Enhanced Oil Recovery Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2023
Albany, NY -- (SBWIRE) -- 02/27/2015 -- Enhanced oil recovery is adopted to increase the amount of crude oil extracted from an oil field. The global enhanced oil recovery market is largely driven by the growing demand for oil across the world.
Enhanced oil recovery market - Drivers, inhibitors, and opportunities
The global enhanced oil recovery market is driven by numerous factors. Rapid industrialization and an expanding population base have led to an increasing demand for oil and imports in the Asia-Pacific region. This in turn, has had a positive impact on the demand for enhanced oil recovery technology. In addition to this, diminishing oil reserves has also fueled the growth of the EOR market.
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In contrast, there are numerous operational as well as technical barriers that pose a challenge to the enhanced oil recovery market. Furthermore, the high cost of installation and use of EOR technology has also inhibited the market.
However, there are certain trends and opportunities that are expected to drive the enhanced oil recovery market. These include increasing use of EOR technology in the Middle East for oil production and growing adoption of solar EOR method.
Scope of the enhanced oil recovery market
The overall enhanced oil recovery market is segmented on the basis of technology and geography. The three main technologies involved in the process are gas injection EOR, thermal EOR, and chemical EOR. Geographically, the global EOR market can be divided into North America, Europe, Asia-Pacific, and Rest of the World.
Thermal EOR was the largest technology segment of the total enhanced oil recovery market in terms of volume and accounted for 51.5% of the industry share in 2012. However, the segment has reached a point of saturation and its growth is expected to decline in the forecast period of 2013-2023 owing to lack of availability of cheap natural gas. Accounting for 38.5%, the gas EOR segment is projected to grow by 0.1% by 2023. The chemical EOR technology segment accounted for 10.03% in 2012 and is forecast to enjoy 29.71% of the total enhanced oil recovery market share by 2023. However, the lack of availability of high temperature environment and compatible high saline chemicals is expected to challenge the growth of this segment.
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North America leader of the global enhanced oil recovery market
Accounting for 38.9% of the worldwide EOR market share in terms of volume, North America led the enhanced oil recovery market in 2012. With 30.9% of the overall volume, the Rest of the World region followed next, and the Asia Pacific region accounted for 20.7% of the enhanced oil recovery industry share in 2012. The dominant position of North America is attributed to the growing demand for enhanced oil recovery from Canada, the U.S., and Mexico. There are numerous enhanced oil recovery projects in the pipeline in regions such as Russia, the Middle East and the U.K. as a result of which Europe and the RoW region is projected to witness significant growth in the forecast period. Owing to rapid commercial developments and expansions, the European enhanced oil recovery market is estimated to grow from 9.5% in 2013 to 13.1% in 2023. Since China is the only region in Asia-Pacific with strong EOR projects being undertaken, the growth of the regional market is expected to slow down in the coming years.
Competitive landscape of the enhanced oil recovery market
The global enhanced oil recovery (EOR) market is led by numerous companies. Some of the key market players are OAO Lukoil, Petronas, BP Plc, Cenovus Energy Inc., Royal Dutch Shell Plc, ExxonMobil Corporation, ConocoPhillips, Anadarko Petroleum Corporation, Statoil ASA, and Chevron Corporation.
According to a report by a leading market intelligence firm, the enhanced oil recovery market was valued at US$38.1 billion in 2012 and is projected to be valued at an estimated US$516.7 billion by 2023. The global market for enhanced oil recovery is expected to grow at a compound annual growth rate of 26.7% between 2013 and 2023.
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