Battery Market To Create Business Opportunities, Owing To High Demand For Portable Electronics

 

Battery Industry Overview

The global battery market size is expected to reach USD 310.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 14.1% from 2020 to 2027. Technological advancements in terms of enhanced efficiency and cost reduction are likely to open new paths for the global market over the estimated period. Increasing use in aircraft emergency systems in case of non-availability of auxiliary power units (APUs) for ground operations, restarting, and braking the auxiliary power units is expected to propel high capacity battery demand. High density and low cost of the lead-acid battery will support use in grid storage and emergency power supply applications, thus augmenting the market growth.

 

Battery Market Segmentation

Grand View Research has segmented the global battery market report on the basis of product, application, and region:

 

Based on the Product Insights, the market is segmented into lead acid, lithium ion, nickel metal hydride, nickel cadmium and others

• The lead-acid battery segment accounted for the largest share of 29.5% in 2019 on account of expanding applications in uninterrupted power supply (UPS), automotive, telecommunication, transport vehicles, and electric bikes.
• High use of uninterrupted power supply devices in the oil and gas, healthcare, and chemical sectors for constant power supply will drive demand for a lead-acid battery. These batteries are used in critical applications on account of their high reliability and low cost.
• The lithium-ion product segment was valued at USD 31.8 billion in 2019 owing to its growing demand for electric vehicles (EVs) and grid storage as it offers high-energy density solutions and is lightweight.
• Li-ion batteries are expected to capture a substantial portion in the market over the projected period on account of their low energy density and high lead content.
• Lithium-ion batteries are expected to infiltrate lead-acid battery applications, such as storage and automobiles, plug-in electric vehicles, and electric vehicles, thus holding a majority market share by 2027.
• The adoption of Li-ion batteries in electric vehicles, energy storage systems, and portable devices is expected to rise at a fast pace owing to their low maintenance properties and higher energy densities.
• Nickel-cadmium and nickel-metal hydride batteries are the next major segments of the global market.

 

Based on the Application Insights, the market is segmented into automotive batteries, industrial batteries and portable batteries

• The automotive application segment led the market and accounted for a 34.3% share of the total revenue in 2019 on account of increasing demand for EVs, plug-in hybrid vehicles, and HEVs.
• Starting, lighting, and ignition (SLI) application in the automotive sector has contributed to high battery demand for SLI in vehicles. Industrial applications include forklifts with extra material handling equipment, telecom, energy storage, UPS, emergency lighting, security, road signs, medical, and control and switchgear.
• High demand for consumer electronics is likely to drive the portable application segment. This segment is expected to observe substantial growth in terms of consignments, though, with low revenues and small size, it does not subsidize a major share in the market.
• Batteries are mainly used in various industrial applications such as off-grid and grid energy storage systems, UPS, power backup, machinery and marine equipment, industrial automation systems, agricultural machinery, defense and aviation, electronics, oil and gas, and civil infrastructure.
• An increase in the usage of electric-powered forklifts and automation systems in industrial logistics and storage warehouses, workshops, large-scale facilities, and factories is expected to drive the consumption of industrial batteries during the estimated period.

 

Battery Regional Outlook

• North America
• Europe
• Asia Pacific
• Central and South America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The global market is characterized by intense competition due to the presence of major companies across the region. The market is categorized with forwarding integration, where key battery producers are also indulged in the usage and distribution of such batteries. Key participants depend on strategies such as JVs and M&A to strengthen their presence in the market. They also focus on increasing their market productivity and share through R&D activities and product innovations. 

Some of the prominent players in the battery market include:

• GS Yuasa International Ltd.
• BYD Company Ltd.
• A123 Systems LLC
• Hitachi Chemical Co., Ltd.
• Johnson Controls
• NEC Corporation,
• Panasonic Corporation
• Samsung SDI Co., Ltd.
• Toshiba Corporation
• LG Chem Ltd.
• Saft
• Sony Corporation
• Eveready Industries
• Contemporary Amperex Technology Co.

