Enhanced Oil Recovery Market – Detailed Analysis of Current Industry Figures with Forecasts Growth By 2025
Global enhanced oil recovery market is projected to be valued at USD 171.53 Billion in 2025. Furthermore, the global market is expected to show significant growth with CAGR of 8.3%
Dallas, United States – April 27, 2021 /MarketersMedia/ —
With an increasing industrial concern of reduced production utilizing existing oil fields is causing scarcity of oil and gas resources which is major determinant driving the growth of the global enhanced oil recovery market. The main objective of the enhanced oil recovery technology system is to enhance oil production by utilizing aged and mature oil fields replacing the conventional extraction methods. Mature or aged oil fields are the oil reserves that have witnessed a peak in production and now is in the declining phase mainly attributed to poor permeability. The application of the enhanced oil recovery lies in increasing permeability of oil reserves enabling easy flow of hydrocarbons into the targeted oil reservoirs. The types of technologies applied to enhanced oil recovery systems include thermal and CO2 injections.
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So far, the thermal technology segment has accounted for largest market share owing to the increased mobility by lowering the oil viscosity achieved by application of heat. The application of thermal technology in enhanced oil recovery is primarily in shallow wells that pose high viscosity including heavy oils and tar sand. The thermal technology is more persistently utilized in countries like Russia, U.S, Canada and Oman. Despite the predominance of the thermal technology, the CO2 injection technology is expected to speed up the growth at an exponential rate during the forecast period. its function is to recover crude oil by injecting carbon-dioxide into the rock pores. CO2 is popularly used component owing to the properties it attributes such as miscibility with crude oil coupled with affordability as compared to the alternative miscible components available.
North America is the global regional leader of the enhanced oil recovery market with significant contributions particularly from the U.S. housing multiple unconventional oil resources coupled with prevalence of advanced technologies utilized in extraction processes effectively boosting the enhanced oil recovery market. Along with this, U.S and Canada are well situated with the leading oil companies with several exploration initiatives utilizing enhanced oil recovery technology for recovering oils.
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Enhanced oil recovery market is estimated to witness remarkable growth in coming years owing to several factors such as depletion of the oil reserves, increase in global demand for numerous sectors, mainly transportation are projected to supplement the demand. Rising demand for oil along with increase in number of mature wells has led to increase in adoption of advanced technologies such as enhanced oil recovery to improve the extraction process. Therefore, owing to these factors, enhanced oil recovery market is projected to show significant growth with CAGR of 8.3 % over the forecast period.
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
o US
o Canada
o Mexico
• Europe
o United Kingdom
o Germany
o Russia
• Asia Pacific
o India
o China
o Australia
• Latin America
• Middle East & Africa
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Reasons for the study:
• The study gives an in-depth analysis of enhanced oil recovery industry across the globe
• Growth in number of matured wells across the globe is the key factor support the growth of enhanced oil recovery industry, especially in the developed economies
• High demand from end use industries which is especially from Asia Pacific has fueled the requirement for oil, due to which advanced oil recovery technologies are increasingly being adopted
What does the report include?
• The research report on enhanced oil recovery market provides in-depth industry scenario highlighting the market scenario through driver, restraints, Porter’s five forces analysis and key opportunity analysis
• The report gives analysis based on technology type and its application areas at regional and country level
• The market statistics are provided from 2015 to 2025 at global, regional and country level
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