A study titled “Global Enhanced Oil Recovery Market” was launched by Adroit Market Research in December 2018. The market is segmented by Technology (Thermal, Gas Injection, Chemical, and Other EOR) by Application (Onshore and Offshore) by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) and Forecast 2018 to 2025.
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In the historic year 2018, the global enhanced oil recovery market size was registered at USD 94.12 Billion. It is estimated to augment and reach the market up to USD 171.53 Billion by registering a CAGR of 8.3% in the coming years. Due to the expansion of the oil recovery and extra life of the oil field is boosting the global enhanced oil recovery market growth. Additionally, an increase in the energy and the developing efforts towards reducing the emission of carbon dioxide is projected to fuel the enhanced oil recovery market over the forecast period. Enhanced oil recovery is an essential technique used in the production of oil, whereas production from the developed field is experiencing a descending growth and the hydrocarbons are not appropriate to cup tie the increasing demand for energy. The procedure of enhanced oil recovery is allowing the expansion of oil reserve recovery and also developed the factors of recovery, where this procedure is helpful for maintaining the most favorable level of production and increase the profit on old investments.
Increase in the demand for oil and lessening the production rates of oil in the prevailing wells results in the enlargement of the developed technologies to abstract hydrocarbons from the reservoirs. Enhanced oil recovery is the technology that has increased the industry in the past years. The rise in the amount of the mature wells and large investment in the activities of research & development for the advancement of new technologies by numerous market players for improving the process of petroleum liquids recovery are anticipated to show the notable growth of global enhanced oil recovery industry.
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Governments all over the world are initiating in the development of infrastructure and innovative technology for the production of oil. The government of the Asian regions like Indonesia, India, China, and Malaysia are offering the liability in the financial incentives and tax regimes to appeal to the multinational companies for investing in the enhanced oil recovery market. Technological developments, increasing reduction in oil reserves and a growing number of mature fields of oil are the factors responsible for the growth of the enhanced oil recovery market. On the other hand, high cost experienced in the operational, technical and procedural issues is hampering the global enhanced oil recovery market growth.
The main technology used for the extraction from matured oil fields from the past years is thermal enhanced oil recovery. The other technologies such as gas injection and chemical recovery are increasing at a substantial rate because of the advantages like affordability and technology advancement.
Global enhanced oil recovery market is segmented into the application, technology, and region. Based on application, the market is divided into offshore and onshore. On the basis of technology, the market is divided into chemical, gas injection, thermal and more.
Geographically, regions involved in the global enhanced oil recovery market analysis are Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. In 2017, North America dominated the enhanced oil recovery market because of which there is a surge in the consumption and production of oil. The Asia Pacific is projected to show the notably enhanced oil recovery market growth in the coming future.
Key players involved in developing the enhanced oil recovery market share are Pulse Oil, Chevron Philips Chemical Company, ExxonMobil Corporation and more.
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Key segments of the global enhanced oil recovery market
Technology Overview, 2015-2025 (USD million) (Million bbl)
- Thermal
- Gas injection
- Chemical
- Other EOR
Application Overview, 2015-2025 (USD million) (Million bbl)
- Onshore
- Offshore
Regional Overview, 2015-2025 (USD million) (Million bbl)
- North America
- US
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- Russia
- Asia Pacific
- India
- China
- Australia
- Latin America
- Middle East & Africa
Reasons for the study
- Increasing number of matured wells and volatile political scenario related to oil production and trading has fueled the drive to search alternatives for conventional oil production
- The demand for oil and gas was has been growing exponentially in Asia Pacific, the powerhouse of industrial production and home to about 70% of the world population. Conventional oil seems insufficient to cater to this demand.
What does the report include?
- The report focuses on enhanced oil recovery market technology and its application industries.
- The study on the global enhanced oil recovery market includes qualitative factors such as import, exports, production and consumption of oil across the globe
- The study covers qualitative and quantitative analysis of the market segmented on the basis of enhanced oil recovery technology, application. Moreover, the study provides similar information for the key geographies
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study assesses the dynamics and movement of the global enhanced oil recovery market across various geographies
- The study includes the profiles of key players in the market with a significant global and/or regional presence
About Adroit Market Research:
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