DUBLIN, Jun 14, 2021--(BUSINESS WIRE)--The "Thermal Enhanced Oil Recovery Market by Technology, by Application - Global Opportunity Analysis and Industry Forecast, 2020 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Global Thermal Enhanced Oil Recovery Market size was valued at USD 19.50 billion in 2019 and is predicted to reach USD 24.15 billion by 2030 with a CAGR of 2.9% from 2020-2030.
China National Offshore Oil Corporation (CNOOC)
Royal Dutch Shell plc.
Petroliam Nasional Berhad (Petronas)
Thermal Enhanced Oil Recovery is a process that involves burning of natural gas to produce steam, which is then injected into the reservoir for heating heavy oils and thereby change its viscosity. This in turn simplifies the overall oil recovery process. Now-a-days solar energy is also used by the concentrating the sun rays with the help of mirrors to produce heat and carry out the recovery process.
Market Dynamics and Trends:
The rapidly growing population has led to the increased demand of oil and fuel for various purposes including automobile, machinery and others. Moreover, technological development and depleting levels of fossil fuels are expected to promote the growth of thermal enhanced oil recovery market. Other factors including maturity of oilfields, increasing amount of oil recovery from the oil fields and limited availability of natural gas are expected to further drive the market growth. However, fluctuation in oil prices and environmental impacts are expected to hinder the growth of thermal enhanced oil recovery market. On the contrary, increase in the investments and R&D activities are also expected to create lucrative opportunities in the thermal enhanced oil recovery market over the forecast period.
Market Segmentations and Scope of the Study:
The global thermal enhanced oil recovery market share is segmented on the basis of technology, application and geography. On the basis of technology, the market is segmented into Oil Sands, Heavy Oil, Steam Injection (Cyclic Steam Stimulation (CSS), Steam Flooding), Steam-Assisted Gravity Drainage (SAGD) and other. On the basis of application, the market is divided into onshore and offshore. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is expected to account for the major market share owing to the increasing demand of oil and presence of matured wells. Moreover, technological advancements coupled with presence of developed infrastructures are expected to fuel the growth of thermal enhanced oil recovery market. However, Asia Pacific is expected to show rapid growth with gradual increase in market share owing to the presence of developing economies such as India, China and others. Moreover, presence of large population and several oil wells across the region are also expected to promote the growth of thermal enhanced oil recovery market.
Key Topics Covered:
2. Market Snapshot, 2019-2030 Million USD
3. Porter's Five Force Model Analysis
4. Market Dynamics
5. Global Thermal Enhanced Oil Recovery (Eor) Market, by Type
6. Global Thermal Enhanced Oil Recovery (Eor) Market, by Technology
7. Global Thermal Enhanced Oil Recovery (Eor) Market, by Region
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/igz9bo
View source version on businesswire.com: https://www.businesswire.com/news/home/20210614005311/en/
Laura Wood, Senior Press Manager
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