Shale oil is extracted from shale rock by using the hydraulic fracking technique and is used as an alternative to conventional energy sources. With the decreasing availability of other fuels, innovations are made in the extraction methods used for obtaining shale oil. Shale oil can be used as a substitute for other energy sources such as crude oil, coal, fossil fuels, and others. The retorting process is being used in extracting shale oil, where it is exposed to high temperatures in the absence of oxygen.
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The global shale oil market is expected to grow at a CAGR of 16.4% during the forecast period. Shale oil is primarily used as a source of power generation in the industrial sector. It is also being used as a fuel to drive the turbines in thermal power plants.
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Due to increasing industrialization, the global demand for shale oil is rising. The high cost associated with the extraction of shale oil may hinder the growth of the global shale oil market. Moreover, there have been high investments in research and development of other energy sources as an alternative to conventional energy sources, which will further propel the shale oil market.
The shale oil market is segmented on the basis of process, technology, product and application. On the basis of process, the market has been segmented as ore preparation, shale oil exploration, shale oil retorting, shale oil refining, and others. In the process for shale oil extraction, kerogen which is present in oil shale, under the process of pyrolysis, gets converted to shale oil.
On the basis of regions, North America is having the highest share in the market due the presence of major players in the region such as Anadarko Petroleum Corporation, ConocoPhillips, Marathon Oil Corporation, and others. In addition to this, this region produces shale oil in large quantities and is further expected to invest in the market. Moreover, the Asia-Pacific region is expected to witness significant growth in the shale oil market during the forecast years due to rising investments in substitutes for conventional energy sources.
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