The Global Market For Enhanced Oil Recovery Technologies, Expected To Increase To $16.3 Billion In 2014
July 07, 2010
Wellesley, Mass. – According to a new technical market research report, ENHANCED OIL RECOVERY: TECHNOLOGIES AND GLOBAL MARKETS (EGY071A) from BCC Research (www.bccresearch.com), the global market for enhanced oil recovery technologies was $4.7 billion in 2009, but is expected to increase to $16.3 billion in 2014, for a 5-year compound annual growth rate (CAGR) of 28.4%.
The largest regional market, North America, was worth nearly $3.3 billion in 2009, and is expected to increase at a CAGR of 26% to reach $10.3 billion in 2014.
The second-largest market, Asia, which includes the Middle East, is expected to reach nearly $3 billion in 2014, after increasing at a CAGR of 18.6% from nearly $1.3 billion in 2009.
Revenue in the European market was $157 million in 2009, and is expected to rise to $593 million in 2014, for a 5-year CAGR of 30.4%.
The South American market was valued at only $1 million in 2009, and is projected to increase at a CAGR of 374.4% to reach $2.4 billion in 2014.
Enhanced oil recovery (EOR) technologies are becoming increasingly significant to global oil supply by increasing or reviving oil production at reserves or oil fields depleted of more easily recoverable oil through primary or secondary oil-recovery methods and technologies. In other instances, EOR technologies have allowed the global oil industry to produce oil from alternative reserves – such as oil sands or oil shale – through field operations previously thought to be technologically infeasible or economically unviable.
Several factors are converging to support the global EOR market: resilient oil prices, continued and growing international demand for oil, declining productivity of oil fields employing primary and secondary extraction, projected increases in the availability of specific EOR injectables, and an array of important region-specific trends in tertiary oil development that indicate strong growth potential.
This study will be of interest to current and potential manufacturers and suppliers of EOR technologies as well as entrepreneurs and entrepreneurial companies interested in entering or expanding into the EOR technology sector. It also will be of interest to corporate planners and strategists, companies involved in the recovery and production of oil, EOR services providers, rental equipment providers, fossil fuel energy advocacy groups, and other public- and private-sector interest groups and market analysts.
Source: BCC Research
Enhanced Oil Recovery: Technologies and Global Markets( EGY071A )
Publish Date: June 2010
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