Enhanced Oil Recovery Market 2016-2024 by Segmentation Based on Product, ApplicaPosted by Robson Tolson on March 29th, 2017 According to a new industry report published by Credence Research “Global Enhanced Oil Recovery industry- Growth, Future Prospects, Competitive Analysis, and Forecast 2016 - 2023,” the global enhanced oil recovery industry has been estimated to be valued at US$ 45.8 Bn by the end of 2016, and is expected to reach US$ 159.5 Bn by 2023, expanding at a CAGR of 19.5% from 2016 to 2023. Browse the full Global Enhanced Oil Recovery industry by Technology and Geography - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/enhanced-oil-recovery-market Industry Insights Enhanced Oil recovery (EOR) techniques are widely used to enhance the production of crude oil produced from a reservoir. In this process, the oil recovery is increased by injecting substance into the oil well to increase pressure and reduce viscosity of the crude oil. In conventional process, the recovery from oil well is approximately 30% of the oil reserve capacity whereas with EOR techniques upto 70% of the oil can be extracted from the reservoir. In case of heavy oil reservoir where crude extraction from primary recovery is difficult, enhanced oil recovery techniques such as thermal injection are widely used to enhance the oil recovery. However, this technique is not effective when the reservoirs are deep or too thin. Moreover, thermal injection technique requires high capital investment which may a feasible solution in case of smaller oil fields. Similarly, chemical injection techniques is one of the fastest growing techniques in enhance oil recovery industry and are most effective to increase the yield in case of wet oil reservoirs. Increasing use of gas injection techniques as tertiary recovery method especially CO2 injection techniques are expected to intensify the growth of the enhanced oil recovery industry till 2023. Decline in oil prices in recent past has adversely affected the profit margin of oil producers. Thus, oil producers are concentrating on improving oil production from existing oil wells with the use of technologies such as enhance oil recovery this in turn is fueling the demand for enhance oil recovery techniques. Moreover, increasing number of matured reserves coupled with increasing production of shale gas is expected to augment the growth of enhanced oil recovery industry. Besides this, gas injection technique provides added advantage for the commercial use of green house gases such as carbon dioxide (CO2) generated by various industries and power plants coupled with various government initiatives for the same disposal of green house gases is expected to drive the growth of enhanced oil recovery industry over the forecast period 2016-2023. Competitive Insights: Global enhanced oil recovery industry is segmented on the basis of technology such as thermal injection, gas injection and chemical injection. In 2015, thermal injection segment contributed the highest revenue share of the global enhanced oil recovery industry. However, the segment has become matured and is expected to lose it industry share to gas injection and chemical injection segment. The gas injection segment is anticipated to expand at a robust growth over the forecast period (2016-2023). Growing production of non-conventional shale gas and tight oil is fueling the demand for chemical injection segment. The segment is expected to register significant growth over the forecast period. Leading players in the global enhanced oil recovery industry are involved in constantly innovating new techniques to enhance oil recovery from the reservoirs. Currently, matured reserve contributes over 65% of crude oil produced globally which indicates the future opportunities for enhance oil recovery technologies. Therefore, the global enhanced oil recovery industry is projected to register robust CAGR over the forecast period (2016-2023). Key Trends: Merger & Acquisition Development of new techniques Browse Full Report At: https://goo.gl/TH2XcN ToC: Chapter 1 Preface Chapter 2 Executive Summary Chapter 3 Market Dynamics Chapter 4 Global Enhanced Oil Recovery Market Analysis, By Technology Chapter 5 North America Enhanced Oil Recovery Market Analysis Request Sample: http://www.credenceresearch.com/sample-request/58159 About Us: Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task. Media Contact Name: Chris Smith Address: 105 N 1st ST #429, SAN JOSE, CA 95103 US E-mail: sales@credenceresearch.com Ph: 1-800-361-8290 Like it? Share it! More by this author |