Oil Shale Market to Reach $5.63 Bn, Globally, by 2025 at 16.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, September 20, 2018 /PRNewswire/ --
Burgeoning demand for energy worldwide, depleting reserves of crude oil, and reduction in energy dependence after the advent of oil shale would propel the growth of the global oil shale market
Allied Market Research published a report, titled, "Global Oil Shale Market by Product Type (Oil, Gas, Coke, and Others), Process (Ex situ and In situ), and Application (Electricity, Fuel, Cement, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025." The report offers an extensive analysis of the market size & share, key winning strategies, drivers, restraints, & opportunities, market landscape, and top investment pockets. According to the report, the oil shale market garnered $1.6 billion in 2017, and is estimated to reach $5.63 billion through 2025 in five current commercialized country markets across the globe, registering a CAGR of 16.7% from 2018 to 2025.
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The factors aiding the growth of the global oil shale market include concerns about depleting crude oil reserves, surge in energy requirement globally, and benefits offered by oil shale such as reduction in energy dependence. However, high costs of equipment, mining, and processing technologies have resulted in increased cost of extracting oil from oil shale, which in turn is expected to hamper the growth of the industry. Conversely, developments in extraction techniques for obtaining kerogen from oil shale coupled with improvements in drilling techniques are expected to provide lucrative opportunities for the growth of the market in future.
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Oil - most lucrative product segment
The oil segment accounted for more than two-thirds of the total market share in 2017. It is expected to grow at the fastest CAGR of 16.9% from 2018 to 2025 on account of the large oil reserves present in oil shale. Moreover, the report analyzes several products such as gas, coke, and others.
Ex situ process segment to be largest revenue contributor, in situ to exhibit fastest growth
The ex situ segment accounted for nearly three-fourths of the total market share in 2017. This segment would maintain its lead throughout 2025, as the oil shale industry uses surface mining to excavate oil shale. However, the in-situ segment would grow at the fastest CAGR of 18.8% from 2018 to 2025 due to advancements in drilling technologies coupled with less pollution of ground water.
Electricity application segment to contribute highest revenue, cement segment to grow the fastest
The electricity segment captured two-thirds of the total market share in 2017. It is expected to remain dominant through the study period, as majority of the oil shale is used to produce electricity in countries where resources such as coal and gas are unavailable. On the other hand, the cement segment would grow at the fastest CAGR of 17.6% during the forecast period, due to large-scale production of spent shale during extraction process, which is used as a raw material in cement production. The report analyzes additional applications, namely, fuel and others.
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Commercialized and non-commercialized oil shale producing regions
U.S. is projected to grow at the highest CAGR of 27.1% from 2018 to 2025, due to presence of abundant oil shale reserves in this region. On the other hand, Estonia contributed more than two-thirds of the total market share in 2017, and would maintain its dominance through the forecast period, as it has huge oil shale reserves that can be easily extracted for use in electricity production. The other commercialized regions discussed in the study include Russia, China, and Brazil.
Apart from the commercialized markets, the report present a comprehensive analysis of the countries, such as Australia, Canada, Italy, Morocco, and others that includes Republic of Congo and Jordan, where presence of oil shale reserves has been identified.
Leading industry players
The key market players operating in the global oil shale industry include American Resource Petroleum Corp., Chevron Shale Oil Company, Exxon Mobil Corp, American Shale Oil Corp. (AMSO), AFSK HOM TOV, and others. They have adopted various strategies such as business expansion, agreement, acquisitions, and joint venture to increase their market shares and expand their footprint.
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