Oil shale is a type of sedimentary rock which is kerogen rich substance. Kerogen when heated breaks down and releases hydrocarbon. Petroleum and natural gas are most familiar hydrocarbon thus hydrocarbon in oil shale can be used as an alternative for natural gas and petroleum.

Increasing industrial growth and rising demand for energy are key factors driving growth of the global oil shale market. In addition, fluctuating cost of the oil and energy, depletion of non-renewable energy sources, and need for cost effective alternative to conventional energy are other factors expected to fuel growth of the global oil shale market.

However, high cost of production is a key factor restraining growth of the global oil shale market. Additionally, stringent government regulation relating to mining and growing concerns regarding environment such as increasing carbon percentage in atmosphere, global warming, and greenhouse gases are other factors expected to hamper the growth of the global oil shale market.

Technological advancement in production process of shale oil with less impact on environment and reduction of production cost are expected to present new opportunities to market player in the global oil shale market over the forecast period.

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North America market is a dominant player in the global oil shale market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed oil industry, presence of leading shale oil manufacturers, and rise in number of people opting use of renewable energy sources. Europe market accounts for the second largest revenue share contribution to the global oil shale market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to growing environmental concern among people and majority population opting to use of alternative energy source, and rise in governments initiatives for the development of oil & energy industry in emerging economies in this region.

Prominent market players in the global oil shale market includes American Research Petroleum Corp., American Shale Oil, LLC, AuraSource, Inc., Blue Ensign Technologies Limited, Chattanooga Group, Inc., Chevron Corporation., Eesti Põlevkivi Ltd., Electro-Petroleum, Inc., and Exxon Mobil Corporation

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