 

Order a free sample PDF of the Battery Market Intelligence Study, published by Grand View Research.

Polypropylene Market Is Expected To Grow As Of Its Rising Application In The Packaging Industry

 Polypropylene Industry Overview

The global polypropylene market size is expected to reach USD 151.8 billion by 2028, according to a report by Grand View Research, Inc., expanding at a CAGR of 3.4% from 2021 to 2028. Increasing product demand from the packaging, automotive, electrical and electronics, and a few other application industries is expected to propel market growth. Moreover, growing demand for lightweight product from these sectors is expected to be a key driver for the market.

 

Polypropylene Market Segmentation

Grand View Research has segmented the global polypropylene market report on the basis of type, process, application, end use, and region:

 

Based on the Type Insights, the market is segmented into homopolymer and copolymer.

• Homopolymer led the market and accounted for 83.4% share of the global revenue in 2020. Rising application of homopolymer polypropylene in manufacturing of various components, such as orthotic and prosthetic devices, pump components, secondary containments, and storage tanks, for various end-use industries, such as healthcare, automotive, and construction, is expected to drive the segment over the forecast period.
• Homopolymer polypropylene offers a high isostatic index, resulting in high melting point, and thus is widely used in applications where high-temperature resistance is required, such as steam sterilization and hot filling.
• In comparison to a homopolymer, copolymer polypropylene is softer, but has a stronger impact strength and is more durable than homopolymer propylene. It is widely being used in the medical industry.
• Copolymer polypropylene has higher stress crack resistance and toughness at low temperatures, which is expected to drive the demand for copolymer polypropylene over the forecast period.

 

Based on the Process Insights, the market is segmented into injection molding, blow molding, extrusion and other.

• Injection molding led the market and accounted for over 36% share of the global revenue in 2020. A wide range of applications of injection-molded polypropylene in various end-use markets, such as automotive, packaging, and electrical and electronics, owing to its excellent high impact strength, moisture resistance, and chemical resistance is expected to drive the demand for injection molded polypropylene products over the forecast period.
• Blow molding process held the second-largest revenue share in 2019. The blow molding process is majorly used in manufacturing hollow polypropylene containers, such as food containers, plastic bottles, containers, and milk jugs, for various applications such as packaging.

 

Based on the Application Insights, the market is segmented into fiber, film and sheet, raffia and other.

• Film and sheet segment led the market and accounted for nearly 35% share of the global revenue in 2020. Rising application of polypropylene in packaging materials, binders, boxes, and portfolios owing to its better chemical resistance, high temperature stability, excellent moisture barrier, high temperatures stability, excellent chemical resistance, and exceptional contact clarity is expected to propel the segment growth over the forecast period.
• Fiber emerged as the second-largest application segment and captured a revenue share of over 29% in 2020. Rising demand from the automotive sector for automotive flooring, pull straps, seat cover construction, and seam reinforcement is expected to boost the product demand in the coming years.

 

Based on the End-use Insights, the market is segmented into automotive, building & construction, packaging, medical, electrical & electronics and others.

• Packaging segment led the market and accounted for a 35.8% share of the global revenue in 2020. Product properties such as high flexibility and the ability to survive in extreme conditions are expected to drive the demand for polypropylene in the packaging segment.
• Moreover, demand for polypropylene in packaging is expected to shift severely toward food packaging applications owing to the shutdown of restaurants and foodservice outlets caused by the pandemic.
• The electrical and electronic segment is expected to witness significant growth over the forecast period owing to the rising consumption of polymers in computers, mobiles, tablets, and mobile phones.
• Shifting preferences of consumers from heavy metal to lightweight material in the electrical and electronics, and the automotive segment is anticipated to fuel the demand for polypropylene over the forecast period.

 

Polypropylene Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is characterized by the presence of various small- and medium-scale companies catering to global and local demand. It is characterized by forward integration through raw material production, polypropylene manufacturing, and distribution to various application industries.

