Market Research Report
Enhanced Oil Recovery (EOR) Market Size, Share & Trends Analysis Report By Technology (Thermal, Chemical, Gas Injection), By Application (Onshore, Offshore), By Region, And Segment Forecasts, 2019 - 2025
|Published by||Grand View Research, Inc.||Product code||408976|
|Published||Content info||150 Pages
Delivery time: 2-3 business days
|Enhanced Oil Recovery (EOR) Market Size, Share & Trends Analysis Report By Technology (Thermal, Chemical, Gas Injection), By Application (Onshore, Offshore), By Region, And Segment Forecasts, 2019 - 2025|
|Published: June 17, 2019||Content info: 150 Pages||
The global enhanced oil recovery (EOR) market size is expected to reach USD 88.54 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at an estimated CAGR of 6.8% from 2019 to 2025. Increasing number of aged wells coupled with the rising oil demand globally are the key factors for market growth.
Asia Pacific is projected to expand at a CAGR of 8.1% over the forecast period owing to the increasing population coupled with rapid urbanization leading to the surge in demand for enhanced oil recovery. Adoption of competitive strategies by the international players operating in this region are anticipated to further fuel the growth.
Prominent companies are investing in R&D activities and are setting up collaborative research projects for inventive product development. In collaboration with the Petroleum Institute Research Center (PIRC), UAE has established Pressure-Volume-Temperature (PVT) laboratory and is inclined towards conducting fluid analysis for enhanced oil recovery techniques to accomplish increased productivity in target wells.
Thermal tertiary extraction was the most prominent EOR technology and generated a total revenue of USD 22.68 billion in 2018. Gas injection technology is projected to witness the fastest CAGR of 4.9% in terms of the volume of hydrocarbon produced over the forecast period.
Some of the major companies operating in the global EOR market include: ExxonMobil Corporation; Royal Dutch Shell plc; Chevron; Praxair Technology, Inc.; Sinopec; China National Petroleum Corporation (CNPC); and BP plc