Enhanced Oil Recovery (EOR) Market Growth, Top Manufactures, Types & Applications, Industry Analysis & Forecast: CAGR 18.2% by 2019
Enhanced Oil Recovery (EOR) Market is estimated to grow at a healthy growth rate of 18.2% between 2014 and 2019. Chemical EOR suitable for all the application areas including onshore and offshore and is the fastest growing technology within enhanced oil recovery industry across the globe.
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The Enhanced Oil Recovery (EOR) Market was segmented based on type, regions, and application areas, in terms of volume and value. By application areas, the market is segmented into offshore and onshore. Based on type, the market is segmented into gas EOR, chemical EOR, thermal EOR, and other EOR.
Global Enhanced Oil Recovery (EOR) Regional Outlook On the basis of application areas
- Offshore
- Onshore
Global Enhanced Oil Recovery (EOR) Type Outlook On the basis of type
- Gas EOR
- Chemical EOR
- Thermal EOR
- Other EOR
Global Enhanced Oil Recovery (EOR) Application Outlook On the basis of region
- Africa
- Asia-Pacific
- North America
- South America
- Europe
- Middle East
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Market Drivers of Enhanced Oil Recovery (EOR) Industry:
- Increase in Energy Demand
- Demand and supply scenario of crude oil
- Increasing number of mature oil fields worldwide
- Revitalization of Aging Brown Fields
- Reinforcing Existing Reserves
- Proved oil reserves
Market Restraints of Enhanced Oil Recovery (EOR) Industry:
- Regulatory challenges and environmental issues
- High environmental risks
- Strict government regulations
Market Opportunity in Enhanced Oil Recovery (EOR) Industry:
- Focus on heavy oil reservoirs
The enhanced oil recovery (EOR) industry leading players profiled in the report are as follows:
- Nalco Company (U.S.)
- Praxair Technology Inc. (U.S.)
- Royal Dutch Shell Plc. (The Netherlands)
- Fmc Technologies Inc. (U.S.)
- Basf Se
- Halliburton Corporation
- Schlumberger Ltd.
- Chevron Phillips Chemical Corporation
- Secure Energy Services Inc.
- Xytel Corporation
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The growth of the EOR market is driven by the rise in demand of enhanced oil recovery fluids for revitalization of aging brown fields for oil & gas production. The overall enhanced oil recovery market size has been presented in terms of excess production, i.e. based on the barrels of oil produced by EOR method. The same is further split based on method used to recover a particular type of oil. The oil prices from genuine sources have been taken into account while calculating the enhanced oil recovery market size in terms of value.
The enhanced oil recovery (EOR) industry players are profiled in the report to offer insight of the competitive scenario in the market. The enhanced oil recovery market analysis offers a complete study of major companies and competitive analysis of developments recorded in the industry during the past five years. The EOR analysis includes an in-depth discussion of challenges, restraints, opportunities, and drivers of the market.
The enhanced oil recovery market trends are also discussed comprehensively in the report. Partnerships, contracts, joint ventures, and agreements are the key strategies implemented by major leading companies to increase their market share and to accommodate the fast changing technologies in the application areas. Companies have also adopted strategic expansion and mergers & acquisitions to bridge the existing gaps in their product offerings, the end market requirements, and the geographical constraints. These strategies have been adopted by leading companies to ensure retention of considerable market share within the highly fragmented enhanced oil recovery market.
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Enhanced oil recovery (EOR) market outlook is another important factor discussed systematically in this market research report. The leading players of EOR market prefer mergers & acquisitions, contracts, joint ventures, agreements, and partnership strategies to garner a larger share in the market. Leading enhanced oil recovery service providers and manufacturers are focusing on the developing countries that are expected to show potential for industrial development in the near future. With the emergence of EOR techniques, the operators, NOC’s, and IOC’s are concentrating on increasing efficient well production and revisiting abandoned and aging wells.
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