Some of the prominent players in the global polypropylene market include:

• SABIC
• Exxon Mobil Corporation
• Lyondellbasell Industries Holdings B.V.,
• China Petrochemical Corporation
• BASF SE
• Eastman Chemical Company
• LG Chem

 

Order a free sample PDF of the Polypropylene Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Carbon Capture And Storage Market Is Likely To Develop, Due To Growing Need For CO2 For EOR Activities In The Oil And Gas Industry

  

Carbon Capture And Storage Industry Overview

 

The global carbon capture and storage market size was valued at USD 3.22 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8 % from 2022 to 2030.

 

Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage (CCS) technology. Various governments are encouraging the implementation of technology through pilot projects across various industries due to the ability of carbon capture & storage technology to serve as a large-scale solution for achieving the high CO2 emission reduction targets and climate control goals.

 

Gather more insights about the market drivers, restrains and growth of the Global Carbon Capture And Storage Market

 

As technology advances, offshore oil and gas exploration and production activities are projected to expand, resulting in a surge in the use of gas injection enhanced oil recovery (EOR) techniques. Carbon dioxide is used in the extraction of crude oil. The use of gas injection EOR techniques for both onshore and offshore wells will be fueled by maturing and declining oil reservoirs. As a result, the market for carbon capture and storage is likely to develop over the forecast period due to the growing need for CO2 for EOR activities in the oil and gas industry.

 

In 2021, the U.S. generated USD 939.52 in terms of revenue. The region is anticipated to dominate the global market on account of the presence of several high-capacity CCS plants in this region, as well as the increasing usage of CO2 in enhanced oil recovery techniques. Due to large-scale development projects of carbon capture, utilization, and storage, the demand in the region is predicted to increase rapidly in contrast to other regions.

 

According to the American Council, the FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground Storage, and Reduced Emissions) was introduced under the 45Q part of the bill to give incentives for capturing the carbon dioxide produced by industrial and power sources for use in enhanced oil recovery. With the development of shale gas technology and the new government's lack of interest in carbon capture, the market for CCUS is predicted to increase at a slow rate in the country, increasing North America's market share in the carbon capture and storage market.

 

Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

• Enhanced Oil Recovery Market - The global enhanced oil recovery market size was valued at USD 38.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. An increasing number of aged wells, along with decreasing production from existing oilfields, is expected to drive the market demand over the forecast period.
• Carbon Dioxide Market - The global carbon dioxide market size was valued at USD 3.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Increasing utilization of Carbon Dioxide (CO2) for Enhanced Oil Recovery (EOR) and its surging usage in food & beverages and medical industries are anticipated to fuel the growth of the global market during the forecast period.

 

Carbon Capture And Storage Market Segmentation

Grand View Research has segmented the carbon capture and storage market based on capture technology, application, and region:

Carbon Capture And Storage Capture Technology Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 - 2030)

• Pre-combustion
• Industrial Process
• Oxy-combustion
• Post-combustion

Carbon Capture And Storage Application Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 - 2030)

• Power generation
• Oil & Gas
• Metal production
• Cement
• Others

Carbon Capture And Storage Regional Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 - 2030)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

 

Market Share Insights

• January 2019: Aker Solutions secured a contract for a carbon capture and storage project, which was initiated by Equinor in partnership with Shell and Total, to develop the world’s first storage facility capable of receiving CO2 from various industrial sources. 

 

Key Companies profiled:

Some prominent players in the global carbon capture and storage market include

• Aker Solutions
• Dakota Gasification Company
• Equinor ASA
• Fluor Corporation
• Linde plc
• Maersk Oil
• Mitsubishi Heavy Industries Ltd.
• Royal Dutch Shell PLC
• Siemens AG
• Sulzer Ltd. 

 

Order a free sample PDF of the Carbon Capture And Storage Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

China Stationary Lead Acid Battery Market Is Estimated To Grow As Of High Surge Currents And Energy Densities

 China Stationary Lead Acid Battery Industry Overview

 

The China stationary lead-acid battery market size was valued at USD 2.4 billion in 2015. The product will witness significant demand from various end-use industries including oil & gas, nuclear power, electricity generation, construction, hospitality, banking, manufacturing, mining, transport infrastructure, and off-grid renewable.

