Oil production is parted into three parts: primary, secondary and tertiary, which is known as Enhanced Oil Recovery (EOR). Primary oil recovery is limited to hydrocarbons that naturally rise to the surface, or those that use artificial lift devices, such as pump jacks. Secondary recovery employs water and gas injection, displacing the oil and driving it to the surface. The way increase oil production is through the tertiary recovery method or EOR. Although more expensive to employ on a field, EOR can increase production from a well to up to 75% recovery. The global enhanced oil recovery market is estimated and forecasted in terms of volume (M bbl) and revenue (USD million) generated by the market for the forecast period up to 2024. An aggregate number of matured fields, as well as rising need for crude to meet the petroleum product demand, is expected to be the major drivers for the enhanced oil recovery market. Besides, new technologies are being developed in the market such as chemical enhanced oil recovery to reduce the cost of oil recovery. However, government initiatives toward adoption of oil recovery technology coupled with stringent government regulations are a restraining factor hindering the growth of this market. The global enhanced oil recovery market is segmented by technology, application and geography. Based on the technology this market is divided into gas, thermal, chemical and others. The gas enhanced oil recovery can be further segmented into CO2 based, Nitrogen based and Hydrogen based. The thermal technology is categorized into steam, in-situ combustion and hot water. Furthermore, chemical injection enhanced oil recovery can be bifurcated into polymer-based, alkali-based, surfactant solution based and microbial based. Steam technology has been used as commercially (to heating of the reservoir to lower the viscosity). Gas enhanced oil recovery segment is growing at a significant rate due to various advantages such as cost-effectiveness and technological development. Chemical technology is estimated to be largest market share during the forecast period. Based on the application the enhanced oil recovery market is segmented into onshore and offshore. An onshore application is predicted to higher rate due to the growing number of aging field’s couple with increasing focus towards heavy oil reservoirs. Shifting trends toward offshore field on account of availability of resources and economic benefits will foster the offshore enhanced oil recovery market growth. The enhanced oil recovery market is segmented on the basis of following geographies are North America, Europe, Asia Pacific and Rest of the World. In North America, thermal recovery now accounts for more than 50% of applied Enhanced oil recovery. Europe is expected to be a booming market for EOR technology as a number of upcoming projects are there in Russia. Rest of the World (RoW) is expected to show the highest growth rate as a number of oil reserves exist. The major key vendors in enhanced oil recovery market include, Halliburton, National Aluminium Company, Total, ConocoPhillips, Schlumberger, Baker Hughes, Statoil, Occidental Petroleum, Lukoil, Denbury Resources, Exxon Mobil, Royal Dutch Shell, Praxair Technology, Husky Energy, Wintershall, Cenovus Energy, British Petroleum, Chevron, Kinder Morgan, China National Petroleum, Titan Oil Recovery, ADNOC and Canadian Natural Resources. The key vendors of enhanced oil recovery prefer agreements, joint ventures, contracts and partnership strategies and mergers & acquisitions to gather a larger share in the market.
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