Enhanced Oil Recovery Market by Application, Technology & Region to 2024: Global Market Insights, Inc.
North America Enhanced Oil Recovery Market is anticipated to achieve a significant CAGR up to 2024, driven by ongoing discoveries of new hydrocarbon resources coupled with active measures by the government authorities toward adoption of EOR techniques.
09 Aug, 2019, 02:00 ET
SELBYVILLE, Del., Aug. 9, 2019 /PRNewswire/ -- Rising focus on reducing global CO2 emission and surging demand for crude oil worldwide is driving enhanced oil recovery market size. According to the International Energy Agency (IEA), the global demand for oil is estimated to rise to 1.4 million B/D in 2020, supported by solid non-OECD demand and petrochemicals expansion. Moreover, the agency predicts non-OPEC supply to accelerate from 1.9 million B/D in 2019 to 2.3 million B/D in 2020, led by the U.S. and supported by Brazil and Norway.
Enhanced oil recovery (EOR) is the process of increasing the amount of oil extraction from oil reservoir by injecting a substance into an existing well to increase pressure and reduce oil viscosity. The technique can help in reducing CO2 emission, as carbon dioxide from power plants and industrial can be sourced to EOR that can reportedly prevent almost one metric ton of CO2 from entering the atmosphere from every 2.5 barrels of oil produced.
Global enhanced oil recovery market report by Global Market Insights, Inc. shows industry revenue is set to rise from USD 39 billion in 2016 to USD 140 billion by 2024.
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The Center for Climate and Energy Solution (C2ES) estimates that around 72 million metric tons of CO2 is used per year for EOR with 55 million metric tons from natural sources and 17 million metric tons from anthropogenic sources. Moreover, enhanced oil recovery is claimed to have the potential to unlock up to 80% of the world's unrecoverable oil reserves.
With increasing federal investment and initiatives to promote adoption of EOR, the industry will garner commendable growth in the coming years. For instance, in 2019, the U.S. Department of Energy's (DOE) Office of Fossil Energy (FE) chose five projects to receive around $39.9 million in federal funding for cost-shared R&D projects under funding opportunity announcement (FOA) which will focus on reducing technical risks associated with enhanced oil recovery (EOR) and expand application of EOR methods onshore, both in conventional and unconventional reservoirs.
Development of new products for the oil and gas industry will complement market growth. Companies are working to introduce high-quality, plant-based solutions to replace chemical and products in the oil & gas industry that could successfully be applied in enhanced oil recovery, equipment maintenance, tank cleaning, oil herding, rig maintenance and oil/water separation.
Growing use of CO2 gas for extraction of crude oil will boost enhanced oil recovery market size. CO2 EOR is a vital component of oil production, accounting for nearly 6% of onshore oil production in the U.S., or 350,000 barrels a day. The technology uses CO2, both from byproducts of industrial processes and naturally occurring processes, to increase the production of oil from existing oil fields.
This process increases the efficiency and conservation of the oil resources by producing more oil with the same footprint. CO2 EOR also improves energy production, security, and environmental sustainability. A study done by the U.S. DOE estimates possible oil resources extraction with CO2 EOR of up to 137 billion barrels, with 67 billion barrels recoverable at a price of $85 a barrel.
Browse key enhanced oil recovery market insights from the latest report spread across 210 pages offering 390 market data tables as well as 9 figures & charts along with the table of contents:
Development of new technologies to produce CO2 from industrial applications such as natural gas processing, ethanol, fertilizer, and hydrogen plants in locations where natural reservoirs are not available will further boost segmental growth.
Increasing implementation of R&D activities and development of novel techniques that could significantly improve the economic performance and expand the applicability of CO2 injection to a broader group of reservoirs will complement the industry outlook.
For instance, next generation CO2-EOR has the potential to produce over 60 billion barrels of oil, using new techniques including innovative flood design to offer CO2 to un-swept reservoir areas, injection of larger volumes of CO2, and improved mobility control of injected CO2.
