Enhanced oil recovery market share is anticipated to rise due to the growing adoption of enhanced oil recovery by the oil & gas sector during the forecast period. The key manufacturers are adding new technologies to improve the efficiency of enhanced oil recovery in recent years.
The key marketers are using enhanced oil recovery mechanisms to extract the oil by applying several enhanced oil recovery methods. They are using the mechanism for the water injection enhanced oil recovery and extracting the maximum amount of oil from the oil field, which is likely to increase the overall production and enhanced oil recovery market size.
In addition, GCC technology is one of the mature oil extraction technology which is adopted by several top crude oil companies to upsurge the enhanced oil recovery market value during the forecast period. Moreover, these companies attached enhanced oil labels to promote their respective products, which increased the market share during the forecast period.
On the other hand, the adoption of chemical oil recovery is the key factor in increasing the overall market production by reducing the cost of enhanced oil recovery in recent years. Western countries are likely to dominate the market size due to increasing numbers of oil & gas industry and developing thermal enhanced oil recovery during the forecast period.
In recent year, Gulf Energy LLC has developed its new microbial-enhanced oil recovery to increase the production of crude oil and adopting GCC technology are likely to advance the microbial-enhanced oil recovery market share.
Moreover, manufacturing companies are making strategies to acquire the maximum share of the market to achieve their goal in the coming years. They are using several methodologies such as partnerships, mergers, acquisitions and product launches to acquire a secure lion’s share.
North America is dominating the market size by acquiring the maximum share in the global enhanced oil recovery market during the forecast period. A country such as the US is the maximum contributor in the region.
Growing numbers of oil fields and rising production of oil boosted the US enhanced oil recovery market share during the forecast period. Moreover, companies in Canada are adopting EOR technology to extract oil from oil fields which are likely to increase the demand for enhanced oil recovery by the end-use industries.
Technological Trends Help Manufacturers Leverage Maximum Advantage:
The term ‘enhanced oil recovery’ (EOR) refers to the technology used to extract crude oil that cannot be extracted through conventional technologies from oil reservoirs. It is also termed as tertiary recovery process as it takes place after primary and secondary oil recoveries.
Oil extracted via primary recovery accounts for 5% to 15% of the total reservoir while secondary recovery can extract about 20% to 60% of the total oil present in the reservoir. By installing enhanced oil recovery technology, 35% to 75% of oil can easily be extracted from the oil reservoir.
Enhanced oil recovery method is widely being adopted by the oil & gas market participants for their aged and newly explored wells. In addition, new technologies are being developed to improve the efficiency of the enhanced oil recovery technique.
GCC is one of the mature oil extractors and has quite a good number of aged oil wells. To extract the proved reserves, oil extraction companies are pushing the use of enhanced oil recovery in existing oil wells.
Thermal enhanced oil recovery technology consumes hot water and steam to stimulate the extraction of crude oil from the reservoir. Old oil wells of GCC, with heavy and viscous oil flow are adopting this technique on a larger scale.
Gas enhanced oil recovery can be further categorised as CO2 based, nitrogen based and hydrogen based. Further, chemical injection enhanced oil recovery can be categorized as polymer based, surfactant solution based, alkali based, microbial based and others.