LONDON--(BUSINESS WIRE)--The latest market research report on the global gas injected enhanced oil recovery market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global gas injected enhanced oil recovery market will grow at a CAGR of over 6% during the forecast period. The rise in unconventional oil and gas resources is a major factor driving the market’s growth.
The upstream oil and gas industry is majorly dependent on crude oil prices and reflects the global supply-demand balance, which is also influenced by several political and macroeconomic factors. Unconventional oil and gas resources refer to the crude oil and natural gas that is found in shale formations and oil sands. Coalbed methane, found in coal seams or coal deposits, is another unconventional source of energy that has gained prominence. Unconventional hydrocarbons lose the natural pressure of flow quickly when compared with conventional hydrocarbon sources, thereby increasing the requirement for enhanced oil recovery techniques.
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The rising investments in shale industry is one of the key emerging trends highlighted by Technavio that is driving the global gas injected enhanced oil recovery market:
Rising investments in the shale industry
The shale industry is observing high investments. This allows producers to increase their output, particularly in the US. Though investments in conventional crude oil are moderately low, it has been estimated that there is an increase in investments for the oil and gas industry by around 3%. Thus, the shale industry is likely to experience a high growth rate during the forecast period. Oil companies are concentrating on investing in short-cycle shale projects that reduce risks and provide a quick return on investments.
“In November 2017, a major company announced its plan to invest over USD 83 billion in chemical manufacturing and shale gas development projects in West Virginia, US. Such investments in the shale industry are likely to increase the requirement for tertiary enhanced oil recovery techniques, thereby increasing the potential for the global gas injected enhanced oil recovery market,” says a senior analyst at Technavio for research on oil and gas.
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Global gas injected enhanced oil recovery market segmentation
This market research report segments the global gas injected enhanced oil recovery market into the following applications (onshore and offshore) and key regions (the Americas, APAC, and EMEA).
The onshore segment contributed to approximately 74% of the total market share in 2017. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the global gas injected enhanced oil recovery market in 2017, accounting for a market share of more than 40%. This region is anticipated to post steady growth and dominate the global market throughout the forecast period.
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