Growing energy demands, economic feasibility, higher efficiency rates and better recovery factor are the prime reasons for the thermal recovery market to strive in the coming years
Rockville, MD -- (SBWIRE) -- 07/02/2019 -- Thermal recovery methods are one of the most commonly used enhanced recovery techniques in oil & gas. Although, the type of recovery method is often differentiated by the type of reservoir, formation, pressure, depth and temperature of the reservoir, thermal recovery methods are widely known for their better recovery rates as compared to its counterparts. Thermal Recovery Market methods have become vital in the global oil & gas production. The crude oil production has reached peak oil in major oil producing countries and many of the oil & gas reserves have been witnessing a drop in crude oil production.
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The drop in production rate is heavily attributed to the drop in formation pressure. But with recent developments in recovery techniques, enhanced recovery methods, especially thermal recovery method, has become more economically viable and profitable to the oil & gas companies. Thermal recovery methods are widely used in regions with low formation temperature and high viscous formation fluids and these are generally encountered in cold-prone regions. Due to the growing production drops in major oil & gas producing countries, peak oil and widening supply-demand gap, the global thermal recovery market is anticipated to witness a surge in demand in the coming years.
Global oil & gas production has seen several bumps in the road during the last few years, owing to rising U.S. production, drop in crude oil prices, supply-demand gap and OPEC production cuts. But recent trends have stabilized the global crude oil prices and have been driving exploration and production investments by major E&P companies. With the global crude oil production reaching peak production, or peak oil, the need for tertiary recovery methods have been witnessing a rise in demand to recover the proportion of reserves which were previously unrecoverable. Enhancements in recovery technology and the thermal recovery methods becoming more economically feasible have been one of the main factors driving the growth of thermal recovery market in the past few years.
Use of Steam assisted gravity drainage (SAGD) and in-situ combustion have seen an upward trend due to their higher efficiency rates. Countries like India, U.S. and Canada have been prominently adopting these techniques to improve the recovery factor of the reservoirs. Growing energy demands, economic feasibility, higher efficiency rates and better recovery factor are the prime reasons for the thermal recovery market to strive in the coming years
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U.S. and Canada are two of the main oil producing countries creating most of the demand for thermal recovery market due to low reservoir temperature and presence of high viscous formation fluids in the region. Hence, North America is expected to hold a major share in the global thermal recovery market. In Europe, countries like Norway, U.K., Sweden and Russia are the major contributors to the thermal recovery market, making Europe as the market share leader in the thermal recovery market. China is home to a large number of oil & gas reservoirs, competing with other giants in the industry. The extreme weather conditions in the region coupled with the presence of a large number of deep lying, high viscous formations, make it one of the major contributors to the thermal recovery market. The glowing energy needs and emerging technologies in thermal recovery market also position China as one of the foremost regions in the global thermal recovery market.
Thermal Recovery market: Market Participants
Some of the key market participants identified in the Thermal Recovery market across the globe are Exxonmobil Corporation, Shell, BP, PJSC Lukoil Oil Company, Chevron Corporation, Petroleo Brasileiro S.A. Praxair Technology, Inc. Chevron Phillips Chemical Company LP. Oil India Limited
Brief Approach to Research
The research report presents a comprehensive assessment of the Thermal Recovery market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Thermal Recovery market segments such as geographies, application and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Thermal Recovery market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Thermal Recovery market segments and geographies.
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