Enhanced Oil Recovery (EOR) Market is Expected to Reach USD 516.7 Billion Globally by 2023

Written by PRNewswire. Posted in Enhanced Energy Recovery & Oil Industry Blog

 Transparency Market Research ALBANY, New York, April 24, 2014 . PRNewswire.


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," that 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 38.1 billion in 2012 and is expected to reach USD 516.7 billion by 2023 and is anticipated to grow at a CAGR of 26.7% between 2013 to 2023.

Browse Global Enhanced Oil Recovery (EOR) Market Report with Full TOC at

http://www.transparencymarketresearch.com/enhanced-oil-recovery.html

Key enhanced oil recovery methods analyzed 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% of the market share in 2012. This is a mature segment and is expected to show decline as compare to the other technologies. Gas EOR technology is expected to rise by 0.1%, accounting for 38.5% in 2023. Chemical EOR technology is expected to rise from 10.03% in 2012 to 29.71% in 2023. North America dominated the global market for enhanced oil recovery in 2012. With over 38.9% global market share in terms of volume, the North America is the leading market in enhanced oil recovery. This is mainly attributed to the huge demand from the U.S., Canada and Mexico. RoW accounted for about 30.9% of the total volume share in 2012. Europe and Rest of the World (RoW) 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% to 13.1% between 2013 and 2023.

In the year 2012, Asia Pacific accounted for 20.7% 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.


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