The global enhanced oil recovery (EOR) market size
is expected to reach USD 88.54 billion by 2025, according to a new report by
Grand View Research, Inc. The market is projected to expand at an estimated
CAGR of 6.8% from 2019 to 2025. Increasing number of aged wells coupled with
the rising oil demand globally are the key factors for market growth.
Asia Pacific is projected to expand at a
CAGR of 8.1% over the forecast period owing to the increasing population
coupled with rapid urbanization leading to the surge in demand for enhanced oil
recovery. Adoption of competitive strategies by the international players
operating in this region are anticipated to further fuel the growth.
Prominent companies are investing in
R&D activities and are setting up collaborative research projects for
inventive product development. In collaboration with the Petroleum Institute
Research Center (PIRC), UAE has established Pressure-Volume-Temperature (PVT)
laboratory and is inclined towards conducting fluid analysis for enhanced oil
recovery techniques to accomplish increased productivity in target wells.
Thermal tertiary extraction was the most
prominent EOR technology and generated a total revenue of USD 22.68 billion in
2018. Gas injection technology is projected to witness the fastest CAGR of 4.9%
in terms of the volume of hydrocarbon produced over the forecast period.
Access Research Report of Enhanced Oil Recovery
Market @ https://www.grandviewresearch.com/industry-analysis/enhanced-oil-recovery-eor-market
Further key findings from the report suggest:
· The total oil produced from EOR operations
in 2018 globally was estimated to be around 996 million barrels
· Onshore application segment held the
leading market share of over 90% in 2018
· North America led the global Enhanced Oil
Recovery (EOR) market with a share of over 38% in 2018 in terms of volume and
is expected to expand at a CAGR of 4.8% over the forecast period
· U.S. gas injection EOR market is estimated
to register a CAGR of 7.7% from 2019 to 2025. Growing deployment of CO2
injection due to high rate of recovery along with favorable government
legislations related to the Carbon Capture and Sequestration (CCS) technique is
projected to steer growth of the segment
· The market is partially competitive and
consolidated in nature, with the presence of multinational players operating in
specific regions
· Some of the major companies operating in
the global EOR market include ExxonMobil Corporation; Royal Dutch Shell plc;
Chevron; Praxair Technology, Inc.; Sinopec; China National Petroleum
Corporation (CNPC); and BP plc
Grand View Research has segmented the
global Enhanced Oil Recovery (EOR) market on the basis of technology, application,
and region:
Enhanced Oil Recovery (EOR) Technology
Outlook (Volume, Million Bbl; Revenue, USD Million, 2014 - 2025)
·
Thermal
·
Gas Injection
·
Chemical
·
Other EOR
Enhanced Oil Recovery (EOR) EOR Chemicals
Outlook (Revenue, USD Million, 2014 - 2025)
·
Surfactants
·
Polymers
·
Alkaline Chemicals
·
Alkali-Surfactant-Polymer (ASP)
Formulations
·
Foamers
·
Others
Enhanced Oil Recovery (EOR) Application
Outlook (Volume, Million Bbl; Revenue, USD Million, 2014 - 2025)
·
Onshore
·
Offshore
Enhanced Oil Recovery (EOR) Regional
Outlook (Volume, Million Bbl; Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
Norway
o
U.K.
·
Asia Pacific
o
China
o
India
·
Middle East & Africa
·
Latin America
o
Mexico
About
Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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