Global Unconventional Oil Market Size Study, by Type, by Technology (Steam Assisted Gravity Drainage, Cyclic Steam Stimulation, Expanding Solvent Steam Assisted Gravity Drainage, Others), by Operations and Regional Forecasts 2022-2032

Global Unconventional Oil Market is valued approximately at USD 354.9 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 4.2% over the forecast period 2024-2032. Unconventional oil refers to petroleum resources that cannot be easily extracted using traditional drilling methods due to geological complexities, low permeability, or technological challenges. Unlike conventional oil, which is extracted relatively easily from underground reservoirs using traditional drilling techniques, unconventional oil requires more advanced and often more expensive extraction methods such as hydraulic fracturing (fracking), steam injection, or mining. This category includes oil sands (tar sands), shale oil, and tight oil. The extraction of unconventional oil often involves higher environmental impacts and operational costs compared to conventional oil extraction. The escalating global demand for oil, coupled with significant technological advancements in unconventional oil recovery methods, is driving a substantial increase in the demand for unconventional oil sources. As traditional reserves become more challenging to access and deplete over time, the focus has shifted towards unlocking unconventional oil reservoirs, such as tight oil and oil sands.

The global oil demand has been escalating, driven by population growth, urbanization, and industrialization, particularly in emerging economies. According to the International Energy Agency (IEA), the global oil demand is expected to rise by 6% between 2022 and 2028, reaching 105.7 million barrels per day (mb/d). This increased demand is supported by robust consumption from the petrochemical and aviation sectors. As conventional oil reserves become harder to access, the need to explore and exploit alternative sources of crude oil has intensified, driving the demand for unconventional oil.

However, inconsistent government regulations present a significant obstacle to the growth of unconventional oil production. The regulatory environment for unconventional oil extraction techniques, such as hydraulic fracturing and steam-assisted gravity drainage, varies widely across jurisdictions, leading to conflicting standards, requirements, and enforcement practices. This regulatory uncertainty hampers the growth of the global unconventional oil market.

On the other hand, integrating new technologies to reduce greenhouse gas (GHG) emissions presents opportunities for enhancing the environmental performance and sustainability of unconventional oil production. As concerns about climate change intensify and governments and industries commit to decarbonization efforts, leveraging innovative technologies becomes crucial for the future of unconventional oil. This opens new opportunities in the global unconventional oil market forecast.

The key regions considered for the global EV Transmission System Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the EV Transmission System Market in terms of revenue. The market growth in the region is being attributed to factors including

Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by

North America accounted for less than three-fourths of the global unconventional oil market share in 2023 and is expected to maintain its dominance during the forecast period. Technological advancements in horizontal drilling and hydraulic fracturing techniques have unlocked vast reserves of unconventional oil, particularly in shale formations. The abundance of shale resources in regions such as the Bakken Formation in North Dakota, the Permian Basin in Texas, and the Montney Formation in Canada drives the demand for unconventional oil in North America.

Major market players included in this report are:

• Imperial Oil Limited
• Suncor Energy Inc.
• Athabasca Oil Corporation
• Chevron Corporation
• Royal Dutch Shell plc
• ConocoPhillips Company
• Cenovus Inc.
• Canadian Natural
• Sunshine Oilsands Ltd.
• Exxon Mobil Corporation

The detailed segments and sub-segments of the market are explained below:

By Type

• Oil Shale
• Bitumen
• Extra Heavy Oil
• Heavy Oil

By Technology

• Steam Assisted Gravity Drainage (SAGD)
• Cyclic Steam Stimulation (CSS)
• Expanding Solvent Steam Assisted Gravity Drainage (ES SAGD)
• Others

By Operations

• Upstream
• Downstream
• Midstream

By Region: North America

• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• RoLA
• Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:

• Historical year - 2022
• Base year - 2023
• Forecast period - 2024 to 2032

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.