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New report highlights growth in EOR technology market

25th April 2014

Transparency Market Research has released a new market report titled ‘Enhanced Oil Recovery (EOR) Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2023’, which highlights the global opportunities for EOR technology development and investment.

New report highlights growth in EOR technology market
Europe and emerging markets are expected to exhibit the highest growth rate over the forecast period considering upcoming EOR projects in Russia, UK and Middle East.

The report defines and segments the enhanced oil recovery market with analysis and forecast of the global volume and revenues. This report observes that the revenue of enhanced oil recovery technology was USD 38.1bn in 2012 and is expected to reach USD 516.7bn by 2023, growing at a CAGR of 26.7 per cent between 2013 to 2023.

Key enhanced oil recovery methods analysed in this study include thermal injection, gas injection and chemical injection. Thermal injection was the largest technology by volume and accounted for about 51.5 per cent of the market share in 2012. This is a mature segment and is expected to show decline as compare to the other technologies. Gas enhanced oil recovery (EOR) technology is expected to rise by 0.1 per cent, accounting for 38.5 per cent in 2023. Chemical EOR technology is expected to rise from 10.03 per cent in 2012 to 29.71 per cent in 2023.

North America dominated the global market for enhanced oil recovery in 2012. With over 38.9 per cent global market share in terms of volume, the North America is the leading market in EOR. This is mainly attributed to the huge demand from the U.S., Canada and Mexico.

Europe and emerging markets are expected to exhibit the highest growth rate over the forecast period considering upcoming EOR projects in Russia, UK and Middle East. Europe is a lucrative market for commercial development and expansions and is expected to rise from 9.5 per cent to 13.1 per cent between 2013 and 2023. In the year 2012, Asia Pacific accounted for 20.7 per cent of the global enhanced oil recovery market but it is expected to show a decline as China is the only country with maximum EOR projects in the Asia Pacific region. The global enhanced oil recovery market has witnessed significant growth during the recent past.

Global Enhanced Oil Recovery (EOR) Market Report with Full TOC at http://www.transparencymarketresearch.com/enhanced-oil-recovery.html

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