In terms of chemical technology, surfactants segment of enhanced oil recovery market has witnessed lucrative growth owing to the product's ability to boost oil production by lowering interfacial tension and increasing oil mobility, thus allowing good displacement of the oil by injected water. Surfactant-based EOR enhances the wettability of porous rocks enabling water to flow through them faster, further displacing more oil.
Recent advancements in surfactant EOR have immensely reduced the surfactant concentration required for effective oil recovery. Meanwhile, technological developments in both research and surfactant product technology have helped reduce chemical concentrations within the range of 0.1-0.5% dramatically lowering the amount or requirement of chemical. Surfactant manufacturing is also delivering more advanced and safer EOR products at a lower cost.
Reportedly, EOR surfactants derived from plant resources like sunflower oil, corn oil and soy oil are gaining traction. For instance, a new green low surface energy surfactant, stable in the harsh conditions of EOR, has been developed recently that improves oil recovery by 72% in both low and high brine solutions. Expansion strategies by industry players dealing with surfactants is expected to further propel industry size.
In terms of regional share, U.S. enhanced oil recovery market is expected to witness long-term proceeds over the coming years owing to increasing investments and advancements in the oil and gas sector. In 2019, the Department of Energy's (DOE's) Office of Fossil Energy announced up to $88 million in federal funding for cost-shared R&D projects enhancing technologies for oil and natural gas recovery under two separate funding opportunity announcements (FOAs).
Moreover, according to the U.S. Energy Information Administration (EIA), reserves of crude oil and natural gas in the U.S. reached record highs in 2017, overcoming previous records at 39.2 billion barrels. Increasing deployment of new oil extraction projects in the region is expected to further bolster growth in the market. For instance, the Canada Suffield N2N EOR development project forecasts addition of approximately 1,250 bopd of peak rates once fully ramped up.
Asia Pacific enhanced oil recovery market is also subject to momentous growth over the upcoming years. Growing R&D in the region's crude oil production industry will accelerate industry size. In 2019, researchers at Indian Institute of Technology (IIT) Madras started developing indigenous processes for efficient recovery of oil from mature offshore wells in the country.
Experts also claim that the Oil and Natural Gas Corp (ONGC) is looking at Enhanced Oil Recovery (EOR) techniques to boost oil and gas output from old and matured fields. Increasing investments to expand extraction capacity will supplement business outlook.
What does this report offer?
The enhanced oil recovery market report covers a brief analysis of segments like technology, application, and regional outlook. The research study elaborates industry insights in terms of numerous parameters like business outlook, growth drivers promoting commercialization graph of industry space, market segmentation, and global trends describing the industry.
The study claims that the technology segment of global market is subdivided into gas, chemical and thermal. The essential pointers encompassed pertaining to the technology segment are remunerative forecast over estimated duration, market share of each subsegment, and proliferating trends.
A detailed analysis of the application segment of enhanced oil recovery market is entailed in the research report. The segment is divided into onshore, offshore. Meanwhile, enhanced oil recovery market is regionally categorized into the U.S., Canada, Mexico, Netherlands, China, India, Indonesia, Oman, Turkey, Kuwait, Malaysia, UK, Germany, Russia, Norway, Vietnam, Saudi Arabia, UAE, Nigeria, Algeria, Egypt, Brazil, Venezuela. The regions are further segmented based on market contribution, availability of industry players, consumer base, and other aspects.
The enhanced oil recovery market report basically encompasses a collection of vital parameters that would make it easy for stakeholders to undertake needed decision-making. The research report also includes essential information about industry driving factors, SWOT analysis, and more.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Enhanced Oil Recovery Market Forecasts to 2024
World Enhanced Oil Recovery Market is set to achieve 20%+ CAGR up to 2024, owing to rising exploration and production activities and recovering oil prices.
SOURCE Global Market Insights, Inc.
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