Global enhanced oil recovery (EOR) market is expected to reach USD 283 billion by 2020, according to a new study by Grand View Research, Inc. Growing global energy demand is expected to remain a key driving factor for global EOR market. Rising number of mature oil wells, particularly in the Middle East and Latin America coupled with high productivity yields associated with EOR techniques is also expected to have a positive impact on the market growth over the next six years. Long lead time coupled with volatile crude oil prices is expected to remain a key challenge for market participants.
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Thermal EOR was the most dominant technology and accounted for 49.9% of total market volume in 2013. Growing demand for high hydrocarbon recovery in low permeability and mature reserves coupled with technological advancements is expected to drive growth in this segment. It is the most conventional EOR technology used today and has reached its maturity level. However, thermal EOR technologies are expected to lose some amount of its share to other high growth technologies such as chemical and gas injection techniques over the forecast period. Chemical EOR technique is estimated to gain market share over the next few years particularly in Asia Pacific and Middle East. Novel techniques coupled with superior characteristics over their counterparts are expected to drive chemical EOR market over the forecast period.
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Further key findings from the study suggest:
• Global EOR market was 2,681.6 million barrels in 2013 and is expected to exceed 16,000 million barrels by 2020, growing at a CAGR of 29.9% from 2014 to 2020.
• North America emerged as the leading regional EOR...