Press release
Enhanced Oil Recovery Market Latest Trends, Development, Growth Analysis And Forecast by 2025
https://www.marketsandmarkets.com/Market-Reports/enhanced-oil-recovery-market-251660091.html
The rising number of mature fields in North America and the Middle East, along with rising primary energy demand from the Asia Pacific, are the driving factors for the enhanced oil recovery market, globally. Technological developments in advancements in shale oil & gas reserve development, production from oil sand, and deep-water drilling have led oil & gas production across regions, which creates opportunities for growth of the market.
Key Market Players:
A few major players that have a wide regional presence dominate the enhanced oil recovery market. The leading players in the enhanced oil recovery market include Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Royal Dutch Shell Plc (Netherlands), and BP Plc(UK).
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By technology, the thermal EOR segment is expected to make the largest contribution to the enhanced oil recovery market during the forecast period.
In thermal EOR, steam is injected to lower the viscosity and improve the mobility of oil through the reservoir. It is mainly used in heavy oil reservoirs to recover several billion barrels of heavy crude oil. The thermal EOR is further categorized further based on the type as in-situ combustion, steam, and others. The steam segment is expected to grow at a faster CAGR. Owing to the development of shale gas discoveries and the development of mature oilfields in the Gulf of Mexico are likely to drive the steam market.
By application, the onshore segment is expected to grow at the fastest rate during the forecast period.
The onshore segment is expected to grow at the fastest rate during the forecast period owing to a larger number of mature oil fields located in North America, the Middle East & Africa. The onshore oilfields in these regions are mature and are on the verge of depletion containing billion barrels of additional oil trapped. Such an amount of oil can be recovered through EOR services. Thus, increasing production activities in the onshore are driving the enhanced oil recovery market.
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North America is expected to be the largest market during the forecast period.
North America, Europe, South America, Asia Pacific, Middle East, and Africa are the major regions considered for the study of the enhanced oil recovery market. North America is estimated to be the largest market from 2020 to 2025, driven by the growth in unconventional resources in the Gulf of Mexico. Additionally, continuous development in shale reserves in the US is expected to drive market growth for enhanced oil recovery.
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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