A new research report published by Transparency Market Research states that the global enhanced oil recovery market is expected to show positive growth in the coming years. The report, titled “Enhanced Oil Recovery (EOR) Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2023”, has been compiled using accurate data through primary and secondary research methodology.
According to the research report, the global enhanced oil recovery market was valued at US$38.1 bn in 2012 and is expected to reach US$516.7 bn by 2023, growing at a CAGR of 26.70% between 2013 and 2023. This impressive growth rate will be attributable to the drastically reducing oil reserves are create a worthy growth opportunity for the global enhanced oil recovery systems. According to the research report published by Transparency Market Research, this trend will emerge as the strongest growth driver for the global enhanced oil recovery market in the next few years.
The global enhanced oil recovery market is segmented on the basis of technology and geography. The technologies used in the global enhanced oil recovery market are chemical, gas, and thermal. Geographically, this market is segmented into Europe, Asia Pacific, North America, and Rest of the World.Amongst the technology-based segments, the thermal injection technology segment for enhanced oil recovery held the biggest share in the overall market in 2012. The segment’s market share amounted to 51.5% of the total enhanced oil recovery market. However, in the coming years, growing adoption of other enhanced oil recovery technologies and the maturing market for thermal injection technology will slow down the progress of this segment. On the other hand, the share of chemical enhanced technology will grow from 10.03% in 2012 to 29.71% in 2023.
Geographically, North America held a share of 38.9% in the overall enhanced oil recovery market in 2012. The Rest of the World market followed North America closely, account for a 30.9% share in the global enhanced oil recovery market. Analysts predict that Rest of the World and Europe will show remarkable growth in the global enhanced oil recovery market through 2023. The Rest of the World regional segment will achieve success in the enhanced oil recovery market due to the presence of huge oil reserves in the Middle East, while Europe will thrive due to the initiation of several projects in Russia in the near future.
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Some of the important players profiled in the global enhanced oil recovery market are Cenovus Energy Inc, BP Plc, Chevron Corporation, Anadarko Petroleum Corporation, Royal Dutch Shell Plc, ExxonMobil Corporation, and Statoil ASA. Furthermore, the report has also studied important companies dealing with SSG systems such as Hammon Deltak Inc, Premier Energy Inc, Nooter/Eriksen, EN-FAB, and Vogt Power. The report gives a detailed explanation of the company profile, financial overview, research and development activities, investment plans, and potential mergers and acquisitions.