Enhanced Oil Recovery Market Insights
The global enhanced oil recovery market is estimated to witness a high CAGR during the forecast period. Companies use enhanced oil recovery techniques for extraction from reserves that have poor permeability, irregular faultiness, and have heavy oil reserves. Increasing number of old wells accompanied with the rising demand across the globe are the key factors contributing towards market growth over the forecast period. Further, growing need to maximize the production value of oil fields is also a major factor which is anticipated to enhance the growth of market over the forecast period. Governments across the globe are taking initiatives to develop a proper infrastructure and advanced technology for oil production. However, limited number of offshore oil fields is expected to restrain the growth of enhanced oil recovery market in upcoming years.
Enhanced Oil Recovery Market: By Technology
The global enhanced oil recovery market is segmented into chemical, thermal, gas injection and others on the basis of technology. Thermal enhanced oil recovery is expected to be the dominant technology in terms of market volume. Growing demand for high hydrocarbon recovery in low permeability and mature reserves coupled with technological advancements is expected to drive growth in this segment. Thermal enhanced oil recovery technology is anticipated to lose its market share to other growing technologies such as chemical and gas injection techniques over the forecast period. Chemical enhanced oil recovery technique is estimated to gain market share over the next few years. Low cost of chemical along with potential to enhance recovery rates is expected to stimulate growth in the chemical enhanced oil recovery market. Growing investment towards development of economically judicious and environmentally sustainable substitutes to gas-fired steam generation is expected to accelerate technology adoption.
Enhanced Oil Recovery Market: By Application
On the basis of application, the global enhanced oil recovery market can be classified into onshore and offshore. Onshore enhanced oil recovery market share is anticipated to witness higher growth owing to increase in the number of mature fields along with growing focus towards heavy oil reservoirs. Onshore areas have larger number of mature and aged wells as compared to offshore. Shifting trend toward offshore field on account of availability of resources and economic benefits is expected to drive growth in offshore enhanced oil recovery market. Extracting oil from an offshore reserve is an expensive process, which has led to many companies practicing recovery technique in primary or secondary oil production phase to enhance the extraction. Some of the major challenges faced by offshore technology include the weight, cost and space limitations.
Enhanced Oil Recovery Market: By Region
North America is expected to dominate the market for enhanced oil recovery market and is anticipated to maintain it during the forecast period. North America is dominant owing to the presence of a large number of mature wells and large-scale development of non-conventional energy in the region.
Europe witnessed a stable growth during the past few years and is expected to show an identical trend in the forecast period. In the Asia Pacific region, rapid industrialization and expanding oil & gas industry is expected to drive the market. Favorable government initiatives in economies such as India and China in order to facilitate infrastructural development in the petroleum industry are expected to drive the market in the near future.
Enhanced Oil Recovery Market: End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase.
Enhanced Oil Recovery Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Enhanced Oil Recovery Market: Share & Competitor Analysis
Some of the key players operating in the enhanced oil recovery market are ExxonMobil Corporation, China Petroleum & Chemical Corporation, British Petroleum plc. Abu Dhabi National Oil Company ., Royal Dutch Shell plc, Praxair Technology, Inc., Chevron Corporation, Petroleo Brasileiro S.A., Cenovus Energy Inc.
In 2018, at ExxonMobil’s research facility at Clinton, New Jersey, engineers and scientists developed a breakthrough technology in collaboration with universities, national labs and companies across the globe to resolve the dual energy challenge so as to provide energy to a emerging global population while decreasing greenhouse gas emissions
In 2019, British Petroleum is planning for significant growth in deep-water of Gulf of Mexico and expects to grow net production to around 400,000 barrel of oil equivalent per day in the next decade
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