Increasing industrial growth and population have surged the need for fossil fuels across the world. Oil shale has the potential fulfill the future energy needs of the world. Oil shale is actually a turbid rock that contains kerogen which can produce both electricity and shale oil. Processing oil shale will ensure energy preservation and also generate employment avenues thus contributing towards both economy and society. Oil shale is mainly utilized as a fuel in thermal power plants and making variety of materials such as glass, fertilizers, and carbon black among others.
The global oil shale market stood at a valuation of US$ 1,134.60 million in 2013 and is expected to reach the valuation of US$ 7,400.70 by 2022. This progress is expected to be achieved at a healthy CAGR of 27.34% from 2014 to 2022.
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More Research and Development Experiments are underway for In-Situ Extraction Process
Oil shale process segmentation involves two methods that are utilized to derive shale oil from. The methods involved are ex-situ and in-situ retorting. Ex-situ processing of oil shale has been carried out for over hundred years in different countries across the world. The oil shale is first mined and then moved for ex-situ processing. The procedure involves pyrolyzing oil shale to produce shale oil. Presently, most of the oil shale is extracted using the ex-situ processing method. On the other hand, newer technologies are used to extract the useful components of oil shale in the in-situ process. The process of in-situ extraction is still developing with many different companies experimenting with the process and carrying out research and development for its marketing in the forecast period.
China Leading the Global Oil Shale Market with Australia following up
In terms of geographical regions, the global oil shale market is divided in five regions such as Asia Pacific, the Middle East & Africa, Europe, South America and North America. Presently, China is leading the market in terms of producing shale oil from oil shale. China has a large sum of Fushun retorts that process oil shale to derive shale oil. Australia is expected to follow China in the production and surge up the overall production of the shale oil in Asia Pacific.
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Europe closely follows Asia Pacific with Estonia being the leading expert in converting oil shale to shale oil since early 1920s. But lack of planned projects across Europe in the forecast period is expected to have a negative impact on the market share generated by the region.