Enhanced Oil Recovery Market
Enhanced Oil Recovery Market Forecasts to 2028 – Global Analysis By Technology (Chemical-Enhanced Oil Recovery, Thermal-Enhanced Oil Recovery), Application (Offshore, Onshore) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $50.97 BN |
|
Projected Year Value (2028) |
US $83.16BN |
|
CAGR (2022 - 2028) |
8.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Enhanced Oil Recovery Market is accounted for $50.97 billion in 2022 and is expected to reach $83.16 billion by 2028 growing at a CAGR of 8.5% during the forecast period. Enhanced oil recovery is the performance of various techniques for raising the amount of crude oil that can be extracted from an oil field. Enhanced oil recovery is also called tertiary recovery. There are three primary techniques for enhanced oil recovery they are thermal recovery, gas injection, and chemical injection.
The United States and Canada are expected to further ramp up production from their unconventional reserves during the forecast period, which would, in turn, supplement the demand for gas injection-based EOR in North America. Moreover, the International Energy Agency (IEA) estimated that the systematic application of all available EOR technologies could unlock approximately 300 billion barrels of recoverable oil. As of December 2021, Daqing Oilfield, controlled by the China National Petroleum Corporation in northeast China's Heilongjiang Province, has become the world's largest tertiary oil recovery (enhanced oil recovery) production base. The annual crude oil output via tertiary recovery of Daqing Oilfield has exceeded 10 million tonnes for 20 consecutive years, bringing its cumulative total production to 286 million tonnes.
Market Dynamics:
Driver:
Increasing demand for energy security
In recent years for the economic progress of any nation in the world hydrocarbons are significant. Though, the availability of limited reserves increases the cost of energy, requiring exponential investment in imports of oil by oil-deficient countries. Hence, many countries across the globe are adopting advanced technologies to enhance domestic production to meet the oil demand, which is driving the enhanced oil recovery market trends. This will not only reduce the outflow of foreign exchange as a result of oil imports but also empowers the nation through energy security.
Restraint:
High Cost
Boosted oil recovery around the world has primarily trusted government incentives or advanced investment strategies due to the high cost of technology. The procedure is integrally difficult related to conventional methods. Deployment of EOR requires highly skilled professionals, stepwise implementation and integration of R&D, commitment, and risk-bearing capacity, which restraint the growth of the market.
The world is undergoing a critical economic crisis owing to the exponential spread of the nCovid-19 pandemic. All the businesses across the globe have hit a virtual standstill, which weakens the demand for oil and petroleum products. Fearing the ongoing economic crisis, most oil and gas companies are planning significant capital and operational expenditure cuts, putting the market on the back foot.
Opportunity:
Growing capital expenditure by national oil companies
National oil companies are stimulating strategies for growing the domestic production of oil by investing in advanced technologies. For instance, Indian conglomerates ONGC and IOC signed a pact for the injection of CO2 into a well to enhance the production of oil. Furthermore, Petroleum Development Oman (PDO) is also planning to expand its production in the forthcoming years. Hence, growing investment by national oil companies and government assistance to increase domestic oil production motivate the market size.
Threat:
Growing acceptance of renewable energy
Europe is one of the chief oils & gas producers and depletion, the move toward renewable energy in the European region has resulted in the decline of oil consumption in Europe. The European oil demand remained stagnant owing to the slowing economic activity. This decline has resulted in the fall in oil consumption in Europe, and also results in the reduction of oil & gas production and drilling activities, thus reducing the demand for enhanced oil recovery services.
The ongoing COVID pandemic has declined the exploration and production activities in the oil & gas sector. Owing to the lockdown in various countries has further declined the transportation and related activities, and are facing supply chain issues. Furthermore, Oil companies such as Shell and Exxon are taking measures to counteract oversupply issues by delaying LNG project constructions. This creates a challenging environment for the enhanced oil recovery market.
The onshore segment is expected to be the largest during the forecast period
The onshore segment is expected to grow at the fastest rate during the forecast period, due to the larger number of mature oil fields located in North America, the Middle East & Africa. The onshore oilfields in these areas are mature and are on the edge of exhaustion containing a billion barrels of added oil trapped. Such an amount of oil can be recovered through EOR services. Thus, increasing production activities onshore are driving the market.
