(MENAFN - IMARC Group) According to IMARC Group latest report titled” Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The global Enhanced Oil Recovery market to exhibit moderate growth during the next five years.
Market Trends:
Enhanced oil recovery (EOR) refers to a process through which immobile residual oil is mobilized either chemically, physically, or thermally. As primary and secondary oil recovery techniques can leave up to 75% of the oil in the reservoir, oil extracting units have started relying on EOR methods. Gas injection, thermal recovery, and chemical injection are some of the commonly used EOR techniques across the globe.
The gradual depletion of fossil fuels and escalating demand for oil have contributed to the increasing adoption of EOR technologies in the oil and gas industry. In addition to this, governments of several countries are undertaking numerous initiatives for utilizing advanced technologies for oil extraction to attain higher profits from existing oil and gas reservoirs. Furthermore, various leading market players are engaging in R&D activities to improve oil recovery. They are developing advanced techniques that can extract oil using thermally-activated microscopic particles which expand deep into the reservoir. All the above-mentioned factors are expected to bolster the market growth over the forecasted period.
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Basf Se
Halliburton Corporation
Royal Dutch Shell Plc
Schlumberger Ltd.
Chevron Phillips Chemical Corporation
Fmc Technologies Inc.
National Aluminium Company Limited
Praxair Inc.
Secure Energy Services Inc.
Xytel Corporation
Equinor ASA
BP Plc
Enhanced Oil Recovery Market Segmentation:
Our report has categorized the market based on Region, Technology and Application.
Market Breakup by Technology:
Thermal-Enhanced Oil Recovery
Gas-Enhanced Oil Recovery
Chemical-Enhanced Oil Recovery
Others
Market Breakup by Application:
Onshore
Offshore
Regional Insights:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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