EOR market to pass US$500B by 2023

generic EOR graphicTransparency 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 US$38.1 billion in 2012 and is expected to reach US$516.7 billion by 2023, anticipated to grow at a CAGR of 26.7% between 2013 to 2023.

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 the rest of the world 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 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.

Companies including Anadarko Petroleum Corp., BP Plc, Cenovus Energy Inc, Chevron Corp., ConocoPhillips, ExxonMobil Corp., OAO Lukoil, Petronas, Royal Dutch Shell Plc, and Statoil ASA are expected to dominate the market.

Other companies such as Hamon Deltak Inc., Nooter/Eriksen, Premier Energy Inc., Vogt Power, EN-FAB Inc. and others are some of the important players in the steam surface generation enhanced oil recovery market.

Browse Global Enhanced Oil Recovery (EOR) Market Report with full TOC at:    http://www.transparencymarketresearch.com/enhanced-oil-recovery.html

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