ALBANY, N.Y.–(BUSINESS WIRE)–Depleting oil reserves make a strong case for the implementation of enhanced oil recovery (EOR) systems, and this will emerge as the strongest growth driver for the global enhanced oil recovery market, says Transparency Market Research. The growing demand for oil in the Asia Pacific region will also stimulate the market. TMR, in its report titled ‘Enhanced Oil Recovery Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2023,’ says that the market was worth US$38.1 billion in 2012 and will be valued at US$516.7 billion by 2023.
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Based on these figures, TMR analysts expect the global EOR market to log a 26.7% CAGR between 2013 and 2023. Based on technology type, the report segments the global enhanced oil recovery market into: Thermal, gas, and chemical.
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Of these segments, thermal injection technology for enhanced oil recovery was the largest as of 2012, when it held an estimated 51.5% of the total EOR market. However, the acceptance of other types of EOR technologies, coupled with the maturity of thermal injection technology, will change the dynamics of the global EOR market. While gas EOR technology will show an incremental rise of 0.1% to account for 38.5% of the EOR market by 2012, the share of chemical EOR technology will expand from 10.03% (2012) to 29.71% (2023).
From the geographical standpoint, over 38.9% (in volume terms) of the global enhanced oil recovery market was held by North America as of 2012. The rest of the RoW followed in second place with a share of 30.9% in the same year. Europe and RoW will exhibit the fastest growth to 2023. Companies profiled in the report include BP plc, Chevron Corporation, and ExxonMobil Corporation.
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/enhanced-oil-recovery.htm
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Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.