 

An easy manufacturing process coupled with the requirement of low-cost equipment will drive the demand over the forecast period. Increasing demand for lead-acid batteries as they provide high surge currents and energy densities will spur industry growth. Moreover, its advantages such as durability, dependability, low maintenance costs, and high discharge rate are expected to increase its preference over Li-ion and NiCd batteries.

 

Gather more insights about the market drivers, restrains and growth of the China Stationary Lead Acid Battery Market

 

Increasing investment by battery manufacturers coupled with the growing number of off-grid renewable projects, manufacturing facilities, and commercial buildings in China is likely to stimulate industry growth. The increasing demand for stationary lead-acid batteries in off-grid renewable energy generation for storing energy is expected to augment industry expansion. Rising product usage in renewable energy systems will open new market avenues over the forecast period.

 

The presence of big telecom players such as China Telecom, China Unicom, and China Mobile coupled with the growing population will augment the demand for the product over the next eight years. Increasing consumption of UPS systems in buildings such as hospitals, banks, offices, data centers, and educational institutions for power backup & storage will promote industry growth over the next eight years. In addition, their ability to provide an uninterrupted power supply is a crucial factor for the development of the market.

 

High adoption of lead-acid batteries in Energy Storage Systems (ESS) including stand-alone systems with PV, emergency power supply systems, and battery systems for mitigation of output fluctuations from the wind and solar energy will augment demand over the forecast period. Growing usage of Li-ion batteries in solar power and railway industries is also expected to impact the demand over the forecast period adversely. Moreover, volatile raw material prices will hinder industry expansion over the upcoming years.

 

Various manufacturers are focusing on R&D for the development of environment-friendly products that are economical and offer better efficiency which in turn will open new market avenues over the forecast period. Ease of recyclability along with less operational expenses will further increase market size over the upcoming years. Moreover, offshore platforms' sub-sea exploration and on-shore production operations require versatile, maintenance-free, efficient, and lightweight batteries, therefore Li-ion batteries are preferred over lead-acid batteries. However, distribution infrastructure and refineries utilize lead-acid batteries in light of their low cost which is expected to fuel the market growth over the forecast period.

 

China has planned to continue increasing its natural gas supply to replace coal consumption over the upcoming years. Furthermore, China government’s shale gas policy “First Shale Gas Industrial Policy” intended for rapid promotion of rapid development of the shale gas industry is expected to open new market opportunities. The presence of key oil and gas companies including CNOOC, Geo-Jade Petroleum, China National Petroleum Corporation, Sinopec, CITIC Resources, Shaanxi Yanchang Petroleum, and Sinochem Group is likely to drive market growth.

 

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

• Battery Market - The global battery market size was valued at USD 108.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.1% from 2020 to 2027. The market growth is attributed to the high demand for automotive applications. The automotive application includes rechargeable batteries used in non-rechargeable batteries and electric vehicles.
• Energy Storage Systems Market - The global energy storage systems market demand was valued 211.24 GW in 2021 and is progressing at a compound annual growth rate (CAGR) of 11.0% from 2022 to 2030. Growing demand for efficient and competitive energy resources is likely to propel market growth over the coming years. 

 

China Stationary Lead Acid Battery Market Segmentation

Grand View Research has segmented the China stationary lead acid battery market on the basis of application:

China Stationary Lead Acid Battery Market Application Outlook (USD Million, 2013 - 2024)

• Utilities
• Oil & Gas
• Industries
• Buildings
• Transportation Infrastructure
• Off-Grid Renewable
• Telecommunication

 

Market Share Insights

• March 2016: GS Yuasa Corp introduced the "SLR-1000" lead-acid battery for solar application, which can handle 5,000 charge-discharge cycles, along with a rated capacity of 1,000 Ah.
• May 2013: East Penn Manufacturing introduced Deka Fahrenheit, a heat-tolerant VLRA to withstand uncontrolled temperatures, reduce the cost incurred, and for energy conservation in the marine segment.