The thermal-enhanced oil recovery segment is expected to have the highest CAGR during the forecast period
The thermal-enhanced oil recovery segment is anticipated to witness the fastest CAGR growth during the forecast period, owing to low cost and high recovery rates associated with the use of thermal injection technology. Thermal injection technology is most widely used for enhanced oil recovery operations among the primary oil recovery and secondary oil recovery methods.
Region with highest share:
North America is projected to hold the largest market share during the forecast period. North America is the foremost revenue contributor owing to the presence of a huge mature oil and gas asset base in the Gulf of Mexico and the availability of good potential for unconventional sources of oil and gas in various countries such as Canada and the US.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period with China occupies the largest share across the province. Moreover, rising oil and gas demand from major economies including China and India, along with the increased deployment of EOR in aged wells to meet the production targets, is estimated to bolster the market demand in the Asia Pacific.
Key players in the market
Some of the key players profiled in the Enhanced Oil Recovery Market include Basf Se, Chevron Phillips Chemical Company, British Petroleum, ExxonMobil Corporation, Oil and Natural Gas Corporation Ltd, Schlumberger Ltd, Lukoil Oil Co., TechnipFMC, Equinor, Abu Dhabi National Oil Company, Halliburton Co., Canadian Natural Resources, Praxair Technology, Inc., ConocoPhillips, Secure Energy Services Inc and Royal Dutch Shell Plc.
Key Developments:
In September 2019: TechnipFMC announced that it opened a surface international facility in ICAD II. The scope of the investment was to assist ADNOC to enhance its operations in Abu Dhabi. The new facility offered a broad range of TechnipFMC portfolio with its high technology equipment in drilling, completion, production, and pressure control segments.
In October 2021: LUKOIL and Gazprom Neft signed an agreement on cooperation to implement oil recovery enhancement projects. The agreement provides joint work on improving chemical methods of enhanced oil recovery.
Technologies Covered:
• Chemical-Enhanced Oil Recovery
• Gas-Enhanced Oil Recovery
• Thermal-Enhanced Oil Recovery
• Other Enhanced Oil Recovery Techniques
Applications Covered:
• Offshore
• Onshore
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Enhanced Oil Recovery Market, By Technology
