The global enhanced oil recovery market size will grow to USD 59.4 billion by 2025 (forecast year) from USD 43.3 billion in 2020 (estimated year), at a CAGR of 6.5% during the forecast period. The rising number of mature fields in North America and the Middle East, along with rising primary energy demand from the Asia Pacific, are the driving factors for the enhanced oil recovery market, globally. Technological developments in advancements in shale oil & gas reserve development, production from oil sand, and deep-water drilling have led oil & gas production across regions, which creates opportunities for growth of the market.
COVID-19 Impact on the Global Enhanced Oil Recovery Market
The ongoing COVID-19 pandemic has impacted the oil & gas industry globally. Due to the current scenario, various oil & gas companies across regions have to shut down their manufacturing facilities and services as countries practiced partial or full lockdown strategy to deal with the pandemic. The companies across the region have also suspended or delayed thee major oil& gas projects. Furthermore, the COVID-19 pandemic has also impacted crude oil prices, well drilling and production activities, and the supply chain of oil and gas. Owing to the decline in the production activities has further negatively impacted the enhanced oil recovery market from short/ medium term.
Download PDF Brochure @https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251660091
The thermal EOR segment is expected to dominate the enhanced oil recovery market, by technology, during the forecast period.
In thermal EOR, steam is injected to lower the viscosity and improve the mobility of oil through the reservoir. It is mainly used in heavy oil reservoirs to recover several billion barrels of heavy crude oil. Thermal EOR technology has been deployed in various countries such as the US, Canada, Venezuela, Oman, China, and Indonesia, with major projects in operation for many years. The thermal EOR is further categorized further based on the type as in-situ combustion, steam, and others. The steam segment is expected to grow at a faster CAGR. Owing to increasing activities in shale and the development of mature oilfields in the Gulf of Mexico are likely to drive the steam market.
The onshore segment is expected to be the fastest-growing enhanced oil recovery market, by application, during the forecast period.
The onshore segment, by application, the enhanced oil recovery market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the increasing demand for production activities from new shale development activities in North America. Moreover, maturing shallow oilfields in the Gulf of Mexico and the North Sea, as well as increasing investments in offshore EOR projects. Such factors propel the growth of the enhanced oil recovery market.
Speak to Analyst @https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=251660091
North America likely to emerge as the largest enhanced oil recovery market
In this report, the enhanced oil recovery market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. The US is the top explorer and producer of shale oil and gas. Moreover, the rising production of tight oil and increasing oil sand formations in Alberta propel enhanced oil recovery market growth. Thus, North America dominated the enhanced oil recovery market during the forecasted period.
Key Market Players
The major players in the global enhanced oil recovery market are Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Royal Dutch Shell Plc (Netherlands), BP Plc(UK), BASF SE(Germany), Linde Plc (Ireland), Air Liquide (France), TechnipFMC(UK), ChampionX(US).
Recent Developments
- In September 2019, TechnipFMC opened a surface international facility in ICAD II. The scope of the investment was to assist ADNOC to enhance its operations in Abu Dhabi. The new facility offered a broad range of TechnipFMC portfolio with its high technology equipment in drilling, completion, production, and pressure control segments.
- In November 2018, BP announced its first offshore deployment LoSal enhanced oil recovery technology to its Clair Ridge project in the West of Shetland region, offshore of the UK. BP owns 28.6% of the interest in the Clair field.
- In September 2018, BASF and Letter One recently signed an agreement to merge their respective oil and gas businesses in a joint venture, which will operate under the name Wintershall DEA.
- In August 2018, Baker Hughes Company was awarded a contract by Cairn Oil & Gas, Vedanta Limited to construct ~300 new wells and deploy a chemical EOR program aimed at increasing production from the Rajasthan area.
Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=251660091
Report Objectives:
- To define and describe the global enhanced oil recovery market by technology, application, and region.
- To provide detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).
- To strategically analyze the global enhanced oil recovery market with respect to individual growth trends, future expansions, and the contribution of each segment to the market.
- The impact of the COVID-19 pandemic on the enhanced oil recovery market has been analyzed for the estimation of the market size.
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders.
- To forecast the growth of the global enhanced oil recovery market with respect to the main regions (North America, Asia Pacific, Europe, South America, and the Middle East & Africa).
- To profile and rank key players and comprehensively analyze their market share.
- To analyze competitive developments such as contracts & agreements, expansions & investments, and mergers & acquisitions in the enhanced oil recovery market.