The global EOR market was valued at USD 94.12 billion in 2017. As a result of maximization of the oil recovery and extension of the life of oil field has driven the enhanced oil recovery market globally.
A study titled “Global Enhanced Oil Recovery Market” was launched by Adroit Market Research in December 2018. The market is segmented by Technology (Thermal, Gas Injection, Chemical, and Other EOR) by Application (Onshore and offshore) by Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) and Forecast 2018 to 2025. The study covers the global enhanced oil recovery market revenue and volume for a period ranging in between 2015 to 2025, where 2015 to 2017 imply the historical value with forecast between 2018 and 2025. The enhanced oil recovery market report also includes qualitative insights of the market such as imports, exports, production and consumption of oil globally.
The operation and installation of enhanced oil recovery technologies include numerous components and products such as blowers, wellheads, chemical feeder systems, pumps, gas compressors, specialized storage vessels, steam generator and many other equipment. Some other significant products of EOR technology include oil recovery media such as alkali, surfactants, liquid nitrogen, CO2, polymers, and chemical.
Globally, governments and regulatory bodies are taking initiatives for developing advanced technology and established infrastructure for oil production. Government of Asian countries such as China, Malaysia, India and Indonesia are offering flexibility in financial incentives and tax regimes to attract EOR technology companies to invest in enhanced oil recovery market.
Thermal enhanced oil recovery held the major share in enhanced oil recovery market in 2017, as it is one of the oldest technology which is used for extraction of oil from aged wells. Some other technologies such as gas injection and chemical recovery are growing at a substantial level owing to various advantages such as cost effectiveness and technology advancement.
Onshore application dominated the enhanced oil recovery market and held approx. 72% of the global share. Onshore zone has the presence of higher number of aged wells as compared to offshore, which has surged the requirements of these technologies. Though many offshore oil reserves and wells are also discovered in last few decades but due to high cost, companies are not able to increase the scope of EOR techniques in offshore area.
North America was leading in 2017 and is anticipated to show the same trend over the forecast future. The region is the industry leader owing to the existence of large number of aged wells and large scale development of non-renewable energy in North America.
The competitive landscape of the global enhanced oil recovery market was fragmented as of 2017. Many global and regional players compete to capture more of the global enhanced oil recovery market share. Some key players include ExxonMobil Corporation, Pulse Oil, Statoil, Lukoil Oil Company, Chevron Phillips Chemical Company LP., Petroleo Brasileiro S.A., Royal Dutch Shell plc, Cenovus Energy Inc., BP plc, Praxair Technology, Inc., ADNOC, Repsol and China Petroleum and Chemical Corporation.
Key segments of the global enhanced oil recovery market
Source: MarketersMedia
Release ID: 466932