LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global shale oil market to grow at a CAGR of over 5% during the period 2018-2022, according to their latest report.
The use of supercritical carbon dioxide in shale oil fracking is a new trend which is gaining popularity. Non-aqueous fracking fluids like supercritical carbon dioxide have been successfully tested as a replacement for water. By injecting carbon dioxide into shale rock instead of water, this technology decreases the dependence on millions of gallons of freshwater. This also solves the problem of neutralizing the toxic water produced and its disposal. The technology is expected to help combat global warming as it will confine the carbon dioxide underground. This is a major technological innovation in oilfield services and will greatly help in reducing the water consumption for fracturing activities.
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In this report, Technavio analysts highlight the increasing consumption of oil and natural gas as a key factor contributing to the growth of the global shale oil market:
Increasing consumption of oil and natural gas
As per the US Energy Information Administration (EIA), the global liquid fuel consumption has been growing at an annual rate of close to 2% since 2011 and is expected to increase steadily during the forecast period. The 2014 drop in prices of crude oil has resulted in increased fuel consumption. Most oil-producing countries do not have extra capacities to support this increase in consumption.
According to a senior analyst at Technavio for oil and gas research, “The demand for fuel derived from hydrocarbons is rising in developing economies such as China and India. Rising industrialization and urbanization has contributed to the increase in demand. Hence, to meet the increasing demand for fuel, oil companies need to drill greenfield oil wells in new and existing oil fields. They also need to increase the production of unconventional sources of energy such as shale and tight oil.”
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Global shale oil market segmentation
This market research report segments the global shale oil market by end-user (industrial, transportation, and residential and commercial) and key regions (the Americas, and ROW).
Of the three major end-user segments, the industrial and transportation segments accounted for close to 88% of the market share in 2017. The Americas was the leading region for the global shale oil market in 2017, accounting for a market share of more than 98%. However, the market share of the Americas is expected to decline by close to 2% by 2022.
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