The global enhanced oil recovery market to grow at a CAGR of 10.85% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global enhanced oil recovery market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
One of the major challenges faced by EOR operations is the contamination of environment such as soil and water. One of the reasons for the contamination of environment is due to large quantities of brines and chemically complex produced water that result from EOR operations.
According to the report, one driver in market is growth of unconventional sources of hydrocarbons. When we compare conventional hydrocarbons with unconventional hydrocarbons, one of the difference between the two is the timeframe in which the unconventional hydrocarbons lose the natural pressure of flow. As the future exploration and production of oil and gas will be increasing from unconventional hydrocarbon resources, it will lead to the growth of more EOR activities, thus leading to the growth of the global enhanced oil recovery market.
Further, the report states that one challenges in market is uncertainties associated with low crude oil prices. Crude oil is always an unstable commodity that is hard to predict. This is because of the complex value chain and supply chain involved in the oil and gas industry. The price of crude oil has seen several crests and troughs over the past decades. The rise and fall of crude prices have vaguely followed a trend over the past few years, which is now identified as the crude oil price cycle. However, the correct estimation of peaks that crude oil will rise or fall is yet to be seen.