Enhanced Oil Recovery (EOR) Market Worth USD 55.02 Billion by 2024: Hexa Research

FELTON, California, August 8, 2017 /PRNewswire/ --

The global enhanced oil recovery (EOR) market size is estimated to reach USD 55.02 billion by 2024, fueled by the increasing demand for energy in a broad range of applications including manufacturing, infrastructure and utilities. Rising number of aged wells resulting in low oil output has paved the way for advanced technologies including EOR to achieve optimum production.

Keeping these driving factors in mind, companies are focusing on developing advanced technologies to extract more oil from existing wells rather than erecting new wells. For instance, in June 2014, Statoil ASA opened its new research & development center for improved oil recovery at Rotvoll in Trondheim, mid-Norway.

BP, a producer of energy and EOR, launched the concept of "Bright Water", which is a thermally activated microscopic particle that increases oil recovery by directing water into potentially untapped oil-rich areas. Since its inception, the technology has undergone several modifications to make it suitable for every type of terrain and age of the well.

Swift adoption of advanced technologies to enhance output and the presence of a large number of aged wells as compared to other regions has resulted in North America dominating the overall market with a volume share of 42.4% in 2016. A substantial amount of oil production in California and exploration of oil sands in Canada have generated a vast opportunity for the growth of the EOR market in North America. Moreover, favorable government regions supporting E&O activities is expected to boost growth over the next few years.

Browse full research report with TOC on "Enhanced Oil Recovery (EOR) Market Size And Forecast, By Technology (Gas Injection, Thermal, Chemical), By Application (Onshore, Offshore) And Trend Analysis, 2014 - 2025" at: https://www.hexaresearch.com/research-report/enhanced-oil-recovery-eor-market

The presence of a significant number of onshore wells has resulted in the technology being utilized extensively in this application. However, these wells have reached their maturity resulting in lowered output. Nonetheless, untapped potential of offshore wells is expected to drive the demand for the technology in this segment which is likely to lead to a revenue growth of 8.4% from 2017 to 2025.

The industry has been marked by the presence of large-scale companies that have been operating in the market for a substantial period including ExxonMobil, BP, Chevron Philips, Shell, and Statoil. These players participate across the value chain and have very few discriminating factors among them. Ageing of wells coupled with rising population resulting in an escalating demand for energy is expected to augment the growth of the EOR market.

Browse reports of similar category by Hexa Research: 

• Flare Gas Recovery Systems Market - Global flare gas recovery systems market is likely to grow from USD 930.6 million in 2014 to 1, 019.7 million in 2020. The market would observe over 13.7 percent CAGR in the upcoming years.
• Solar PV Market - Rapidly increasing use of renewable energy systems for commercial and residential applications coupled with low costs and efficiency of these systems are the major factors driving the global solar PV market.

Hexa Research has segmented the global EOR market on the basis of technology, application and region: 

Segmentation by Technology, 2014 - 2025 (Million Bbl) (USD Million) 

• Gas injection

• Thermal

• Chemical    

• Others

Segmentation by Application, 2014 - 2025 (Million Bbl) (USD Million) 

• Onshore

• Offshore

Segmentation by Region, 2014 - 2025 (Million Bbl) (USD Million) 

- North America

• U.S.

• Canada

• Mexico

- Europe

• Germany

• UK

• Russia

- Asia Pacific

• China

• Japan

• Australia

- Middle East & Africa

• Saudi Arabia

- Central & South America

Key players analyzed: 

• China Petroleum & Chemical Corporation

• BP plc

• ExxonMobil Corporation

• Royal Dutch Shell plc

• Chevron Phillips Chemical Company LP

• Petronas

• Nalco Company

• Statoil ASA

• Lukoil Oil Company

• Praxair, Inc.

About Hexa Research 

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact:
Michelle T.
Corporate Sales Specialist
Hexa Research
Phone: +1-415-349-0058
Toll Free: 1-800-489-3075
Email: [email protected]

Web: https://www.hexaresearch.com/

SOURCE Hexa Research