5.1 Introduction
5.2 Chemical-Enhanced Oil Recovery
5.2.1 Surfactant
5.2.2 Alkaline
5.2.3 Polymer
5.2.4 Other Chemical-Enhanced Oil Recoveries
5.3 Gas-Enhanced Oil Recovery
5.3.1 Nitrogen
5.3.2 CO2
5.3.3 Other Gas-Enhanced Oil Recoveries
5.4 Thermal-Enhanced Oil Recovery
5.4.1 In-situ combustion
5.4.2 Steam
5.4.3 Hot water
5.5 Other Enhanced Oil Recovery Techniques
6 Global Enhanced Oil Recovery Market, By Application
6.1 Introduction
6.2 Offshore
6.3 Onshore
7 Global Enhanced Oil Recovery Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Basf Se
9.2 Chevron Phillips Chemical Company
9.3 British Petroleum
9.4 ExxonMobil Corporation
9.5 Oil and Natural Gas Corporation Ltd
9.6 Schlumberger Ltd
9.7 Lukoil Oil Co.
9.8 TechnipFMC
9.9 Equinor
9.10 Abu Dhabi National Oil Company
9.11 Halliburton Co.
9.12 Canadian Natural Resources
9.13 Praxair Technology, Inc.
9.14 ConocoPhillips
9.15 Secure Energy Services Inc.
9.16 Royal Dutch Shell Plc
List of Tables
1 Global Enhanced Oil Recovery Market Outlook, By Region (2020-2028) (US $MN)
2 Global Enhanced Oil Recovery Market Outlook, By Technology (2020-2028) (US $MN)
3 Global Enhanced Oil Recovery Market Outlook, By Chemical-Enhanced Oil Recovery (2020-2028) (US $MN)
4 Global Enhanced Oil Recovery Market Outlook, By Surfactant (2020-2028) (US $MN)
5 Global Enhanced Oil Recovery Market Outlook, By Alkaline (2020-2028) (US $MN)
6 Global Enhanced Oil Recovery Market Outlook, By Polymer (2020-2028) (US $MN)
7 Global Enhanced Oil Recovery Market Outlook, By Other Chemical-Enhanced Oil Recoveries (2020-2028) (US $MN)
8 Global Enhanced Oil Recovery Market Outlook, By Gas-Enhanced Oil Recovery (2020-2028) (US $MN)
9 Global Enhanced Oil Recovery Market Outlook, By Nitrogen (2020-2028) (US $MN)
10 Global Enhanced Oil Recovery Market Outlook, By CO2 (2020-2028) (US $MN)
11 Global Enhanced Oil Recovery Market Outlook, By Other Gas-Enhanced Oil Recoveries (2020-2028) (US $MN)
12 Global Enhanced Oil Recovery Market Outlook, By Thermal-Enhanced Oil Recovery (2020-2028) (US $MN)
13 Global Enhanced Oil Recovery Market Outlook, By In-situ combustion (2020-2028) (US $MN)
14 Global Enhanced Oil Recovery Market Outlook, By Steam (2020-2028) (US $MN)
15 Global Enhanced Oil Recovery Market Outlook, By Hot water (2020-2028) (US $MN)
16 Global Enhanced Oil Recovery Market Outlook, By Other Enhanced Oil Recovery Techniques (2020-2028) (US $MN)
17 Global Enhanced Oil Recovery Market Outlook, By Application (2020-2028) (US $MN)
18 Global Enhanced Oil Recovery Market Outlook, By Offshore (2020-2028) (US $MN)
19 Global Enhanced Oil Recovery Market Outlook, By Onshore (2020-2028) (US $MN)
20 North America Enhanced Oil Recovery Market Outlook, By Country (2020-2028) (US $MN)
21 North America Enhanced Oil Recovery Market Outlook, By Technology (2020-2028) (US $MN)
22 North America Enhanced Oil Recovery Market Outlook, By Chemical-Enhanced Oil Recovery (2020-2028) (US $MN)
23 North America Enhanced Oil Recovery Market Outlook, By Surfactant (2020-2028) (US $MN)
24 North America Enhanced Oil Recovery Market Outlook, By Alkaline (2020-2028) (US $MN)
25 North America Enhanced Oil Recovery Market Outlook, By Polymer (2020-2028) (US $MN)
26 North America Enhanced Oil Recovery Market Outlook, By Other Chemical-Enhanced Oil Recoveries (2020-2028) (US $MN)
27 North America Enhanced Oil Recovery Market Outlook, By Gas-Enhanced Oil Recovery (2020-2028) (US $MN)
28 North America Enhanced Oil Recovery Market Outlook, By Nitrogen (2020-2028) (US $MN)
29 North America Enhanced Oil Recovery Market Outlook, By CO2 (2020-2028) (US $MN)
30 North America Enhanced Oil Recovery Market Outlook, By Other Gas-Enhanced Oil Recoveries (2020-2028) (US $MN)
31 North America Enhanced Oil Recovery Market Outlook, By Thermal-Enhanced Oil Recovery (2020-2028) (US $MN)
32 North America Enhanced Oil Recovery Market Outlook, By In-situ combustion (2020-2028) (US $MN)
