According to Technavio’s latest market research study, the global enhanced oil recovery market is expected to grow at a CAGR of close to 11% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global enhanced oil recovery (EOR) market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the technology type
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The top three revenue contributing technology segments are discussed below:
Global enhanced oil recovery market by thermal injection technology: Thermal injection is the most popular technology that is used for EOR. Low cost and high recovery rates are some of key factors driving the adoption of thermal injection technology in the global market. Furthermore, solar EOR, in which solar energy is concentrated using solar thermal arrays, is an upcoming technique used in thermal injection processes. The market research analysts at Technavio anticipate the global EOR market by thermal injection technology to account for a revenue of more than USD 36 billion by 2021.
“Companies in the market space are planning their operations keeping in mind the low-cost option, especially during the planning and implementation phase. The low implementation cost will attribute to the growth of thermal injection technology in the global enhanced oil recovery market,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on oil and gas.
Global enhanced oil recovery market by gas injection technology: The growth of gas injection technology in the enhanced oil recovery market is attributed to the fact that it uses miscible gases such as CO₂, hydrocarbon, and nitrogen for oil recovery. This method is generally preferred for light oil reservoirs. The increasing adoption of gas injection technology is driven by its environment-friendly nature and the ability to allow the disposal of CO₂ as carbon capture. During the forecast period, the increasing effect of carbon sequestration is expected to contribute to the growth of gas injection technology in the global EOR market.
Global enhanced oil recovery market by chemical injection technology: The growth of the global EOR market by chemical injection technology is driven by the fact that oil recovery using this technology involves the pumping of chemicals such as polymers, surfactants, alkali, or combination of these chemicals to improve oil recovery. The development of polymer flooding and biopolymers using sea plants is one of the key upcoming trends in this segment of the global EOR market. These biopolymers are mixed with water to increase the viscosity of the injected water-polymer mixture that drives out the oil from reservoir pores. As biopolymers are derived from natural sources, they are also bio-degradable in nature and thus have an environment-friendly nature.
The top vendors operating in the global enhanced oil recovery market are:
- BP
- Chevron
- Halliburton
- Royal Dutch Shell
- Schlumberger
Other prominent vendors in the market include BlackPearl, Canadian Natural, Cenovus Energy, CNOOC, ConocoPhillips, Devon Energy, Exxon Mobil, Husky Energy, Kinder Morgan, LUKOIL, MEG Energy, NALCO, Murphy Oil, Occidental Petroleum, PetroChina, PETROBRAS, PETRONAS, Praxair Technology, REX ENERGY, Statoil, and Wintershall.
A more detailed analysis is available in the Technavio report titled, ‘Global Enhanced Oil Recovery Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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