Growing Oil Demand and Import in Asia Pacific to Fuel Growth of Enhanced Oil Recovery at a CAGR of 26.7% from 2013 to 2023: Transparency Market Research

Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- The report on the global market for enhanced oil recovery compiled by Transparency Market Research includes diligently researched facts and figures to give readers a comprehensive overview of the market behavior.

The report presents an in-depth analysis of the various EOR technologies used for extracting oil, including chemical injection, thermal injection and gas injection. According to the report, thermal injection is most widely used across the industry, which makes it the highest grossing segment. It accounted for 51.5% of the overall market in 2012. Market experts are of the view that the industry has already reached its mature stage, which enhances its chances of losing a significant share of the global market to other technologies. The market for gas EOR is anticipated to grow and take up 38.5% of the market by 2023. Additionally, chemical technology of EOR that accounted for 10.3% share of the global market in 2012 is anticipated to reach 29.71% by the end of 2023.

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The report also evaluates the global enhanced oil recovery market in terms of geographical segments.

North America dominated the market in 2012, with a 38.9% share of the global market on the basis of volume. This makes North America a vital region for the global EOR market, according to the report. The U.S., Mexico, and Canada are the most prominent markets, registering the highest demand for EOR in North America.

The Rest of the Worldaccounted for a 30.9% share of the global market in 2012. The markets across the region are anticipated to register an impressive CAGR in terms of increase in demand during the forecast period from 2013 to 2023.

Europe is also expected to register high growth in terms of increase in demand over the next couple of years. According to the report, upcoming projects in the Middle East, the United Kingdom, and Russia will fuel growth and consequently demand from the enhanced oil recovery market in the region. In fact the EOR market will prove to be very lucrative for commercial expansions and development. As stated by the report, the EOR market in Europe is projected to grow to 13.1% by the end of 2023.

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Asia Pacificonly has China with a significant number of EOR projects, due to which the region is projected to lose its share in the global market during the estimated period from 2013 to 2023, as mentioned in the report.

The report underlines the names of key players in the global EOR market such as Anadarko Petroleum Corporation, Cenovus Energy Inc., Conoco Phillips, BP Plc, Statoil ASA, Chevron Corporation, Royal Dutch Shell Plc, Exxon Mobil Corporation, and Petronas. These companies are anticipated to lead the global market for enhanced oil recovery during the forecast period.

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Source:Transparency Market Research