The global enhanced gas recovery market is expected to register growth owing to the increasing natural gas demand globally over the next seven years. Increasing natural gas preference over other conventional fossil fuels is anticipated to drive global market growth. Enhanced gas recovery (EGR) improves extraction efficiency which is expected to spur market growth over the forecast period. EGR is employed in reservoirs to extract gas from reservoirs through injecting gases which boost pressure and eject natural gas. Mostly nitrogen gas has been used in the recent past to deploy this method. Enhanced gas recovery increases the extracted gas volume to a large extent and also reduces the cost of extraction which is anticipated to be the major factor to drive the market growth. New research has developed carbon dioxide usage over nitrogen gas for more efficient extraction. Carbon dioxide is heavier than nitrogen and can be easily trapped under the reservoir providing more pressure which is anticipated to boost the market growth over the forecast period. Carbon capture and storage technology to trap carbon dioxide inside the reservoir is expected to assist in reducing carbon dioxide emission in the atmosphere. This is anticipated to support E&P market players for reducing greenhouse gas emission which in turn bolster EGR market growth. E&P companies applied EGR method to increase pressure inside well for smooth extraction coupled with optimum cost. Enhanced gas recovery method used gases for extraction which mixed with natural gas along with other impurities. The extracted gas requires to be further treated to remove these impurities which increases the product cost. This is expected to hinder the global EGR market over the foreseeable future. Further improvisation in technology to reduce such impurities is projected to witness surging growth over the forecast period.
Based on feedstock, the enhanced gas recovery market is expected to be segmented into nitrogen-based EGR and carbon dioxide-based EGR. Nitrogen-based EGR market was the only market but new research regarding carbon dioxide usage for EGR is expected to be the dominant market over the next seven years. Higher yield and greenhouse gas reduction are projected to augment the global EGR market.
North America was the dominant regional market in 2014 owing to growing E&P activities and demand for natural gas. The region is also expected to witness significant growth with carbon dioxide EGR method deployment over the forecast period due to stringent regulations in the region. Asia Pacific is expected to be the fastest-growing regional market owing to increasing natural gas consumption. New shale gas reserves discoveries, particularly in China, is expected to boost the enhanced gas recovery market in the region.
Increasing E&P activities in countries such as Indonesia, Malaysia, and South Korea is anticipated to foster the regional market over the next seven years. Major market players include The Linde Group, The Dow Chemical Company, Praxair, Inc., Abu Dhabi National Oil Company, Tiorco, LLC, and NALCO Energy Services.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
ESOMAR & Great Work to Place Certified
ISO 9001:2015 & 27001:2022 Certified
"The quality of research they have done for us has been excellent."
The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.