July 13, 2020
As per the report titled ‘Global Enhanced Oil Recovery (EOR) Market: World Market Review By Method (Thermal, Gas Injection, Chemical), Application, By Region, By Country (2019 Edition): Forecast to 2024 - By Region , available with Market Study Report LLC, global enhanced oil recovery market was worth USD 11.6 billion in 2018 and is expected to show significant growth through 2024.
Rise in number of ageing & mature wells, growing offshore projects & deep well drilling activities on account of economic growth in developing nations and upsurge in global energy demand are the major growth drivers of worldwide enhanced oil recovery market.
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Extensive consumption of oil leading to over-exploitation of already matured oilfields, fluctuation in prices of crude oil and natural gas, and changing consumer preferences are some factors contributing to the market growth.
Growing popularity of solar energy for steam flooding, incorporation of nanotechnology, and escalating demand for microbial enhanced oil recovery solutions are some of the major market trends influencing the industry outlook.
On the contrary, high technical costs, low operational efficiency, and growing concerns regarding environmental pollution are expected to hinder the growth of global enhanced oil recovery market over the forecast period.
Geographically, worldwide enhanced oil recovery market is fragmented into United States (U.S., Canada, Res of North America), Latin America (Mexico, Brazil, Rest of Latin America), Europe (Russia, and Rest of Europe), Asia Pacific (China, Indonesia, Rest of APAC), and Middle East & Africa (Kuwait, Qatar, Algeria, Nigeria, and Rest of MEA).
Leading organizations in global enhanced oil recovery market are ExxonMobil, ConocoPhillips, Lukoil, Royal Dutch Shell Plc, Chevron Corporation, Baker Hughes Inc., BASF, Halliburton, Schlumberger, and BP.