Global Enhanced Oil Recovery Market Professional Survey, Growth, Shares, Opportunities and Forecast to 2020
Deerfield Beach, FL -- (SBWIRE) -- 10/04/2017 -- According to the report, global enhanced oil recovery market was valued at around USD 60 billion in 2014 and is expected to reach USD 225 billion in 2020, growing at a CAGR of around 25% between 2015 and 2020. In terms of volume, global enhanced oil recovery market stood at approximately 2,200.0 million barrels in 2014. Zion Market Research has published a new report titled "Enhanced Oil Recovery (Thermal Injection, Gas Injection and Chemical Injection Technology) Market – Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020".
Enhanced oil recovery (EOR) is a process of increasing the amount of crude oil that can be extracted from an oil field. Enhanced oil recovery is also known as improved oil recovery or tertiary recovery. It deploys special techniques to augment the amount of crude oil that can be extracted from a field. Using enhanced oil recovery, 30 to 60%, or more, of the reservoir's original oil can be extracted as compared with 20 to 40% using primary and secondary recovery. Using typical EOR methods, an additional 10- 20% of STOIIP can be extracted from a field. Enhanced oil recovery is mainly related with varying the mobility of oil through injecting fluids in the drilling process. The most commonly used enhanced oil recovery processes are primary and secondary. There are three main types of EOR, including chemical flooding, gas injection and thermal recovery.
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In order to give the users of this report a comprehensive view on the enhanced oil recovery market, we have included a detailed competitive scenario, buying criteria and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of porter's five forces model for the enhanced oil recovery market has also been included. The study encompasses a market attractiveness analysis, wherein technology segments are benchmarked based on their market size, growth rate and general attractiveness.
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Thermal injection, gas injection and chemical injection are the key technology segments of the enhanced oil recovery market. Thermal injection technique of enhanced oil recovery dominated the global enhanced oil recovery market and accounted for over 40% share of the total enhanced oil recovery market in 2014. Thermal EOR technology decreases the viscosity by increasing temperature of the crude oil. Thermal EOR is further classified into in-situ combustion and steam injection techniques. Gas injection EOR and chemical EOR is expected to be the fastest growing technology segment of enhanced oil recovery market during the forecast period. Use of gas injection technology is expected to increase due to the removal of greenhouse gas and increase in crude oil recovery.
Enhanced oil recovery market was dominated by North America with over 35% share of the total market in 2014. North America is followed by Asia Pacific and Europe. Latin America and Middle East & Africa are also expected to exhibit significant growth over the forecast period.
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Enhanced oil recovery manufacturers have a significant impact on the value chain through a higher degree of forwarding integration. These companies manufacture raw materials as well as the final product and use it in specific industry and applications. Key players operating in this market include ExxonMobil Corporation, BP, China Petroleum & Chemical Corporation, Royal Dutch Shell, Conoco Phillips, Chevron Chemicals, Petronas, Cenovus Energy, Petrobras, Nalco Company, Statoil Asa, Lukoil, Praxair Technology, Inc.
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