DUBLIN--(BUSINESS WIRE)--The "Global Tar Sands Market By Technology (Cyclic Steam Stimulation, Steam Assisted Gravity Drainage), and By Region, Competition Forecast and Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

The global tar sands market is anticipated to witness a steady CAGR in the forecast period, 2023-2027.

Growing energy requirements, especially from developing countries such as India, China, South Africa, and Brazil, due to rapid industrialization and the advent of novel technologies that can refine the heaviest and dirtiest of crude oil are the primary factors driving the demand for global tar sands market.

The rise in the number of aged wells and decreasing production from the existing oilfields are making the market players look for alternate sources to produce energy. Favorable government policies and regulations and the growing number of market players are further expected to bolster the global tar sands market growth in the coming years.

Rise in Production and Exploration of Unconventional Reserves Drives the Market Growth

Oil & gas are the major energy sources and are extensively used for power generation, transportation, and other end-use industries. Growing energy requirements, urbanization, globalization, and industrialization in the developing countries boost the investments in the production and exploration of oil and gas reserves.

Offshore hydrocarbons are some of the potential reserves that can fulfill the global energy requirements. With the decline in oil reserves, major oil and gas companies have shifted their efforts and focused on inventing new tools and techniques to extract tar sands from the reserves.

They are using modern techniques to extract tar sands as they are difficult to extract and require significant amounts of energy in extraction and processing. The fluctuating oil prices do not affect the global tar sands market. It is continuing to increase in the forecast period due to the active and upcoming projects that were sanctioned a long time ago.

The advent of new techniques and technologies in oil extraction and processing and the shift of market players towards unconventional reserves are expected to boost the global tar sands market growth in the forecast period.

Growing Energy Demand Favors the Market

According to the US Energy Information Administration, the global energy demand and the energy-related carbon emissions will continue to rise through 2050, with oil being the largest energy source. The global energy demand is expected to increase by 47% in the next 30 years, driven by economic and population growth, particularly in the developing countries of the Asia-pacific region.

The governments in developing countries are introducing laws and regulations to support the growth of the prominent industry verticals such as healthcare, automotive, oil and gas, power and manufacturing, and construction industry. The existing oil and gas reserves are depleting at a rapid rate which is making the market players extract from unconventional energy sources.

Tar sand extraction is such a complex process that requires huge amounts of finance and energy to produce oil. They are not present everywhere and are available only in some the countries like Canada. The rise in awareness about the oil extraction process from tar sands and the emergence of new market players are expected to propel the global tar sands market growth over the next five years.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global tar sands market.

• Suncor Energy, Inc.
• Royal Dutch Shell plc
• Exxon Mobil Corporation
• Petroleos de Venezuela, S.A. (PDVSA)
• Eni S.p.A.
• Canadian Oil Sands Limited
• Alberta Oil Sands Inc.

Report Scope

Tar Sands Market, by Extraction Method:

• Mining
• In-Situ

Tar Sands Market, by Technology:

• Cyclic Steam Stimulation
• Steam Assisted Gravity Drainage

Tar Sands Market, by Region:

• North America
• South America
• Middle East & Africa
• Rest of World

For more information about this report visit https://www.researchandmarkets.com/r/38o9yv

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