Global Enhanced Oil Recovery Market to Exhibit 26.70% CAGR 2013-2023 thanks to Increased Adoption of Solar EOR Process
Transparency Market Research recently announced the publication of a market research report, titled “Enhanced Oil Recovery (EOR) Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2023.” As per the study, in 2012, the global market for enhanced oil recovery was worth US$38.1 bn and is estimated to reach a value of US$516.7 bn by 2023. The market is anticipated to register an impressive 26.70% CAGR between 2013 and 2023. The research study offers a comprehensive analysis of the global enhanced oil recovery market, presenting insights into the product segmentation, major geographical segments, and competitive landscape.
Browse the full Enhanced Oil Recovery (EOR) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2023 report at https://www.transparencymarketresearch.com/enhanced-oil-recovery.html
Enhanced oil recovery (EOR) is a process comprising several techniques to boost the amount of crude oil that is extracted from the oil fields. If a primary recovery technique is used, then around 5% to 15% oil can be extracted, whereas in the case of secondary recovery technique around 20% to 60% can be acquired. On the other hand, if an enhanced oil recovery procedure is implemented, then nearly 35% to 75% of oil can be extracted from the oil field.
The increasing demand for oil and depleting oil reserves are some of the prominent factors projected to bolster the growth of the global enhanced oil recovery market in the forecast period. In addition, the growing use of solar enhanced oil recovery procedures and increasing oil production in the Middle East region are considered as the major opportunities in the market. However, the high cost and operational and technical concerns are projected to curb the growth of the global EOR market in the near future.
On the basis of technology, the global EOR market has been classified into gas, thermal, and chemical injection. In 2012, the thermal injection technology segment accounted for a 51.5% share in the global enhanced oil recovery market. According to the report, the thermal technology has reached the maturity level, owing to which it is projected to lose some of its share to other technologies. In 2012, the chemical injection technology held a 10.3% share in the global enhanced oil recovery market and is projected to stand at 29.71% by 2023. The gas injection technology segment is expected to hold a 38.5% share in the global market.
In 2012, North America accounted for a 38.9% share in the global enhanced oil recovery market. The remarkable contribution from Canada, Mexico, and the U.S. augmented the growth of the enhanced oil recovery market in this region. In the same year, the Rest of the World segment held a 30.9% share in the overall market. This segment is projected to grow at a fast pace in the next few years, exhibiting a progressive growth rate. Europe is estimated to account for a 13.1% share in the overall enhanced oil recovery market by the end of 2023. On the other hand, the Asia Pacific market for enhanced oil recovery is anticipated to lose significant share throughout the forecast period.
The leading players active in the global EOR market include Cenovus Energy Inc., ExxonMobil Corporation, Petronas, Statoil ASA, BP Plc, ConocoPhillips, Chevron Corporation, Anadarko Petroleum Corporation, and Royal Dutch Shell Plc. Detailed profiles of these players have been covered in the research report.
Key Segments of the Global Enhanced Oil Recovery Market:
Global Enhanced Oil Recovery Market, by Technology
Global Enhanced Oil Recovery Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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