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Global Enhanced Oil Recovery (EOR) Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 107.96 Bn by 2028, Likely to Grow with the CAGR of 6.9% During the Forecast Period.
Enhanced oil recovery (EOR) is a technique is used to recover oil and applied to crude oil that can be extracted from oil fields. This technique can be implemented in favorable geological conditions as depicted by single well or inter-well tracers and water flooding performances.
Increase in the number of innovations related to chemical EOR such as low cost of chemicals and robust hybrid processes used in comparison to the price of crude oil produced to drive the market growth. Furthermore, declining production from existing fields coupled with the growing number of mature wells will accelerate the adoption of enhanced oil recovery market. In addition, the surging demand for crude oil and petroleum products led by rapidly expanding industries and the urban population will augment the industry landscape.
However, complex technology involved in this process such as the geological dependency, and risk of formation damage while drilling hamper this growth. Formation damage can lead to reduced production and a decrease in injection rates. The use of bio-based chemicals by market players, owing to its environment-friendly nature, is expected to present as a major opportunity for growth.
The Thermal technology Segment Is Expected to dominate the Enhanced Oil Recovery (EOR) Market During the Forecast Period
Thermal technology held the largest segment in 2019, accounting for over 35% in terms of the volume of oil produced and this trend is expected to continue over the forecast period. Thermal EOR is the widely used method and has witnessed huge success in the depleted basis of nations such as the U.S., China, Venezuela, and Brazil. Owing to the rise in E&P activities, thermal technology is anticipated to grow rapidly in Asian countries. The thermal recovery involves the introduction of heat through the injection of steam into the reservoir to reduce the viscosity of heavy oils to boost its flow in the well. Better heat utilization, effective operability across dipping, high permeability and thick reservoirs on account of gravity assisted displacement are some of the significant factors positively influencing the product demand.
However, the gas injection method is projected to expand at a CAGR of xx % over the forecast period owing to its numerous benefits such as increased pressure in the reservoir, resulting in increased oil production. Moreover, it is likely to register the highest growth and gain extensive popularity in the U.S. and Canada.
Onshore Segment Held a Significant Share In Global Enhanced Oil Recovery (EOR) Market In 2019
The Onshore segment constituted the largest share over 90 % of the Enhanced Oil Recovery (EOR) market in 2019 and it is projected to grow at a significant CAGR of above xx % during the forecast period. Declining production rates in most of the conventional onshore basins in countries such as Saudi Arabia, China, and Russia and high demand to extract the remaining recoverable hydrocarbons along with rising gas production in these regions, is projected to boost the requirement for onshore EOR techniques in the near future. The introduction of digital technologies along with declining production rates from existing wells will propel the onshore enhanced oil recovery industry.
While the offshore application segment is anticipated to expand at a rapid pace, in terms of revenue during the forecast period. The usage of enhanced oil recovery technologies in the offshore basins is likely to surge in the estimated time span owing to the steady rise in the development of offshore wells in deep, as well as, ultra-deep waters in the Gulf of Mexico, North Sea, South China Sea, and the Persian Gulf.
The Market in North America Expected to Hold a Significant Share in Enhanced Oil Recovery (EOR) Market over the Forecast Period
North America is anticipated to hold above over 40% over the forecast period and is expected to grow at CAGR of above xx %. The growing number of matured wells along with speculations of peak oil production in the U.S. in 2019 clearly indicates the extensive utilization of tertiary extraction techniques in the region.
North America market expected to grow with the ongoing discoveries of new hydrocarbon resources in the U.S. and active measures by the government authorities toward the adoption of EOR techniques. For instance, in 2019, the U.S. Department of Energy announced the funding of US$ 40Mn toward five coat shared R&D projects, in order to reduce the technical risk of EOR and expand its applicability to unconventional and conventional reservoirs. However, increasing competition in international markets along with ongoing strategic initiatives to enhance the production rate will stimulate the Middle East market.
The Asia-Pacific Region Is Projected to Register a Highest Growth in the Enhanced Oil Recovery (EOR) Market during the Forecast Period
Asia Pacific is expected to be the fastest-growing region with register a CAGR of over xx % in terms of revenue over the forecast period. The increasing crude oil demand-supply gap coupled with several aging wells in Indonesia, China, and India is anticipated to steer the regional growth.
Some of the key players in the global Enhanced Oil Recovery (EOR) market are Baker Hughes Schlumberger Statoil, Lukoil, Chevron, British Petroleum, Kinder Morgan, Exxon Mobil, Denbury Resources, Royal Dutch Shell, Husky Energy, Praxair Technology, Wintershall, China National Petroleum Corporation, Halliburton, Total, National Aluminum Company, ConocoPhillips, Occidental Petroleum, Titan Oil Recovery, Canadian Natural Resources, Cenovus Energy and ADNOC.
Enhanced Oil Recovery (EOR) Market Key Segments:
Enhanced Oil Recovery (EOR) Market, By Technology
- Gas Injection
Enhanced Oil Recovery (EOR) Market, By Chemicals
- Alkaline Chemicals
- Alkali-Surfactant-Polymer (ASP) Formulations
Enhanced Oil Recovery (EOR) Market, By Application
Enhanced Oil Recovery (EOR) Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America