Authored By: Sarah
11 Jul 2024

 Oil Shale Market Size to grow by USD 2355 million between 2024-2028

According to a research report “ Oil Shale Market” by Application (Electricity, Fuel, Cement, Others) Geography (North America, APAC, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2355 million, at a CAGR of  14.76% during the forecast period. Oil shale, a resource mined for its mineral content since the early 17th century, has gained significant industrial importance due to its oil content and potential as a low-grade fuel for power generation since the late 19th century. Notably, its use for power generation is predominantly confined to countries with substantial oil shale reserves. Additionally, oil shale serves as a crucial source for synthetic crude oil production, contributing to increasing domestic oil output in oil-importing nations. In thermal power plants, oil shale is combusted, similar to coal, to generate steam and power turbines.

Browse market data tables, figures, and in-depth TOC on “Oil Shale Market” by Application (Electricity, Fuel, Cement, Others) Geography (North America, APAC, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample


By Application, the Electricity segment is projected to dominate the market size in 2024


By Geography, North America  segment is expected to hold the largest market size for the year 2024

Oil shale, a sedimentary rock rich in organic materials, has been utilized for industrial applications since the 17th century, primarily for mining its minerals. In the late 19th century, shale oil emerged as a low-grade fuel source for power generation. The combustion process in circulating fluidized bed (CFB) boilers involves finely crushing oil shale and burning it in a fluidized bed created by an upward stream of air. The heat generated from the combustion process produces steam, which in turn drives a turbine connected to a generator, generating electrical energy.

North America is forecasted to hold the largest market size by region in 2024

The oil shale market represents a significant business opportunity, with substantial reserves of shale oil waiting to be extracted. This non-conventional oil source can help mitigate energy security concerns and reduce dependence on traditional oil imports. Market growth is driven by technological advancements, government incentives, and increasing global energy demand. Strategic partnerships and investments are crucial for companies to capitalize on this expanding market.

The Oil Shale Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, 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.
  • Shell plc

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Research Analysis Overview

The Oil Shale market encompasses various aspects, including exploration, ore preparation, retorting, and shale oil refining. Waste management and logistics play a crucial role in this industry, ensuring the efficient transportation and disposal of by-products such as butane, propane, and other gases. Oil shale exploration involves the identification and extraction of oil shale deposits, which contain a high carbon content. The ore preparation process includes removing impurities and preparing the shale for retorting, a high-temperature process that releases the shale oil. Shale oil refining transforms the raw shale oil into valuable products like heavy oil, diesel, and other hydrocarbons. Specialty services, including research and development, are essential to reducing production costs and minimizing the environmental impact of oil shale production. Environmental issues, such as greenhouse gas emissions and disturbance to ecosystems, are significant concerns in the oil shale industry. The industry's carbon footprint and contribution to global warming are under scrutiny, making it essential to continually explore alternative energy sources and improve production methods. Despite these challenges, oil shale remains a significant nonrenewable energy source, competing with conventional energy sources like natural gas and petroleum. The cost of fuel and sources of hydrocarbons continue to influence the market's dynamics.

Market Research Overview

The Oil Shale market encompasses the exploration, production, and utilization of oil shale, a fine-grained sedimentary rock containing kerogen, a precursor to hydrocarbons. Proved reserves of oil shale in both OECD and Non-OECD countries total over 3 trillion barrels of shale oil, equivalent to centuries of conventional oil production. Participants in this market include Chevron Corporation and Exxon Mobil Corporation, among others. Oil shale is a non-renewable energy source, and its production involves various processes like ex-situ technology (retorting) and in-situ technology (underground heating). Shale products include LPG, butane, propane, diesel fuel, kerosene, gasoline, shale oil, and heavy oil. Biofuels, nuclear power, and natural gas are alternative energy sources gaining popularity due to their lower greenhouse gas emissions compared to oil shale. However, oil shale still plays a significant role in the energy mix, particularly in countries like China, which uses it for electricity generation and chemical production (para ho process, Petrosix technology, Galoter retort, Kiviter process, Fushun process, etc.). Geographical locations with large oil shale deposits include the Green River formation in the United States, and countries like Israel, Estonia, and China. Production costs and environmental impact are key concerns, with high sulfur content, greenhouse gas emissions, and water usage being major environmental issues. Research and development efforts focus on improving conversion processes, waste management, logistics, and specialty services for oil shale refining. Oil shale exploration and production also involve ore preparation and oil shale retorting. The market's future looks promising, with ongoing efforts to reduce production costs and mitigate environmental issues. Key players in the market include Ambre Energy, Baraka Energy, BP, Central Pacific Minerals, and International Energy Agency.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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