Enhanced Oil Recovery (EOR) Market to Log 26.7% CAGR to 2023; Europe and RoW Fastest Growing Regions: Transparency Market Research
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.
Browse Research Report: http://www.transparencymarketresearch.com/enhanced-oil-recovery.html
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
About TMR
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151009005619/en/
Copyright Business Wire 2015
Source: Business Wire
(October 9, 2015 - 10:37 AM EDT)
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