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Global Enhanced Oil Recovery Market to Reach $516.7 Billion by 2023: Transparency Market Research

Albany, NY, Oct. 23, 2014 (GLOBE NEWSWIRE) -- The global Enhanced Oil Recovery (EOR) market was valued at $38.1 billion in 2012 and is expected to hit US$516.7 billion by 2023. It is expected to show a CAGR of 26.7% from 2013 to 2023.

The detailed TOC of the Enhanced Oil Recovery (EOR) Market report can be browsed at: http://www.transparencymarketresearch.com/enhanced-oil-recovery.html

The research report titled "Enhanced Oil Recovery (EOR) Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2023" is compiled by Transparency Market Research and shares meticulously-researched facts and statistics.

The report details on the key EOR methods including thermal injection, chemical injection and gas injection. It says that the largest sector by volume is thermal injection, which held more than 51.5% of the market share in 2012. The segment is currently mature and is predicted to decline in comparison to other technologies. Gas EOR is expected to increase, holding a market share of 38.5% in 2023. Chemical EOR technology is set to increase from its 2012 mark of 10.03% to 29.71% in 2023.

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The report also divides the EOR market in a geographical manner, stating North America to be the dominant force in 2012. It holds 38.9% global market share in terms of volume. This makes North America the leading area in the EOR market, according to the report. This is possible mostly due to the huge demand by the U.S., Mexico and Canada. The Rest of the World held almost 30.9% of the global share in 2012. The Rest of the World along with Europe are set to show the fastest growth rates in the forecast period. The report cites upcoming projects in Russia, the Middle East and the U.K. The European EOR market is expected to be a lucrative one in terms of commercial expansion and development. It is expected to rise to 13.1% by 2023. Within the Asia Pacific region, China is the only country that holds a substantial number of EOR projects, due to which the hold of the Asia Pacific region is expected to decline during the forecast period.

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Enhanced oil recovery is said to be a tertiary process because it takes place after the primary and secondary oil recoveries.

The report describes the key players in the global EOR market including: Royal Dutch Shell Plc, Exxon Mobil Corporation, Conoco Phillips, BP Plc, Cenovus Energy Inc., Anadarko Petroleum Corporation, Chevron Corporation, Petronas, and Statoil ASA. These companies are stated to dominate the enhanced oil recovery market technology.

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Source:Transparency Market Research