Asia Pacific Enhanced Oil Recovery Market Size & Outlook
Asia Pacific enhanced oil recovery market, 2016-2027 (US$M)
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Asia Pacific enhanced oil recovery market highlights
- The Asia Pacific enhanced oil recovery market generated a revenue of USD 10,902.4 million in 2019.
- The market is expected to grow at a CAGR of 4.6% from 2020 to 2027.
- In terms of segment, thermal was the largest revenue generating technology in 2019.
- Thermal is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, China is expected to register the highest CAGR from 2020 to 2027.
Asia Pacific data book summary
| Market revenue in 2019 | USD 10,902.4 million |
| Market revenue in 2027 | USD 15,624.4 million |
| Growth rate | 4.6% (CAGR from 2019 to 2027) |
| Largest segment | Thermal |
| Fastest growing segment | Thermal |
| Historical data covered | 2016 - 2018 |
| Base year for estimation | 2019 |
| Forecast period covered | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thermal, CO2 Injection, Chemical |
| Key market players worldwide | BP PLC, Cenovus Energy, Chevron Corp, Equinor ASA, ExxonMobil, LUKOIL, Petroleo Brasileiro SA Petrobras ADR, TotalEnergies SE |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 23.5% of the global enhanced oil recovery market in 2019.
- Globally, North America is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,624.4 million by 2027.
Thermal was the largest segment with a revenue share of 48.93% in 2019. Horizon Databook has segmented the Asia Pacific enhanced oil recovery market based on thermal, co2 injection, chemical covering the revenue growth of each sub-segment from 2016 to 2027.
Various research institutes in the region are making efforts to arrange conferences for educating individuals and spreading awareness regarding EOR technologies. Such conferences are aimed at sharing information about the initiatives taken by major players in the region along with their findings.
This is expected to benefit the overall growth of Asia Pacific EOR market over the forecast period. Rapid industrialization coupled with rising population has led to an increase in the demand for oil in Asia Pacific.
Efforts taken by various governments in the region to reduce the oil import dependency and to boost indigenous oil production are projected to favor EOR market growth over the next eight years. Competitive strategies adopted by the international market players operating in the region are also expected to drive the market over the forecast period.
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Enhanced Oil Recovery Market Scope
Enhanced Oil Recovery Market Companies
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Asia Pacific enhanced oil recovery market size, by country, 2016-2027 (US$M)
Asia Pacific Enhanced Oil Recovery Market Outlook Share, 2019 & 2027 (US$M)
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