The business landscape prevalent in the global enhanced oil recovery market is highly competitive, states a new research report by Transparency Market Research (TMR). With the constant entry of new players and the augmenting competition between local and international vendors, customers can expect an array of new products with technological innovation in the years to come. Cenovus Energy Inc., Chevron Corporation, BP Plc, Anadarko Petroleum Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, and Statoil ASA are some of the leading players operating in this market, notes the research study.
According to the research report, the global market for enhanced oil recovery stood at US$38.1 bn in 2012. Progressing at a CAGR of 26.70% between 2013 and 2023, the market is projected to reach a of value US$516.7 bn by the end of the forecast period. Thermal, gas, and chemical are the key technologies used in enhanced oil recovery, states the market report.
Asia Pacific to Continue Dominating Global Enhanced oil recovery Market
The report also offers a regional analysis of the global market for enhanced oil recovery. According to it, Asia Pacific, Europe, North America, and the Rest of the World are the key geographical segments of the worldwide market for enhanced oil recovery. With a share of nearly 39%, North America led the global market in 2012. Researchers expect this regional market to remain on the top over the next few years. The Rest of the World segment, which stood second in 2012, is also predicted to retain its position in the years to come, reports the market study.
Increasing Application of EOR in Various Areas to Support Growth
“The global market for enhanced oil recovery is reporting a significant rise,” states a research analyst at TMR. The tremendous rise in the demand for oil, especially in the Asia Pacific, is supporting the growth of this market, remarkably. The increasing depletion in oil reserves is also adding to the growth of this market. However, various challenges related to enhanced oil recovery, such as high cost incurred in the procedure and technical and operational issues, are likely to hamper the growth of this market in the years to come.
Nonetheless, the considerable rise in the oil production with the help of EOR in the Middle East and the rise in usage of the solar EOR procedure will neutralize the impact of these restraints over the forthcoming years, states the research report.