According to a new market report published by Credence Research “Global Enhanced Oil Recovery Market– Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the global enhanced oil recovery market has been estimated to be valued at US$ 45.8 Bn by the end of 2016, and is expected to reach US$ 159.5 Bn by 2023, expanding at a CAGR of 19.5% from 2016 to 2023.
The purpose of the report is to illustrate the state of the market of Sterile Injectables, to present actual information about the volumes of production, exports, imports, consumption and the state of the market, the changes that took place in 2017, and also, to build a forecast for the growth of the industry in the medium term until 2026.
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Enhanced Oil recovery (EOR) techniques are widely used to enhance the production of crude oil produced from a reservoir. In this process, the oil recovery is increased by injecting substance into the oil well to increase pressure and reduce viscosity of the crude oil. In conventional process, the recovery from oil well is approximately 30% of the oil reserve capacity whereas with EOR techniques upto 70% of the oil can be extracted from the reservoir. In case of heavy oil reservoir where crude extraction from primary recovery is difficult, enhanced oil recovery techniques such as thermal injection are widely used to enhance the oil recovery. However, this technique is not effective when the reservoirs are deep or too thin. Moreover, thermal injection technique requires high capital investment which may a feasible solution in case of smaller oil fields. Similarly, chemical injection techniques is one of the fastest growing techniques in enhance oil recovery market and are most effective to increase the yield in case of wet oil reservoirs. Increasing use of gas injection techniques as tertiary recovery method especially CO2 injection techniques are expected to intensify the growth of the enhanced oil recovery market till 2023.
Decline in oil prices in recent past has adversely affected the profit margin of oil producers. Thus, oil producers are concentrating on improving oil production from existing oil wells with the use of technologies such as enhance oil recovery this in turn is fueling the demand for enhance oil recovery techniques. Moreover, increasing number of matured reserves coupled with increasing production of shale gas is expected to augment the growth of enhanced oil recovery market. Besides this, gas injection technique provides added advantage for the commercial use of green house gases such as carbon dioxide (CO2) generated by various industries and power plants coupled with various government initiatives for the same disposal of green house gases is expected to drive the growth of enhanced oil recovery market over the forecast period 2016-2023.
Global enhanced oil recovery market is segmented on the basis of technology such as thermal injection, gas injection and chemical injection. In 2015, thermal injection segment contributed the highest revenue share of the global enhanced oil recovery market. However, the segment has become matured and is expected to lose it market share to gas injection and chemical injection segment. The gas injection segment is anticipated to expand at a robust growth over the forecast period (2016-2023). Growing production of non-conventional shale gas and tight oil is fueling the demand for chemical injection segment. The segment is expected to register significant growth over the forecast period. Leading players in the global enhanced oil recovery market are involved in constantly innovating new techniques to enhance oil recovery from the reservoirs. Currently, matured reserve contributes over 65% of crude oil produced globally which indicates the future opportunities for enhance oil recovery technologies. Therefore, the global enhanced oil recovery market is projected to register robust CAGR over the forecast period (2016-2023).
Why was the report written?
This report is the result of an extensive survey drawn from Credence Research’s exclusive panel of leading global market industry executives; it provides data and analysis on buyer investment, acquisition, and developments within the global market research. It includes key topics such as global Sterile Injectables buyer expenditure and procurement behaviors and strategies and recognizes the threats and possibilities within the industry, economic outlook trends, and business confidence within global industry executives. Most secondary research reports are based on general industry drivers and do not understand the industry executives’ attitude and changing behaviors, creating a gap in presenting the business outlook of the industry; in an effort to bridge this gap, Credence Research created this primary research-based report by gathering the opinions of multiple stakeholders in the value chain of the global industry.
What is the current market landscape and what is changing?
Executives from the global industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2017.
The report on the market of Enhanced Oil Recovery contains:
Analysis and forecast of Sterile Injectables market dynamics;
Analysis of domestic production, market shares of the main market players;
Analysis of exports and imports;
Analysis of factors, leading the development of the Sterile Injectables market;
Assessment and forecast of Sterile Injectables market development;
Financial and business profiles of the leading companies in the Sterile Injectables industry.
– Up to date working Sterile Injectables data by major regions in the world, the forecast of planned capacity additions by 2026
– The annual breakdown of capital expenditure spending on proposed Sterile Injectables for the period 2018 to 2026
– Planned Sterile Injectables additions and capital expenditure spending by key countries and companies across the world
– Planned capital expenditure spending on new Sterile Injectables projects by region, key countries, and companies
– Details of major planned Sterile Injectables projects in the world up to 2026
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