Oil Shale Market Report 2026

The oil shale market size has grown rapidly in recent years. It will grow from $3.66 billion in 2025 to $4.11 billion in 2026 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to rising crude oil prices, energy security concerns, availability of shale reserves, technological advancements in extraction, government support for domestic energy.

The oil shale market size is expected to see rapid growth in the next few years. It will grow to $6.6 billion in 2030 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to improvements in extraction efficiency, rising fuel demand in developing regions, investments in unconventional resources, focus on reducing import dependence, advancements in environmental management. Major trends in the forecast period include rising interest in alternative hydrocarbon sources, increasing adoption of in-situ extraction technologies, growing focus on resource security, expansion of shale-based fuel production, technological improvements in fracturing methods.

An increase in crude oil prices is anticipated to drive growth in the oil shale market in the coming years. The crude oil price refers to the spot price for a barrel of benchmark crude oil. This price is rising due to factors such as economic growth, supply constraints, and the impact of the COVID-19 pandemic. Shale oil serves as an alternative to conventional crude oil because the extraction method for shale oil (fracking) allows a single drilling well to capture more potential energy without the need to drill additional wells. For example, in July 2023, the U.S. Energy Information Administration, a government agency in the U.S., projected that the forecast Brent crude oil price will rise to the mid-$80 per barrel range by the end of 2024, up from an average of $75 per barrel in June 2023. Therefore, the increasing crude oil prices are fueling growth in the oil shale market.

Major companies in the oil shale market are concentrating on technological advancements, including three gas, flow, and moisture measurement sensor technologies, to improve efficiency and minimize environmental impact, thereby driving growth and sustainability in the industry. These three advanced sensors measure gas concentration, flow rates, and moisture levels to enhance safety and performance in industrial and energy applications. For example, in June 2024, Baker Hughes, a U.S.-based energy company, introduced three gas, flow, and moisture measurement sensor technologies aimed at enhancing safety performance and increasing productivity in oil and gas, hydrogen, and other applications within the energy and industrial sectors. These technologies are designed not only to improve safety but also to boost productivity by providing operators with reliable data for informed decision-making regarding their processes.

In May 2024, ConocoPhillips, a U.S.-based oil and natural gas producer, acquired Marathon Oil for $22.5 billion. This acquisition is intended to bolster ConocoPhillips' position as a leading producer of oil and natural gas by broadening its resource base in key shale formations, improving operational efficiencies, and increasing its market share in unconventional hydrocarbon production. Marathon Oil is a U.S.-based company engaged in the exploration and production of oil from shale formations.

Major companies operating in the oil shale market are AuraSource Inc., BP PLC, Chevron Corporation, ExxonMobil Corporation, Independent Energy Partners Inc., Queensland Energy Resources Limited, Shell PLC, American Shale Oil LLC, Japan Petroleum Exploration Co Ltd., Occidental Petroleum Corporation, Chesapeake Energy Corporation, Marathon Oil Corporation, American Resources Corporation, EQT Corporation, Japan Oil Gas and Metals National Corporation, Blue Ensign Technologies Limited, Cabot Oil & Gas Corporation, Gazprom Neft PJSC, National Oilwell Varco Inc., Anadarko Petroleum Corporation, Apache Corporation, ConocoPhillips Company, Continental Resources Inc., Devon Energy Corporation, Electro-Petroleum Inc., EOG Resources Inc., GE Company, Halliburton Company, Hess Corporation, Murphy Oil Corporation, Noble Energy Inc., Petróleo Brasileiro SA, Pioneer Natural Resources Company, Schlumberger Limited, Statoil ASA, TechnipFMC PLC, Total S.A., Weatherford International PLC, Whiting Petroleum Corporation.

North America was the largest region in the oil shale market in 2025. Europe was the second-largest region in the global oil shale market. The regions covered in the oil shale market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oil shale market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The oil shale market consists of sales of carbonate-rich shale, siliceous shale, and cannel shale. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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