Global Enhanced Oil Recovery Market Overview:
According to the research report, the global enhanced oil recovery market totaled nearly $22.9 billion in 2016 and should total $30.4 billion by 2021, with a five-year compound annual growth rate (CAGR) of 5.9% through 2021. Thermal, gas, and chemical are the key technologies used in enhanced oil recovery, states the market report.
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Drivers and Restraints:
The large increase in demand for oil, particularly in the Asia-Pacific region, is remarkably favorable for the growth of this market. The growing depletion of oil reserves is also contributing to the growth of this market. However, several problems related to improved oil recovery, such as the high cost of the procedure and technical, and operational problems can hamper the growth of this market in the coming years. The growing demand for improved oil recovery techniques in the oil and gas industry is expected to be the main driver of the improved oil recovery market. It is also expected that the growing demand for oil, the large number of mature wells and the growing imports in the Asia-Pacific region will drive the improved oil recovery market.
However, the research report notes that the significant increase in oil production with the help of EOR in the Middle East and the increased use of the solar EOR procedure will neutralize the impact of these restrictions in the coming years.
The improved oil recovery market is expected to grow with the increase in imports in the Asia-Pacific region, as well as high oil prices. The aging oil fields, the growing global demand for energy and the shortage of conventional oil fields would also stimulate the demand for an improved market for oil recovery. The increase in demand for solar oil recovery technology in the Middle East is an exciting opportunity for the improved oil recovery market.
The market was segmented according to technology and applications in terms of value and volume. The market segments by technology include thermal, gas, chemical and other products. The market segments for the application include onshore and offshore.
The report also proposes a regional analysis of the world market for improved oil recovery. According to that, Asia Pacific, Europe, North America and the rest of the world are the main geographical segments of the world market for improved oil recovery. With a share of almost above 39%, North America dominated the world market. Researchers hope that this regional market will continue to lead in the coming years. The market study also predicts that the Rest of the World segment, which ranked second will maintain its position in the coming years.
Key players operating in the market are Cenovus Energy Inc., Chevron Corporation, BP Plc, Anadarko Petroleum Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, and Statoil ASA.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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