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Enhanced Oil Recovery Market 2019 Economic Costs and Benefits by Pulse Oil, Statoil, Lukoil Oil Company, Chevron Phillips Chemical Company LP., Petroleo Brasileiro S.A. | Projected to reach at USD 171.53 billion in 2025
Enhanced Oil Recovery Market
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The global enhanced oil recovery market is projected to reach at USD 171.53 billion in 2025, growing at a CAGR of 8.3% from 2017 to 2025. Increasing number of matured wells and falling oil reserves are driving the global enhanced oil reserve market.
Further, the widening gap between demand of crude oil and production is broadening. To overcome this gap companies are using enhanced oil recovery technologies for mining from reserves that exhibit heavy oil, irregular faultiness and have poor permeability. Further increasing number of matured wells coupled with the growing demand across the globe is expected to drive the enhanced oil recovery market growth between 2018 and 2025.
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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 & Chemical Corporation.
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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
• US
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• Russia
• Asia Pacific
• India
• China
• Australia
• Latin America
• Middle East & Africa
• Saudi Arabia
About Adroit Market Research
Adroit Market Research provide quantified B2B research on numerous opportunistic markets, and offer customized research reports, consulting services, and syndicate research reports. We assist our clients to strategize business decisions and attain sustainable growth in their respective domain. Additionally, we support them with their revenue planning, marketing strategies, and assist them to make decisions before the competition so that they remain ahead of the curve.
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