The global enhanced oil recovery market size was valued at $xx million in 2017 and is projected to reach $xx million with CAGR of xx% during the forecast period. Increasing amount of matured wells and diminishing oil reserves are the factors driving the growth of the global enhanced oil recovery market.
Increasing demand for oil and decreasing rates of production of oil in wells is resulting in development of innovative technologies for the extraction of hydrocarbons from reservoirs. Enhanced oil recovery is one of the technologies that has been important to the industry over the past years. Huge investment in R&D activities and rising number of matured wells for the development of new technology by several market players for improving the enhanced oil recovery process are projected to increase the growth of the global enhanced oil recovery industry.
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Initiatives by Government towards oil recovery technology integrated with advantages to the environment will increase the enhanced oil recovery market share. National Enhanced Oil Recovery Initiative launched by the U.S. is scaling up the production of crude across the country and emission of CO2 is reduced through the prolonged use of technology.
There are some governments that have the ability to boost the significant growth of revenue. In Texas, enhanced oil recovery accounts for approximately 30% of oil production, it is anticipated that the advantages of EOR production will help in addition of revenue by $300 Billion and will help in creating a million jobs.
The major trend that will help in propelling the enhanced oil recovery industry is the development of enhanced oil recovery technology. As the environment is getting contaminated the main challenge occurring for operations of enhanced oil recovery is research and development activities carried out for the usage of organic compounds. Polymer-based methods for enhanced oil recovery increase the rates of oil recovery and is environment-friendly because of its organic nature, the industry will experience an increase in the usage of oil recovery in the coming years.
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Manufacturers involved in the development of enhanced oil recovery industry are Praxair Technology Inc., China Petroleum & Chemical Corporation, Chevron Philips Chemical Company, ExxonMobil Corporation, British Petroleum, Schlumberger Ltd and many more.
North America is expected to show a significant growth in the coming years. The region of North America is under the development of unconventional energy. Expanding gas & oil industry and rapid industrialization in Asia is estimated to drive the growth of the enhanced oil recovery market. In the Middle East & Africa, raising concerns regarding temperature operating conditions, wellbore stability and well blowout are projected to fuel the demand for oilfield services. These factors are driving the demand for oilfield services during the forecast period.
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