Portland, OR, June 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global oil shale market generated $2.8 billion in 2020, and is projected to reach $5.9 billion by 2030, witnessing a CAGR of 7.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The growth in use of oil shale across various industries and rise in exploration activity of shale products drive the growth of the global oil shale market. However, high cost associated with exploration projects may act as the restraining factor for the market. On the other hand, increase in adoption of bio-based oil shale present new opportunities in the coming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic had no impact on the growth of the global oil shale market, owing to extensive production of oil.
- During the lockdown, the price of crude oil increased, due to extensive supply and less demand.
- The price of crude oil is expected to increase further post-lockdown.
The report offers detailed segmentation of the global oil shale market based on product, technology, process, application, and region.
Based on product, the shale gasoline segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 8.1% from 2021 to 2030. The report also analyzes segments including shale diesel, kerosene, and others.
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Based on application, the fuel segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the electricity segment is projected to register the highest CAGR of 8.0% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 7.9% during the forecast period.
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Leading players of the global oil shale market analyzed in the research 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.
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