33 North America Enhanced Oil Recovery Market Outlook, By Steam (2020-2028) (US $MN)
34 North America Enhanced Oil Recovery Market Outlook, By Hot water (2020-2028) (US $MN)
35 North America Enhanced Oil Recovery Market Outlook, By Other Enhanced Oil Recovery Techniques (2020-2028) (US $MN)
36 North America Enhanced Oil Recovery Market Outlook, By Application (2020-2028) (US $MN)
37 North America Enhanced Oil Recovery Market Outlook, By Offshore (2020-2028) (US $MN)
38 North America Enhanced Oil Recovery Market Outlook, By Onshore (2020-2028) (US $MN)
39 Europe Enhanced Oil Recovery Market Outlook, By Country (2020-2028) (US $MN)
40 Europe Enhanced Oil Recovery Market Outlook, By Technology (2020-2028) (US $MN)
41 Europe Enhanced Oil Recovery Market Outlook, By Chemical-Enhanced Oil Recovery (2020-2028) (US $MN)
42 Europe Enhanced Oil Recovery Market Outlook, By Surfactant (2020-2028) (US $MN)
43 Europe Enhanced Oil Recovery Market Outlook, By Alkaline (2020-2028) (US $MN)
44 Europe Enhanced Oil Recovery Market Outlook, By Polymer (2020-2028) (US $MN)
45 Europe Enhanced Oil Recovery Market Outlook, By Other Chemical-Enhanced Oil Recoveries (2020-2028) (US $MN)
46 Europe Enhanced Oil Recovery Market Outlook, By Gas-Enhanced Oil Recovery (2020-2028) (US $MN)
47 Europe Enhanced Oil Recovery Market Outlook, By Nitrogen (2020-2028) (US $MN)
48 Europe Enhanced Oil Recovery Market Outlook, By CO2 (2020-2028) (US $MN)
49 Europe Enhanced Oil Recovery Market Outlook, By Other Gas-Enhanced Oil Recoveries (2020-2028) (US $MN)
50 Europe Enhanced Oil Recovery Market Outlook, By Thermal-Enhanced Oil Recovery (2020-2028) (US $MN)
51 Europe Enhanced Oil Recovery Market Outlook, By In-situ combustion (2020-2028) (US $MN)
52 Europe Enhanced Oil Recovery Market Outlook, By Steam (2020-2028) (US $MN)
53 Europe Enhanced Oil Recovery Market Outlook, By Hot water (2020-2028) (US $MN)
54 Europe Enhanced Oil Recovery Market Outlook, By Other Enhanced Oil Recovery Techniques (2020-2028) (US $MN)
55 Europe Enhanced Oil Recovery Market Outlook, By Application (2020-2028) (US $MN)
56 Europe Enhanced Oil Recovery Market Outlook, By Offshore (2020-2028) (US $MN)
57 Europe Enhanced Oil Recovery Market Outlook, By Onshore (2020-2028) (US $MN)
58 Asia Pacific Enhanced Oil Recovery Market Outlook, By Country (2020-2028) (US $MN)
59 Asia Pacific Enhanced Oil Recovery Market Outlook, By Technology (2020-2028) (US $MN)
60 Asia Pacific Enhanced Oil Recovery Market Outlook, By Chemical-Enhanced Oil Recovery (2020-2028) (US $MN)
61 Asia Pacific Enhanced Oil Recovery Market Outlook, By Surfactant (2020-2028) (US $MN)
62 Asia Pacific Enhanced Oil Recovery Market Outlook, By Alkaline (2020-2028) (US $MN)
63 Asia Pacific Enhanced Oil Recovery Market Outlook, By Polymer (2020-2028) (US $MN)
64 Asia Pacific Enhanced Oil Recovery Market Outlook, By Other Chemical-Enhanced Oil Recoveries (2020-2028) (US $MN)
65 Asia Pacific Enhanced Oil Recovery Market Outlook, By Gas-Enhanced Oil Recovery (2020-2028) (US $MN)
66 Asia Pacific Enhanced Oil Recovery Market Outlook, By Nitrogen (2020-2028) (US $MN)
67 Asia Pacific Enhanced Oil Recovery Market Outlook, By CO2 (2020-2028) (US $MN)
68 Asia Pacific Enhanced Oil Recovery Market Outlook, By Other Gas-Enhanced Oil Recoveries (2020-2028) (US $MN)
69 Asia Pacific Enhanced Oil Recovery Market Outlook, By Thermal-Enhanced Oil Recovery (2020-2028) (US $MN)
70 Asia Pacific Enhanced Oil Recovery Market Outlook, By In-situ combustion (2020-2028) (US $MN)
71 Asia Pacific Enhanced Oil Recovery Market Outlook, By Steam (2020-2028) (US $MN)
72 Asia Pacific Enhanced Oil Recovery Market Outlook, By Hot water (2020-2028) (US $MN)
73 Asia Pacific Enhanced Oil Recovery Market Outlook, By Other Enhanced Oil Recovery Techniques (2020-2028) (US $MN)
74 Asia Pacific Enhanced Oil Recovery Market Outlook, By Application (2020-2028) (US $MN)
