Trusted Business Insights presents the Updated and Latest Study on Enhanced Oil Recovery Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Enhanced Oil Recovery Market
Industry / Sector Trends
Enhanced Oil Recovery Market size was worth over USD 39 billion in 2016 and will grow over 20% by 2024.
North America Enhanced Oil Recovery Market Size, By Technology, 2016 & 2024 (USD Million)
Declining production from existing fields coupled with growing number of mature wells will accelerate the adoption of enhanced oil recovery market. Surging demand for crude oil and petroleum products led by rapidly expanding industries and urban population will augment the industry landscape. As per the BP Statistical Review 2019, the global oil consumption grew by 1.4 million barrels per day, where China and the U.S. are the primary contributors toward the growth with 680,000 b/d and 500,000 b/d respectively.
Ongoing technical developments coupled with significant improvement in performance and operations will favor the adoption of advanced EOR methods. The ability to upscale the recovery factor from 5-15% to 35-75% along with declining technology cost will complement the industry landscape. Development of hybrid systems combining the surfactant or polymer and water flooding resulting in reduction of overall product cost coupled with introduction of microbial EOR techniques to reduce the environmental effect will stimulate the product adoption.
Market Segmentation, Outlook & Regional Insights: Enhanced Oil Recovery Market
Enhanced Oil Recovery Market, By Technology
The thermal EOR market was valued over USD 16 billion in 2016. Growing focus toward development of environment friendly and economically viable solutions will accelerate the industry growth. The thermal recovery involves introduction of heat through injection of steam into the reservoir to reduce the viscosity of heavy oils to boost its flow in the well. Effective operability across dipping, high permeability and thick reservoirs on account of gravity assisted displacement and better heat utilization are some of the significant factors positively influencing the product demand.
Low cost of chemicals along with ability to boost the recovery rates by 70% will instigate the demand for chemical enhanced oil recovery industry. It uses polymers, long chained compounds, to increase the effectiveness of waterfloods or detergent-like surfactants to reduce the surface tension, thereby improving the fluid flow inside the reservoir. However unpredictable performance along with high environment damage have limited the adoption of chemical recovery methods.
Enhanced Oil Recovery Market, By Application
Introduction of digital technologies along with declining production rate from existing wells will propel the onshore enhanced oil recovery industry. The operators have integrated sensors and are using extensive data analytics tools for gathering the real time field data that has provided a favorable industry outlook. The Department of Energy (DOE) funded USD 44.5 billion toward various R&D projects and develop innovative technologies. For instance, in 2019, ONGC invested around USD 9.5 billion to ramp up production from three EOR and 13 field development projects.
The offshore enhanced oil recovery market will expand over 20 % by 2024. Declining technology cost coupled with strengthening oil prices will positive enhance the business outlook. Shifting trends toward offshore development owing to massive resource potential and increased economic feasibility have led to initiation of various offshore EOR projects.
Enhanced Oil Recovery Market, By Region
Europe Enhanced Oil Recovery Market Size, 2016 (USD Million)
North America market is set to grow on account of ongoing discoveries of new hydrocarbon resources coupled with active measures by the government authorities toward adoption of EOR techniques. In 2019, the U.S. Department of Energy announced the funding of USD 40 million toward five coat shared R&D projects, in order to reduce the technical risk of EOR and expand its applicability to unconventional and conventional reservoirs. The investment further aims to develop technologies and improve the characterization that will further result in significant recovery gains.
Ongoing strategic initiatives to enhance the production rate along with increasing competition in international markets will stimulate the Middle East market. In 2018, the Abu Dhabi National Oil Company introduced four pilot projects involving, gas, chemical and water injection at their fields, while utilize its carbon capture use & storage technology for enhancement of oil recovery. In addition, adoption of digital technologies including the AI, sensors and automating systems have further improvised the recovery solutions of both government and private players.
Key Players, Recent Developments & Sector Viewpoints: Enhanced Oil Recovery Market
Eminent players operating across the enhanced oil recovery market include Baker Hughes Schlumberger, Halliburton, Total, National Aluminum Company, ConocoPhillips, Occidental Petroleum, Statoil, Lukoil, Chevron, British Petroleum, Kinder Morgan, Exxon Mobil, Denbury Resources, Royal Dutch Shell, Husky Energy, Praxair Technology, Wintershall, China National Petroleum Corporation, Titan Oil Recovery, Canadian Natural Resources, Cenovus Energy and ADNOC.
Ongoing business collaborations including joint ventures, mergers & acquisitions are the key growth strategies adopted by the companies to expand their business and develop new technologies. In April 2019, The EOR Alliance and SUEZ extended their cooperation agreement to develop complete EOR solutions and turnkey services to maximize the production.
Enhanced Oil Recovery Industry Viewpoint
Enhanced oil recovery involves use of various techniques for ramping up the crude oil production from a well. The technology is capable of lifting the production up to 35%-75% and is classified into primary, secondary and tertiary recovery. The properties of the fluid which are altered through these methods include biochemical, chemical, density, viscosity, thermal, miscibility and surface tension. Capability to provide long-term economic value, longevity and certainty will encourage its adoption over other available alternatives
What are the Key Insights Covered: Exhaustive Enhanced Oil Recovery Market
1. Market size (sales, revenue and growth rate) of Enhanced Oil Recovery industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Enhanced Oil Recovery industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Enhanced Oil Recovery industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Enhanced Oil Recovery industry.
What is the Research Methodology used: Enhanced Oil Recovery Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
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- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Enhanced Oil Recovery Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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