Know How United States Oil Shale Market rising globally by 2027

Increasing depletion of crude oil reserves to drive the growth of United States oil shale market during forecast period

According to TechSci Research report, United States Oil Shale Market By Type, By Product Type, By Technology, By Application, Competition, Forecast & Opportunities, 2024, the United States oil shale market is expected to grow at a CAGR of around 14% during the forecast period. The oil shale is witnessing adoption owing to the growing technological advancements in drilling techniques, increasing oil output and surging quantity of recoverable oil reserves. Industries are using oil shale as a fuel for thermal power-plants to drive steam turbines. Additionally, oil shale serves in the production of specialty carbon fibers, carbon black, adsorbent carbons, resins, phenols, tanning agents, road bitumen, and soil-additives. Moreover, the growing use of oil shale across various industries is driving the United States oil shale market. However, high cost of mining equipment and large initial investment, are likely to hamper the United States oil shale market during the forecast period.

Browse XX market data Tables and XX Figures spread through 110 Pages and an in-depth TOC on  United States Oil Shale Market”

The United States oil shale market is segmented based on type, product type, technology, application, region and company. Based on technology, the market can be divided into in-situ and ex-situ. The in-situ segment is expected to hold a significant market share owing to its environment-friendly extraction of shale oil. Based on application, the market can be categorized into electricity, chemicals, cement, fuel and others. The electricity segment dominates the market since oil shale is used to produce electricity in countries where resources such as coal and gas are unavailable. The cement segmented is projected to grow at a fast pace during the forecast period on account of large production of spent shale during kerogen extraction.

American Shale Oil LLC, Enefit American Oil, Oil Shale Exploration Company LLC, Independent Energy Partners, Inc, ConocoPhillips Co., Exxon Mobil Corporation, Anadarko Petroleum Corporation, Occidental Petroleum Corporation, Marathon Oil Company, EOG Resources, Inc., and others are some of the leading players operating in United States oil shale market.

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“United States oil shale market is anticipated to grow at a significant CAGR during the forecast period, on account of the presence of abundant oil shale reserves in the country. Moreover, as the cost of extraction of oil shale is expected to decrease backed by advancement in technology, the US is likely to emerge as a leading producer of oil shale in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

United States oil shale market is expected to grow at a formidable rate during the forecast period, 2023-2027. The United States oil shale market is being driven by the growing energy demand in the country and depletion of conventional forms of energy. Oil shale is an organic-rich finely grained structure that is mined and processed to produce oil, which has similar properties to conventional oil pumped from oil reservoirs. Oil shale is considered as an alternative to crude oil, which can supply 2.8 trillion barrels of non-renewable energy. The United States has a significant reserve of oil shale resources, mainly within the Green River Formation in Wyoming, Utah and Colorado. These oil shale reserves are spread across a total area of 16,00 square miles, holding an estimated 2.175 trillion barrels of potentially recoverable oil, and represents the largest known concentration of oil shale in the world, according to the Bureau of Land Management. Development in drilling technology and depletion of renewable sources of crude oil reserves are some of the factors contributing to the growth of the United States oil shale market during the forecast period. However, high cost of equipment, mining, and processing technology might hinder the growth of the United States oil shale market in the coming five years.

United States Oil Shale Market By Type, By Product Type, By Technology, By Application, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of United States oil shale market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States oil shale market.

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