75 Asia Pacific Enhanced Oil Recovery Market Outlook, By Offshore (2020-2028) (US $MN)
76 Asia Pacific Enhanced Oil Recovery Market Outlook, By Onshore (2020-2028) (US $MN)
77 South America Enhanced Oil Recovery Market Outlook, By Country (2020-2028) (US $MN)
78 South America Enhanced Oil Recovery Market Outlook, By Technology (2020-2028) (US $MN)
79 South America Enhanced Oil Recovery Market Outlook, By Chemical-Enhanced Oil Recovery (2020-2028) (US $MN)
80 South America Enhanced Oil Recovery Market Outlook, By Surfactant (2020-2028) (US $MN)
81 South America Enhanced Oil Recovery Market Outlook, By Alkaline (2020-2028) (US $MN)
82 South America Enhanced Oil Recovery Market Outlook, By Polymer (2020-2028) (US $MN)
83 South America Enhanced Oil Recovery Market Outlook, By Other Chemical-Enhanced Oil Recoveries (2020-2028) (US $MN)
84 South America Enhanced Oil Recovery Market Outlook, By Gas-Enhanced Oil Recovery (2020-2028) (US $MN)
85 South America Enhanced Oil Recovery Market Outlook, By Nitrogen (2020-2028) (US $MN)
86 South America Enhanced Oil Recovery Market Outlook, By CO2 (2020-2028) (US $MN)
87 South America Enhanced Oil Recovery Market Outlook, By Other Gas-Enhanced Oil Recoveries (2020-2028) (US $MN)
88 South America Enhanced Oil Recovery Market Outlook, By Thermal-Enhanced Oil Recovery (2020-2028) (US $MN)
89 South America Enhanced Oil Recovery Market Outlook, By In-situ combustion (2020-2028) (US $MN)
90 South America Enhanced Oil Recovery Market Outlook, By Steam (2020-2028) (US $MN)
91 South America Enhanced Oil Recovery Market Outlook, By Hot water (2020-2028) (US $MN)
92 South America Enhanced Oil Recovery Market Outlook, By Other Enhanced Oil Recovery Techniques (2020-2028) (US $MN)
93 South America Enhanced Oil Recovery Market Outlook, By Application (2020-2028) (US $MN)
94 South America Enhanced Oil Recovery Market Outlook, By Offshore (2020-2028) (US $MN)
95 South America Enhanced Oil Recovery Market Outlook, By Onshore (2020-2028) (US $MN)
96 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Country (2020-2028) (US $MN)
97 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Technology (2020-2028) (US $MN)
98 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Chemical-Enhanced Oil Recovery (2020-2028) (US $MN)
99 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Surfactant (2020-2028) (US $MN)
100 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Alkaline (2020-2028) (US $MN)
101 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Polymer (2020-2028) (US $MN)
102 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Other Chemical-Enhanced Oil Recoveries (2020-2028) (US $MN)
103 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Gas-Enhanced Oil Recovery (2020-2028) (US $MN)
104 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Nitrogen (2020-2028) (US $MN)
105 Middle East & Africa Enhanced Oil Recovery Market Outlook, By CO2 (2020-2028) (US $MN)
106 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Other Gas-Enhanced Oil Recoveries (2020-2028) (US $MN)
107 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Thermal-Enhanced Oil Recovery (2020-2028) (US $MN)
108 Middle East & Africa Enhanced Oil Recovery Market Outlook, By In-situ combustion (2020-2028) (US $MN)
109 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Steam (2020-2028) (US $MN)
110 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Hot water (2020-2028) (US $MN)
111 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Other Enhanced Oil Recovery Techniques (2020-2028) (US $MN)
112 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Application (2020-2028) (US $MN)
113 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Offshore (2020-2028) (US $MN)
114 Middle East & Africa Enhanced Oil Recovery Market Outlook, By Onshore (2020-2028) (US $MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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