The global enhanced oil recovery (EOR) market size is expected to reach USD 185.22 million by 2025, according to a new report by Grand View Research, Inc. The widening gap between the production and demand of oil globally is the major factor for the growth of enhanced oil recovery market. In addition, favorable government regulation and initiatives for developing a proper infrastructure and advanced technology for oil production is also expected to fuel the market.
Rising number of matured & aged wells especially in North America is driving the EOR market. The multinational companies are developing new and improved techniques to extract oil from these wells in a cost effective ways. Globally, thermal recovery is the most preferred technology for enhancing the oil extraction. Thermal recovery is done through steam & fire flooding and reserve heating. Heat or steam is introduced into the well to reduce the viscosity of the oil.
Chemical and gas injection are witnessing a remarkable growth. These technologies are expected to capture the market share of thermal recovery owing to various advantages. The application areas of enhanced oil recovery market are segmented into onshore and offshore. The offshore area is expected to grow at a significant rate. Various companies are trying to develop technologies to overcome the major challenges faced in offshore EOR. Some of the challenges faced by offshore EOR are reservoir characterization, limited platform space, transportation, storage and availability of EOR injections, large well spacing, high operating and capital cost.
Further key Findings from the Study Suggest:
- The global enhanced oil recovery (EOR) market is anticipated to reach 11.52 million bbl by 2025, growing at a CAGR of 8.8% from 2016 to 2025
- North America was the leading market in 2015 and is expected to show the same trend over the forecast period
- Europe is expected to witness a remarkable growth rate of 6.1% over the next nine years, owing to increase in the demand for primary energy
- Asian countries especially India and China are expected to have a remarkable growth
- The market is partially consolidated and competitive in nature, with presence of global multinational players
- Some of the key companies present in the market are ExxonMobil Corporation, BP p.l.c., China Petroleum & Chemical Corporation, Royal Dutch Shell plc, Chevron Phillips Chemical Company LP., Lukoil Oil Company, Praxair Technology, Inc, Chevron Corporation, Petroleo Brasileiro S.A., Cenovus Energy Inc.