Enhanced Oil Recovery Market:
Executive Summary
Enhanced oil recovery (EOR) is a method of extracting crude oil from the oil field. It is also known as tertiary recovery and is more efficient than the primary and secondary recovery. This report analyzes the global enhanced oil recovery market, which is anticipated to register a healthy CAGR over the next couple of years. Enhanced oil recovery is gaining momentum owing to its higher efficiency as compared to the traditional primary and secondary recoveries. It can extract 30% to 60 % of oil while the other two recoveries can reach only 20% to 40%. This, in turn, is supposed to accelerate revenue generation for the players in the enhanced oil recovery market in the coming years.
Enhanced Oil Recovery market industry is poised to raise USD 94.6 billion by 2026. Enhanced Oil Recovery market is valued USD 55.9 billion in 2018 is anticipated to grow USD 94.6 billion with the compounded annual growth of 6.80% over the forecast period 2019-2026.
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Enhance oil recovery is done either thermally or chemically or through gas injection. Technological advancements related to these processes are anticipated to drive the proliferation of the enhanced oil recovery market in the foreseeable future. The deletion of natural resources is being observed since the past few decades. It is projected to motivate the growth channel of the enhanced oil recovery market in the upcoming years. The need for optimum utilization of resources, in conjunction with the rising process of oil, is projected to revolutionize growth pattern of the enhanced oil recovery market in the upcoming years. The governments are investing in the technology for making the most out of the oil reserves. This, in turn, is presumed to accelerate revenue creation in the enhanced oil recovery market in the nearby future. The governments are also providing incentives to multinational organizations for participating in the enhanced oil recovery market and investing in it. It is prognosticated to boost the future trajectory of the global market. However, the process may lead to environmental hazards as it contains toxic chemicals that can be mixed with drinking water if not checked. It might pose a challenge to the enhanced oil recovery market players over the next couple of years.
Market Key Player
Basf Se, Halliburton Corporation, Royal Dutch Shell Plc, Schlumberger Ltd., Chevron Phillips Chemical Corporation, Fmc Technologies Inc., NALCO Company, Praxair Technology, Inc., Secure Energy Services Inc., Xytel Corporation
Market Segmentation:
Technology-based segments of the enhanced oil recovery market are thermal-enhanced oil recovery, gas-enhanced oil recovery, chemical-enhanced oil recovery, and other enhanced oil recovery techniques.
By solutions, the segments of the enhanced oil recovery market are – onshore and offshore.
Regional Analysis:
The regional segments of the global enhanced oil recovery market are – Asia Pacific, North America, Latin America, Europe, and the Rest of the World. Asia Pacific is a major segment of the market owing to increasing adoption of terrestrial laser scanning technologies. Also, China and India are presumed to attract global leaders to the enhanced oil recovery market in the region. The existing issue of the South China Sea is also anticipated to attract global attention. It is prognosticated to lead the growth of the enhanced oil recovery market in the region over the next few years. North America is projected to contribute considerably to the global enhanced oil recovery market in the nearby future.
Industry News:
In October 2019, Russia and the UAE have signed agreements regarding energy cooperation.
Continuous…
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