Oil Shale Market Report 2025

The oil shale market size has grown rapidly in recent years. It will grow from $3.26 billion in 2024 to $3.69 billion in 2025 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to energy security concerns, fluctuating oil prices, geopolitical factors, environmental regulations, resource availability and reserves.

The oil shale market size is expected to see rapid growth in the next few years. It will grow to $5.92 billion in 2029 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to energy transition and demand, global energy policies, economic factors and oil prices, environmental considerations and regulations, infrastructure development. Major trends in the forecast period include sustainable practices, market diversification, investment in research & development, adaptation to energy transition, global market dynamics.

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.

The rising demand for energy is expected to drive growth in the oil shale market in the future. Electrical energy is derived from the electric potential energy or kinetic energy of charged particles, such as electrons. Oil shale serves as an unconventional energy source with the potential to contribute to energy production. The production of oil shale could decrease reliance on imported oil, thereby enhancing energy independence and security. For instance, in September 2022, the Energy Information Administration, a U.S.-based government agency, reported that in 2022, the cumulative nameplate power capacity of active utility-scale battery energy storage systems (BESSs) in the U.S. reached 8,842 MW, with a total energy capacity of 11,105 MWh. Most of this BESS power capacity became operational in recent years, with approximately 4,807 MW installed during 2022 alone. Therefore, the increasing demand for energy is driving 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.

Key players in the oil shale market are prioritizing investments in extensive oil pipeline infrastructure to enhance transportation capabilities, increase capacity, and ensure the efficient delivery of shale oil to refineries and markets. Such investments in large oil pipelines are essential for the oil shale market as they help alleviate transportation bottlenecks and reduce operational costs while ensuring a consistent supply of shale oil to refineries. For instance, in November 2023, Exxon Mobil Corporation, a U.S.-based natural gas company, initiated a tender for a $75 million project to construct a large oil pipeline in Argentina aimed at boosting oil production in the Vaca Muerta shale play. This pipeline is expected to transport between 8,000 and 12,000 barrels per day (b/d) of crude, with the potential to increase capacity to as much as 60,000 b/d upon completion. The new pipeline will span 43 kilometers from Bajo del Choique-La Invernada, ExxonMobil's largest development in Vaca Muerta, to a connection with a backbone system for moving crude to the Atlantic.

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 2024. Europe was the second-largest region in the global oil shale market. The regions covered in the oil shale market report are Asia-Pacific, 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, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Oil shale denotes a sedimentary rock type abundant in kerogen, holding substantial organic material. It houses hydrocarbons within shale rock formations, necessitating extraction through fracking methods.

Oil shale yields various products like shale gasoline, shale diesel, kerosene, and others. Shale gasoline, for instance, refers to natural gas confined within minute or sub-microscopic pores within shale formations. Technologies involved encompass in-situ and ex-situ methods, applied across fuel, electricity, cement, chemicals, and other sectors.

The oil shale market research report is one of a series of new reports that provides oil shale market statistics, including oil shale industry global market size, regional shares, competitors with oil shale market share, detailed oil shale market segments, market trends, and opportunities, and any further data you may need to thrive in the oil shale industry. This oil shale market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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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