with respect to oil & gas upstream activities that boost the demand for oil shale across the globe. Moreover, oil shale plays a vital role in the shale oil industry and, shale industry is dependent on automotive industry and rise in awareness about the environment elevates the utilization of clean fuels, including natural gas, which fosters demand for oil shale. Moreover, according to U.S. energy information administration, estimated shale oil and shale gas resources in the U.S. and in 137 shale formations in 41 other countries represent 10% of the world's crude oil and 32% of the world's natural gas, technically recoverable resources. In addition, as the demand for energy continues to grow, the oil & energy sector is expected to keep looking for alternative ways to produce energy. One such alternative way is oil shale. Furthermore, depletion of crude oil has further fueled the growth of oil shale.
A. Enhance energy security, availability of energy fuels, lower natural gas prices, and offer a cleaner environmental footprint than some other fossil fuels, and enable local economic development are the major driving factor for the market. In addition, shale oil is easy to transport and provide efficient distribution system which may create lucrative opportunities for the market.
A. Agreement, business expansion and product launch are the key growth strategy of global oil shale market players.
A. The report sample for global oil shale Market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
A. North America will provide more business opportunities for global oil shale in future
A. Southwestern Energy Company, EQT Corporation, Equinor ASA, Repsol SA, SINOPEC/Shs, Chesapeake Energy Corporation, Royal Dutch Shell PLC, Exxon Mobil Corporation, Chevron Corporation and PETROCHINA/Shs are the leading market players active in the oil shale market.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning.
A. Shale gasoline segment holds the maximum share of the global oil shale market
A. Oil & gas exploration companies are the major customers of global oil shale market.
A. As the demand for energy continues to grow, the oil & energy sector will keep looking for alternative ways to produce energy. One such alternative way is oil shale and it is the main application which is expected to drive the adoption of oil shale.
A. Technological evolution of oil shale, increasing exploration and rapid expansion of favourable government policies with respect to drilling are the current trend expected to influence the global oil shale market in the next few years.
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