Global Enhanced Gas Recovery Market: Overview
The concept of enhanced gas recovery (EGR) is to increase the efficiency of the process of recovering natural gas, natural gas liquids, and other condensates. Enhanced gas recovery utilizes techniques such as fracturing, waterflooding, and gas injections such as CO2 injections to achieved increased gas production from the reservoirs.
As the energy requirements escalates across the world due to growing population and rapid urbanization, it has become imperative to make the most out of the existing resources. Consequently, the demand in the global enhanced gas recovery is expected to expand at a steady growth rate during the forecast period of 2016 to 2024.
This report is a thorough study of the current scenario of the global enhanced recovery market and based on an in-depth analysis of all the factors that are expected to influence the demand, it estimates future state of the market. The report also notes some of the trends of the market and analyzes how useful they can be in changing the dynamics of the EGR market in the near future. One of the key feature of the report is the chapter on company profiles.
This chapter overview a number of existing players in the market for enhanced gas recovery, estimating their market share and detecting their geographical presence. The global enhanced gas recovery market can be segmented on the basis of feedstock used to build the required pressure in the reservoir, into nitrogen based EGR and carbon dioxide based EGR.
Global Enhanced Gas Recovery Market: Drivers and Restraints
Growing demand for natural gas, which is primarily a reflection of growing environmental concerns, is the primary factor driving the global enhanced gas recovery market. Natural gas is now increasingly preferred over other conventional fossil fuels as they cause significantly less pollution and are more abundantly available, both onshore and offshore.
Since EGR decrease the production costs, gas extraction and production (E&P) vendors are shifting towards this technique to maximize production besides increasing the well pressure for swift extraction. Conversely, the heavy investments required for building the EGR mechanism for production continues to be the primary restraint over the growth rate of the market. In addition to that, the embedding of carbon dioxide with the natural gas as a result of injection of gas for extraction, is another non-favorable factor for the market.
The report observes that the segment of nitrogen based enhanced gas recovery was profitable until the recent past, during which new research with carbon dioxide injected EGR has been developed and is expected to dominate the demand during the course of the forecast period. The benefits of carbon dioxide injected EGR is higher yield and reduction in greenhouse gas.
Global Enhanced Gas Recovery Market: Regional Outlook
Geographically, the use of EGR is widespread, with it being more common in the developed countries of the U.S., Canada, and Green and Gulf of Mexico, which makes North America the most profitable regional in global enhanced gas recovery market. Shale gas is abundantly available in these regions and the rate of adoptability of new technology is also high.
European region is dominated by the countries of the U.K., Netherlands, Norway, Russia, and Germany, while Japan, Australia, Qatar, South Korea, Libya, Angola, and Nigeria serve most of the demand from Asia Pacific.
Companies mentioned in the research report
Abu Dhabi National Oil Company (ADNOC), The Linde Group, Praxair, Inc., NALCO Energy Services and Tiorco, LLC., and The Dow Chemical Company are some of the prominent companies currently active in global enhanced gas recovery market.