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Global Enhanced Oil Recovery Market Competitive Landscape:The key market players in the global enhanced oil recovery market are Praxair Technology, Inc., PJSC Lukoil Oil Company , FMC Technologies, Inc., Chevron Phillips Chemical Corporation, Schlumberger Ltd., Royal Dutch Shell Plc, Halliburton Corporation, Basf SE, Baker Hughes, a GE company, Statoil ASA, BP Plc., Exxon Mobil, and Titan Oil Recovery.
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Global Enhanced Oil Recovery Market Highlights:
Global Enhanced Oil Recovery Market Growth is attributed to factors such as Global government initiatives have been taken to extract trapped oil in oil-producing countries have contributed to the expansion of the enhanced oil recovery market. Also, upstream operators across regions are extensively conducting enhanced oil recovery research to increase the functional life of their wells.
The business scenario in the global enhanced oil recovery market is highly competitive, states a new research report by Market Research Future Reports (MRFR). With the steady entry of new players and existence prominent players (local and international), the market has seen an array of new products with technological innovation since past years and is expected to bring a further rise in the years to come.
Enhanced oil recovery is referred to as the implementation of various techniques for increasing the amount of crude oil that is extracted from an oil field. In this market, the increasing number of old wells coupled with the rising oil demand globally is the critical factors for market growth in the estimated years.
Global Enhanced Oil Recovery Market Drivers & Trends:
The global market for enhanced oil recovery is recording a significant rise owing to some of the significant factors. Enhanced oil recovery operations are carried out in the ways of both offshore and onshore wells. The continuous work over the oil field is taking the global enhanced oil recovery market to spur at considerable rate creating future opportunities for the oil industry.
Also, increasing applications of enhanced oil recovery in developed regions is further expected to aid the region’s enhanced oil recovery market during the forecast period. Further to this the rising demand, low reserve option to production ratio and improved utilization of enhancing oil recovery methods are also forecasted to propel enhanced oil recovery market with prospects as well. Moreover, surging technological advancements coupled with the high cost of exploration are also expected to fuel demand for enhanced oil recovery methods. All these factors are projected to aid enhanced oil recovery market globally to exhibit multiple growths in the course of the next five years.
Enhanced Oil Recovery Market Segmentation:
According to the Market Research Future, the market for enhanced oil recovery has been segmented by technology. This market comprises of thermal, chemical, microbial, and others. The thermal and chemical methods reported to be more established procedures with several practical projects. These are already carried out globally. Whereas, the chemical methods traditionally use polymer, alkaline, and surfactant methods to extract more oil from the wells. By the mode of application, the market comprises of onshore and offshore.
Regional Outlook Enhanced Oil Recovery Market:
Region wise, the North America and Europe regions are expected to be the major markets for the global enhanced oil recovery market owing to the presence of mature oil fields. These are on the rise in the regions of North America, and it is expected that many upstream oil service providers are increasingly observing into the enhanced oil recovery methods for an increase in oil production for future purpose.
Whereas, the Asia Pacific region is expected to be on a higher position in the global enhanced oil recovery market due to countries such as Malaysia, Indonesia, and Australia are actively looking forward to implementing enhanced oil recovery in their oil fields. Such implementation will further decrease a country’s dependence on oil imports, which in turn, will drive the market for enhanced oil recovery further at a higher CAGR. Besides, the global market for enhanced oil recovery also is expected to grow in recent years with increasing consumption of oil and oil production from countries such as China, India, and other developing countries in the Asia Pacific.
Industry News
12 Mar 2019: ONGC, State-run Oil and Natural Gas Corp, plans to invest more than $500 million in Mumbai High Field. It has been reported that ONGC will employ enhanced oil recovery (EOR) methods to improve oil recovery from Mumbai High and has completed a pilot run. It is estimated that almost 20% of the new production at Mumbai High will come from incremental projects between 2017 and 2025
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter's Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continued...
List Of Tables:
Table 1 Global Enhanced Oil Recovery Market: By Region, 2017-2023
Table 2 North America Enhanced Oil Recovery Market: By Country, 2017-2023
Table 3 Europe Enhanced Oil Recovery Market: By Country, 2017-2023
Table 4 Asia Pacific Enhanced Oil Recovery Market: By Country, 2017-2023
Table 5 RoW Enhanced Oil Recovery Market: By Country, 2017-2023
Table 6 Global Enhanced Oil Recovery Market, By Technology Type, By Regions, 2017-2023
Table 7 North America Enhanced Oil Recovery Market, By Technology Type, By Country, 2017-2023
Continued...
List Of Figures:
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 MARKET DYNAMICS
FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
FIGURE 6 PORTER’S FIVE FORCES ANALYSIS
FIGURE 7 VALUE CHAIN ANALYSIS
FIGURE 8 GLOBAL ENHANCED OIL RECOVERY MARKETSHARE, BY TECHNOLOGY TYPE, 2016 (%)
FIGURE 9 GLOBAL ENHANCED OIL RECOVERY MARKET, BY TECHNOLOGY TYPE, 2015-2023 (USD MILLION)
FIGURE 10 GLOBAL ENHANCED OIL RECOVERY MARKETSHARE, BY IMPLEMENTATION TYPE, 2016 (%)
Continued...
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