Oil Shale Market is Estimated to Reach USD 7,400.70 Million by 2022

Transparency Market Research has released a new market research report titled Oil Shale Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2022. According to the report, the global oil shale market revenue stood at USD 1,134.60 million in 2013 and is projected to reach USD 7,400.70 million by 2022, expanding at a CAGR of 27.34% between 2014 and 2022.

The report also provides both revenue and volume for the application segments. According to the report, the global oil shale market revenue (for electricity, upgraded and non-upgraded products) stood at USD 2,086.61 million in 2013 and is projected to reach USD 11,880.99 million by 2022, expanding at a CAGR of 23.4% between 2014 and 2022.

The report segments the global oil shale market on the basis of both process and application. In terms of process, the market is divided into ex-situ and in-situ segments. The revenue realization for process is done by multiplying the shale oil produced with forecasted crude oil prices. However, the actual revenue realization occurs through the sale of upgraded and non-upgraded products, which are provided under the application segmentation of the report.

The in-situ retorting technologies can further be classified into true in-situ and modified in-situ retorting technologies. In true in-situ method, post fracturing the oil shale rocks are subjected to high temperatures (a hot gas mixture is used to heat oil shale) to achieve the temperature suitable to cause pyrolysis (600 to 800 degree Fahrenheit). Modified in-situ retorting was first developed by Occidental Petroleum and involves fracturing of the oil shale deposit to create voids. The voids created through fracturing enable better movement of gases, thereby improving the volume and quality of shale oil released. Red Leaf Resources is expected to achieve breakthrough by developing a commercial demonstration plant during the forecast period through its hybrid EcoShale In-Capsule technology.

The application segments provides the revenues after the sale of electricity produced from the oil shale and the non-upgraded and upgraded products obtained after retorting. Estonia is one of the major producers of electricity from oil shale. The Eesti and Balti oil shale fired power plants generate a major portion of the total electricity produced by the country. Apart from Estonia, oil shale power plants are also scheduled to commence operations in Jordan and China.

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Currently, most of the shale oil produced is directly sold without refining for the heating and bunkering applications. However, with the rising demand for transportation fuel and advancements in retorting technologies we can expect a significant growth in the upgraded segment as well

Key participants in the global shale oil market include Viru Keemia Grupp AS, Petróleo Brasileiro S.A., Exxon Mobil Corporation, Global Oil Shale Group Limited, Queensland Energy Resources Ltd, Questerre Energy Corporation, Jordan Oil Shale Company B.V., Fushun Mining Group Co., Ltd, Chevron Corporation, BNK Petroleum Inc., Eesti Energia AS, and Red Leaf Resources, Inc. The company profiles cover major market players in the oil shale market. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments.

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