Enhanced Oil Recovery Market To Be Worth $283 Billion By 2020: Latest Report By Grand View Research, Inc

Global Enhanced Oil Recovery (EOR) Market growing at CAGR of 29.9% from 2014 to 2020. Increasing global energy demand is expected to remain a key driving factor for global EOR market. – Latest Market Analysis Report By Grand View Research, Inc.

Global enhanced oil recovery (EOR) market is expected to reach USD 283 billion by 2020, according to a new study by Grand View Research, Inc. Growing global energy demand is expected to remain a key driving factor for global EOR market. Rising number of mature oil wells, particularly in the Middle East and Latin America coupled with high productivity yields associated with EOR techniques is also expected to have a positive impact on the market growth over the next six years. Long lead time coupled with volatile crude oil prices is expected to remain a key challenge for market participants.

Detailed research report on Global Enhanced Oil Recovery (EOR) Market with charts and figures available at – http://www.grandviewresearch.com/industry-analysis/enhanced-oil-recovery-eor-market

Thermal EOR was the most dominant technology and accounted for 49.9% of total market volume in 2013. Growing demand for high hydrocarbon recovery in low permeability and mature reserves coupled with technological advancements is expected to drive growth in this segment. It is the most conventional EOR technology used today and has reached its maturity level. However, thermal EOR technologies are expected to lose some amount of its share to other high growth technologies such as chemical and gas injection techniques over the forecast period. Chemical EOR technique is estimated to gain market share over the next few years particularly in Asia Pacific and Middle East. Novel techniques coupled with superior characteristics over their counterparts are expected to drive chemical EOR market over the forecast period.

Further key findings from the study suggest:

Global EOR market was 2,681.6 million barrels in 2013 and is expected to exceed 16,000 million barrels by 2020, growing at a CAGR of 29.9% from 2014 to 2020.
North America emerged as the leading regional EOR market and accounted for 36.4% of total market volume in 2013. Depleting productivity in mature reserves coupled with increasing shale plays has been driving EOR market growth in the region over the past decade.
Europe is expected to witness significant growth rate of 35.7% over the forecast period owing increasing demand for primary energy along with growing requirement for self-sufficiency in crude oil supplies due to existing geopolitical unrest. Majority of future demand is expected to come from non-OECD countries such as Brazil, Indonesia, Nigeria, Venezuela, China and Russia.
Key market participants have patented technologies and have been continually involved in R&D to enhance productivity keeping in mind the environment impacts. Global enhanced oil recovery market is moderately consolidated. Major companies operating in the global market include BP, Chevron, Royal Dutch Shell and Exxon Mobil. Some other companies in the market include Conoco Phillips, Praxair Technology Inc., Nalco Company, China Petroleum & Chemical Corporation, Petronas, Petrobras, Nalco Company, Lukoil and Statoil.

Request for sample of Global Enhanced Oil Recovery (EOR) Market research report at – http://www.grandviewresearch.com/industry-analysis/enhanced-oil-recovery-eor-market

For the purpose of this study, Grand View Research has segmented the enhanced oil recovery market on the basis of technology and region:

Global Enhanced Oil Recovery (EOR) Technology Outlook (Volume, Million Barrels, Revenue, USD Billion, 2012 – 2020)

Thermal
Gas Injection
Chemical

Global Enhanced Oil Recovery (EOR) Regional Outlook (Volume, Million Barrels, Revenue, USD Billion, 2012 – 2020)

North America
Europe
Asia Pacific
RoW

See more reports of this category from Grand View Research at – http://www.grandviewresearch.com/industry/conventional-energy

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.

For more information, visit:

Web: Grand View Research
Blog: http://www.altubina.com/

Logo: http://www.abnewswire.com/pressreleases/wp-content/uploads/2015/03/1426148821.png

“Global enhanced oil recovery (EOR) market volume by technology, 2012-2020 (Million Barrels)”

Media Contact
Company Name: Grand View Research, Inc
Contact Person: Sherry James, Corporate Sales Specialist, USA
Email: haakon@grandviewresearch.com
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
Website: http://www.grandviewresearch.com/industry-analysis/enhanced-oil-recovery-eor-market

Source: ABNewswire

ReleaseID: 24803

Go Top