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Enhanced Oil Recovery Market to Surpass $11 Billion by 2022, Says TechSci Research Report

Increase in number of maturing oilfields, surging need to improve extra heavy crude oil production and growing necessity to improve recovery factor to drive global enhanced oil recovery market through 2022.

New York, NY, April 19, 2017 --( According to a recently published TechSci Research report “Global Enhanced Oil Recovery Market By Onshore vs. Offshore, By Type, By Region, Competition Forecast & Opportunities, 2012 – 2022,” the global market of enhanced oil recovery is anticipated to cross $11.50 Billion by 2022. In 2016, EOR process accounted for about 6.4% of overall global crude oil production. Some of the major factors driving global enhanced oil recovery market are increasing crude oil demand, surging need to improve extra heavy crude oil production and large number of maturing oilfields.

Browse 2 market data Tables and 135 Figures spread through 221 Pages and an in-depth TOC on "Global Enhanced Oil Recovery Market":

North America region accounted for the largest share in global enhanced oil recovery market during 2012 – 2016, and the region is anticipated to maintain its dominance over the next five years as well. Oil production in North America is expected to grow at a robust pace during 2017-2022 due to shale gas revolution. In 2015, the United States was the largest market with 19.396 Mb/d crude oil consumption, followed by China (11.968 Mb/d) and India (4.159 Mb/d). Moreover, according to the International Monetary Fund (IMF), United States’s economic growth is projected to increase from 1.9% in 2016 to 2.1% in 2017. While, the economic growth of Canada is expected to increase from 2% in 2015 to 1.3% in 2016. Backed by improving economy growth, the demand for enhanced oil recovery methods in North America is expected to increase at a healthy pace over the next five years.

“Over the last couple of years, fall in prices of crude oil has adversely affected the profit margins of oil field operators across the globe. To overcome the negative effects of decline in crude oil prices and increase in the number of mature oil wells, EOR techniques are being increasing employed to increase productivity,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Enhanced Oil Recovery Market By Onshore Vs. Offshore, By Type, By Region, Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future growth potential of global enhanced oil recovery market and provides statistics and information on market structure and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in global enhanced oil recovery market.

About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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