Global Enhanced Oil Recovery Market: Growing Adoption of Solar EOR to Boost Market Growth during 2013-2023
According to a new report added to the collection of Market Research Reports Search Engine, the global enhanced oil recovery market will be driven by the increased adoption of chemical injection and gas injection technologies in oil fields across the world. The report, titled “Enhanced Oil Recovery (EOR) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2023”, offers an in-depth analysis of the global enhanced oil recovery market and assesses the size and valuation of the market during the period between 2013 and 2023.
The report points out the growing oil demand and imports in Asia Pacific along with depleting oil reserves across the world will fuel the global enhanced oil recovery market. However, high cost and technical and operational challenges would restrict the overall growth of the market during the report’s forecast horizon. The report notes that the increasing usage of solar EOR process will open huge opportunity for the global enhanced oil recovery market.
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On the basis of technology, the report segments the global enhanced oil recovery market into gas injection, chemical injection, and thermal injection. Thermal injection technology is extensively used for extracting heavy viscous crude oil by increasing the temperature and reducing the viscosity of the crude oil. Steam injection and in-situ combustion are commonly used methods for thermal injection. Steam injection is widely used in oil sands. Some of the oil extraction projects in California, Canada, and Indonesia implement steam injection technology. Steam assisted gravity drainage (SAGD), steam flooding, and cyclic steam stimulation (CSS) are some of the commonly implemented steam injection methods. In-situ combustion technique has been deployed in some oil fields in Canada and Romania.
Adoption of gas injection technology is expected to grow rapidly owing to two primary reasons: disposal of greenhouse gas and increase in oil recovery. The method is applicable for light oil reservoirs. In carbonate and sandstone fields, carbon dioxide is used in gas injection. Other gases such as nitrogen and hydrogen are also used for oil recovery up to some extent.
Chemical enhanced oil recovery method utilizes polymer, alkali, and surfactant solutions to increase oil recoveries. Hydrolyzed polyacrylamide is the most commonly used polymer in chemical injection method. With advancements in technology, adoption of chemical injection and gas injection technologies are increasing rapidly.
The report studies the global enhanced oil recovery market across four key regions: Europe, Asia Pacific, North America, and Rest of the World. The report estimates the volume of enhanced oil recovery from each of the regions during the period between 2013 and 2023.
The report profiles some of the key players in the global enhanced oil recovery market such as BP Plc, Anadarko Petroleum Corporation, Chevron Corporation, Cenovus Energy Inc., ExxconMobil Corporation, ConocoPhillips, Petronas, OAO Lukoil, Statoil SA, and Royal Dutch Shell Plc. The report offers insightful information about the key players such as their business strategy, financial overview, and recent developments. Through SWOT analysis, the report also analyzes the growth of the players in future.