The global oil shale market is expected to witness high growth, as the key market players are working towards bolstering their production capacities to gain higher share in the market. This analysis has been drawn in the recent report published by Transparency Market Research. The oil shale market also seems to be fragmented due to the presence of large number of players across the globe competing against each other. Key players in the market are also focusing on adopting innovative price control mechanism to meet the growing demand for oil shale from different regions. They are further engaged in employing advanced business development strategies to get a stronger hold in the global market. In this report, researchers have analyzed few prominent players that included Global Oil Shale Group Limited, Exxon Mobil Corporation, Queensland Energy Resources Ltd, Jordan Oil Shale Company B.V., Questerre Energy Corporation, and Fushun Mining Group Co., Ltd.
As per the information given in this report, the global oil shale market is expected to progress at staggering 27.34% CAGR over the forecast period between 2014 and 2022. If the market rise at the expected CAGR, the market is likely to attain a valuation of US$7.4 bn by the end of 2022.
Based on process, the demand in the in-situ segment is expected to rise considerably as large numbers of companies are engaged in research and development activities. However, the demand for ex-situ is also high because it has high popularity in various regions across the globe. On regional front, Asia Pacific has showed high demand for oil shale, as there is a huge populace of people falling under lower or marginal income group.
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Developing Industrial Sector Expands Oil Shale Market
Since primitive times, the need for fossil fuel has been high. Increasing development in industrial sector and rising population especially in developing economies has further augmented the need for fossil fuel. However, oil shale has significantly substituted fossil fuel. Oil shale is also capable of fulfilling the energy need across the globe. The demand for oil shale is also high in thermal power plants and can be used for making different materials such as fertilizers, glass, and carbon black.
Furthermore, depletion of non-renewable energy source, growing demand for energy from different industries, and fluctuating cost of fuel provided a fillip in this market. Generating hydrocarbon by heating oil shale acts as an alternative for natural gas and petroleum that further augments the growth in this market.
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Dropping Prices in Oil Shale Market to Hamper Market Growth
Dropping prices of different activities in oil shale market is the key factor hampering the growth in this market. As the prices in this market will decrease, it will have an adverse effect of the entire chain and taking the profit share of the manufacturers. Moreover, oil shale mining also has a considerable effect on the environment, which has initiated formation of some strict policies by the government to protect environment. These two are the key restraining factors that might hamper the growth in this market. However, the introduction of advanced technologies such as in-situ and its commercialization might help in overcoming the adverse effects in the oil shale market.