Oil Shale Market 2024-2028: Size and Environmental impacts of shale oil extraction; growth driven by the Application, Some of key Companies Positioned Strategically
The oil shale market size by Application (Electricity, Fuel, Cement, and Others) and Geography (North America, APAC, Europe, Middle East and Africa, and South America), is forecast to increase by USD 2355 million. The market is expected to grow at a CAGR of 14.76% between 2024 and 2028.
- The oil shale market's environmental impact is a significant concern, encompassing issues related to land use, waste management, and pollution from water, air, and groundwater. Surface mining of oil shale formations shares similarities with open-pit mining, resulting in land degradation and the generation of waste. Additionally, combustion and thermal processing yield by-products that necessitate disposal and emit harmful atmospheric emissions, including carbon dioxide, a potent greenhouse gas. Experimental in situ conversion processes and carbon capture and storage technologies offer potential solutions to mitigate some of these challenges, but others, such as groundwater pollution, remain a concern.
- 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.
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Some of the Key Companies:
- 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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