PUBLISHER: Allied Market Research | PRODUCT CODE: 1397049
PUBLISHER: Allied Market Research | PRODUCT CODE: 1397049
The unconventional oil market valued for $666.0 billion in 2022 and is estimated to reach $940.3 billion by 2032, exhibiting a CAGR of 3.6% from 2023 to 2032.
Unconventional (oil & gas) reservoirs are accumulations where oil & gas phases are tightly bound to the rock fabric by strong capillary forces and require specialized measures for evaluation and extraction. As per estimation of International Energy Agency, despite substantial global efforts to transition away from fossil fuel-based energy sources to reduce environmental impact and address climate change, unconventional oil still contributes up to 25-30% of the global energy mix in 2040. This is contributed by renewable deployment pace limitations particularly in developing economies, and the need for energy-dense fuels in heavy/long-distance transport, as well as chemical feedstock (e.g., lubricants, plastics, fertilizers) and high-grade heat in industrial applications. Rise in demand in the context of both energy security and foreseeable depletion of aging conventional fossil resources has driven the development of more complex, difficultly exploitable reserves in particular, unconventional resources. Unconventional reserves have been estimated to account for up to 80% of total hydrocarbon resources, with conservatively ~500-1,000 billion barrels (bbl) of recoverable unconventional oil.
In terms of oil demand in the Asia-Pacific region, mainly China and India are expected to dominate the market by 2040 due to rise in population and growth in economy and industrialization. Oil consumption is expected to decrease in Europe over the next decades due to rising sustainable energy policies. The future of unconventional oil development in the energy sector is a complex task due to the multitude of influencing factors, difference in viewpoints, and federal laws. These complexities make it challenging to provide a straightforward prediction for the unconventional oil industry's trajectory.
For the purpose of analysis, the unconventional oil market scope covers segmentation based on type, extraction method, application, and region. The report provides information on various types including heavy oil, extra heavy oil, bitumen, and oil shale. Furthermore, the major extraction methods covered in the study include traditional drilling techniques and advanced extraction techniques. Moreover, it outlines the details of the applications such as oil & gas and lubricant. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.
The report outlines growing drivers, restraints, and opportunities to better understand market dynamics. This report further highlights key areas of investment. In addition, it includes analysis of Porter's five forces to understand the competitive scenario and role of each stakeholder.
The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the application. Canadian Natural, Chevron, Continental Resources Inc., ConocoPhillips, ExxonMobil Corporation, Imperial Oil Limited, PDVSA- Petroleos de Venezuela, S.A., Petroleo Brasileiro S.A. - Petrobras, Sasol Limited, and Suncor Energy Inc. are some of the major players discussed in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.
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