In the historic year 2017, the global enhanced oil recovery market size was registered at USD USD 94.12 billion. It is estimated to augment and reach the market up to USD 170 Billion by registering a CAGR of 8.3% in the coming years. Due to the expansion of the oil recovery and extra life of the oil field is boosting the global enhanced oil recovery market growth. Additionally, an increase in the energy and the developing efforts towards reducing the emission of carbon dioxide is projected to fuel the enhanced oil recovery market over the forecast period. Enhanced oil recovery is an essential technique used in the production of oil, whereas production from the developed field is experiencing a descending growth and the hydrocarbons are not appropriate to cup tie the increasing demand for energy. The procedure of enhanced oil recovery is allowing the expansion of oil reserve recovery and also developed the factors of recovery, where this procedure is helpful for maintaining the most favorable level of production and increase the profit on old investments.
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Increase in the demand for oil and lessening the production rates of oil in the prevailing wells results in the enlargement of the developed technologies to abstract hydrocarbons from the reservoirs. Enhanced oil recovery is the technology that has increased the industry in the past years. The rise in the amount of the mature wells and large investment in the activities of research & development for the advancement of new technologies by numerous market players for improving the process of petroleum liquids recovery are anticipated to show the notable growth of global enhanced oil recovery industry.
Governments all over the world are initiating in the development of infrastructure and innovative technology for the production of oil. The government of the Asian regions like Indonesia, India, China, and Malaysia are offering the liability in the financial incentives and tax regimes to appeal to the multinational companies for investing in the enhanced oil recovery market. Technological developments, increasing reduction in oil reserves and a growing number of mature fields of oil are the factors responsible for the growth of the enhanced oil recovery market. On the other hand, high cost experienced in the operational, technical and procedural issues is hampering the global enhanced oil recovery market growth.
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The main technology used for the extraction from matured oil fields from the past years is thermal enhanced oil recovery. The other technologies such as gas injection and chemical recovery are increasing at a substantial rate because of the advantages like affordability and technology advancement.
Global enhanced oil recovery market is segmented into the application, technology, and region. Based on application, the market is divided into offshore and onshore. On the basis of technology, the market is divided into chemical, gas injection, thermal and more.
Geographically, regions involved in the global enhanced oil recovery market analysis are Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. In 2017, North America dominated the enhanced oil recovery market because of which there is a surge in the consumption and production of oil. The Asia Pacific is projected to show the notably enhanced oil recovery market growth in the coming future.
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Key players involved in developing the enhanced oil recovery market share are Pulse Oil, Chevron Philips Chemical Company, ExxonMobil Corporation and more.
Key segments of the global enhanced oil recovery market Technology Overview, 2015-2025 (USD million) (Million bbl) • Thermal • Gas injection • Chemical • Other EOR
Application Overview, 2015-2025 (USD million) (Million bbl) • Onshore • Offshore
Regional Overview, 2015-2025 (USD million) (Million bbl) • North America • US • Canada • Mexico • Europe • United Kingdom • Germany • Russia • Asia Pacific • India • China • Australia • Latin America • Middle East & Africa • Saudi Arabia
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