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A comprehensive overview of the Global Enhanced Oil Recovery Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Enhanced Oil Recovery Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Enhanced Oil Recovery Market at the regional & country levels.
Market Overview
Enhanced oil recovery (EOR) processes are implemented to increase the ability of oil to flow to a well by injecting water, chemicals, or gases into the reservoir or by changing the physical properties of the oil. The reservoirs that are prime candidates for EOR include heavy oil reservoirs, unconventional reservoirs, and heterogeneous reservoirs. Today over 80% of global EOR production benefits from some sort of government incentive or is prioritized by national oil companies as part of their efforts to maximize the return from national resources. One of the main benefits, aside from increased oil recovery, is the creation of a market for carbon dioxide.
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COVID-19 Impact
The impact of the COVID-19 pandemic has declined the exploration and production activities in the oil & gas sector. Owing to the lockdown & social distancing measures in various countries it has further declined the transportation and related activities and are facing supply chain issues.
Global energy demand in 2020 fell by 4%, the largest decline since World War II and the largest ever absolute decline. As per IEA, oil was by far the hardest hit, with restrictions on mobility causing demand for transport fuels to fall by 14% from 2019 levels. At the peak of restrictions in April, global oil demand was more than 20% below pre-crisis levels. Overall, oil demand was down by almost 9% across the year. However, lower prices enabled gas to be more resilient than oil in 2020, with demand falling only by 2%.
Moreover, the pandemic has severely affected the shale and heavy oil market which accounts for a large usage of the EOR techniques due to which there was a large decline in EOR activities in 2020.
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Global Enhanced Oil Recovery Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily bifurcated into:
The Thermal EOR segment dominated the Enhanced Oil Recovery Market and accounted for X% market share. This segment will witness a considerable CAGR of X% during the forecast period (2021-2027F) owing to its ability to lower the viscosity, or thin, the heavy viscous oil, and improve its ability to flow through the reservoir.
By Application, the market is primarily studied into:
The Onshore segment generated revenue of USD X billion in 2020. The segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X billion by 2027 owing to the presence of several onshore exploration and production projects across the world.
Global Enhanced Oil Recovery Market Region Segmentation Includes:
Based on the estimation, North America dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027).
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The major players targeting the market includes:
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Enhanced Oil Recovery Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
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