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The oil shale market share is expected to increase to USD 2.23 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.18%.
This oil shale market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers oil shale market segmentation by application (electricity, fuel, cement, and others) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The oil shale market report also offers information on several market vendors, including BP Plc, Chevron Corp., Eesti Energia AS, EQT Corp., Independent Energy Partners Inc., Japan Petroleum Exploration Co. Ltd., Oil and Natural Gas Corp. Ltd., and Shell plc among others.
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The growth in use of oil shale across various industries is notably driving the oil shale market growth, although factors such as the environmental impacts of shale oil extraction may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oil shale industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Oil Shale Market Driver
One of the key factors driving growth in the oil shale market is the growth in use of oil shale across various industries. Oil shale is used as a fuel in thermal power plants, where it is burned (much like coal) to drive steam turbines. Oil shale can be used to make specialty carbon fibers, adsorbent carbons, carbon black, phenols, resins, glues, tanning agents, mastic, road bitumen, cement, bricks, construction and decorative blocks, soil additives, fertilizers, rock-wool insulation, glass, and pharmaceutical products, in addition to being used as a fuel. Estonia has by far the largest oil shale activity, mining roughly 12 to 13 million metric tons of oil shale each year. Some countries, such as Israel, Jordan, and Morocco, are interested in developing their oil shale resources since they have large quantities but lack alternative fossil fuels. Such factors are likely to positively impact the growth of the global oil shale market during the forecast period.
Key Oil Shale Market Trend
The rise in adoption of green hydraulic fracturing methods is an oil shale market trend that is expected to have a positive impact in the coming years. Hydraulic fracturing is a process where chemically treated, high-pressure water is used to crack rock formations to release the oil trapped between the rocks. Fracturing leads to huge consumption of fresh water and the creation of liquid waste that is toxic in nature. To reduce the negative impact of hydraulic fracturing on the environment, energy technology providers have come up with some green hydraulic fracturing methods that do not harm the environment. Some companies are also using natural gas- or solar energy-powered motors and engines to substitute diesel-powered drilling equipment to control GHG emissions. Such eco-friendly methods of hydraulic fracturing are expected to decrease environmental hazards and increase the adoption of hydraulic fracturing, which is expected to support the growth of the global oil shale market.
Key Oil Shale Market Challenge
The environmental impacts of shale oil extraction will be a major challenge for the oil shale market during the forecast period. The environmental effect of the global oil shale market takes into account concerns including land use, waste management, and water and air pollution caused by oil shale extraction and processing. The environmental implications of surface mining of oil shale formations are similar to those of open-pit mining. Oil shale extraction diminishes ecological diversity by removing areas that once supported a diverse range of plants and animals. After mining, the area must be reclaimed; this process takes time and does not guarantee that the original biodiversity will be restored. Subsurface mining can induce surface subsidence due to the collapse of mined-out areas and abandoned stone drifts. The extraction of oil from shale has the potential to have a significant environmental impact. Such challenges are likely to affect the growth of the global oil shale market.
This oil shale market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global oil shale market as a part of the global oil and gas exploration and production market within the global oil and gas market under the energy sector. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the oil shale market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the oil shale market encompasses successful business strategies deployed by the key vendors. The oil shale market is fragmented and the vendors are deploying growth strategies such as focusing on technological innovations to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The oil shale market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the oil shale market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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47% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for oil shale in North America. Market growth in this region will be faster than the growth of the market in other regions. We also offer Shale Oil Market in the US report covering five segments based on end-user: Power Generation Sector, Industrial Sector, Residential Sector, Commercial Sector, and Transportation Sector.
The rising depletion of non-renewable energy sources, the demand for a cost-effective alternative to conventional energy, and the region growing oil and energy industry will facilitate the oil shale market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 affected the growth of the oil shale market in North America, primarily owing to the decline in the demand for diesel, gasoline, and other petroleum products. However, the easing of COVID-19-related restrictions in 2021 increased the demand for liquid fuels as travel restrictions were removed due to the large-scale vaccination drives. The US EIA estimates that the consumption of liquid fuels in the US will recover from 18.9 mbpd in the second half of 2020 to 20.7 mbpd in 2022. This, in turn, is expected to increase the demand for oil shale, which, in turn, will drive the growth of the regional oil shale market during the forecast period.
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The oil shale market share growth by the electricity segment will be significant during the forecast period. In today's world, where oil and electricity are becoming increasingly difficult to obtain, the appeal of generating shale oil and/or electric energy from oil shale has grown to the point where the country's energy diversity has expanded in terms of both economic and strategic importance. Such factors are expected to contribute to the growth of the electricity segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the oil shale market size and actionable market insights on post COVID-19 impact on each segment.
Shale Gas market - The market share will witness a growth of 4.87% at a CAGR of 5.15% from 2021-2026
Oil and Gas Engineering Services market - The market share is expected to increase by USD 4.38 billion from 2021 to 2026, at a CAGR of 7.2%.
Oil Shale Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.18% |
Market growth 2022-2026 |
$ 2.23 billion |
Market structure |
Fragmented |
YoY growth (%) |
13.56 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 47% |
Key consumer countries |
US, Canada, China, India, and Russia |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
BP Plc, Chevron Corp., Eesti Energia AS, EQT Corp., Independent Energy Partners Inc., Japan Petroleum Exploration Co. Ltd., Oil and Natural Gas Corp. Ltd., and Shell plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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