 

Key Companies profiled:

Some prominent players in the china stationary lead acid battery market include

• GS Yuasa Corporation
• Leoch International Technology Ltd.
• Narada Power Source Co., Ltd.
• Fengfan Co. Ltd.
• China Shoto
• Johnson Control
• Exide Technologies
• EnerSys
• Fujian Quanzhou Dahua Battery Co., Ltd
• C&D Technologies
• B. Battery Co., Ltd.

 

Order a free sample PDF of the China Stationary Lead Acid Battery Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Nuclear Decommissioning Services Market To Rise Up Due To Transitioning Trend Toward Renewable Sources Of Energy

 

Nuclear Decommissioning Services Industry Overview

 

The global nuclear decommissioning services market size was valued at USD 6.05 billion in 2021 and is projected to register a CAGR of 5.1% during the forecast period. The worldwide shutdown of older nuclear reactors owing to aging and the transitioning trend toward renewable sources of energy due to minimal environmental impact is likely to be the major forces driving the growth of the market in the coming years.

 

Due to the Covid-19, the nuclear sector faced a few challenges such as unavailability of the workers, restrictions on the number of on-site workers, and disruption in supply chains. Travel restrictions and government guidelines had an adverse impact on the progress of some nuclear decommissioning projects, owing to the limited availability of staff and experts. The end dates of project completion faced the risk of extension.

 

Gather more insights about the market drivers, restrains and growth of the Global Nuclear Decommissioning Services Market

 

The demand for nuclear decommissioning has observed a tremendous surge due to the growing support from the governments of various countries post-nuclear accidents. Pressure from the public as well as governments are building up due to which nuclear phase-out has become the need of the hour. Increasing safety concerns, especially in regions such as Europe and North America, are anticipated to positively impact market growth.

 

Nuclear dismantling can take several years as radioactive waste degrades over a long period of time. In general, the lifespan of a reactor is expected to be around 40 to 60 years, beyond which, it becomes difficult to operate them. Therefore, at the end of their lifespan, power plants need to be decommissioned or demolished so that the site can be made available for other uses.

 

The process of decommissioning includes the entire clean-up of radioactivity when the plant wears out or the operating license expires. Different methods of decommissioning the nuclear facilities are available with industry operators. These include immediate dismantling, deferred dismantling, and entombment. The majority of the materials can be reused and as the collective dose is relatively low, deferred dismantling is preferred. Some of the major players in the industry are constantly striving for the technological advancements to deliver better services with increased efficiency.

 

Decommissioning the nuclear facilities involve extensive research and development to build up efficient dismantling techniques. Such technological advancements to deliver effective decommissioning of the plants escalate cost and make the entire process expensive. Therefore, the high cost of dismantling reactors is expected to threaten market growth. Furthermore, service providers are required to conform to the numerous standards and regulations established by authorities in different regions, posing a challenge. 

 

Browse through Grand View Research's Conventional Energy Industry Research Reports.

• Natural Gas Fired Electricity Generation Market - The global natural gas fired electricity generation market demand was 48,793.9 MW in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.71% from 2020 to 2027. The rise in environmental concerns regarding the high amount of carbon emissions from coal-based power generation plants has resulted in making natural gas fired power plants a cleaner option for baseload power generation. 
• Enhanced Oil Recovery Market - The global enhanced oil recovery market size was valued at USD 38.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. An increasing number of aged wells, along with decreasing production from existing oilfields, is expected to drive the market demand over the forecast period.

 

Nuclear Decommissioning Services Market Segmentation

Grand View Research has segmented the global nuclear decommissioning services market based on the reactor type, strategy, and region:

Nuclear Decommissioning Services Reactor Type Outlook (Revenue, USD Million, 2019 - 2030)

• Pressurized Water Reactor (PWR)
• Boiling Water Reactor (BWR)
• Pressurized Heavy Water Reactor (PHWR)
• Gas Cooled Reactor (GCR)
• Others

Nuclear Decommissioning Services Strategy Outlook (Revenue, USD Million, 2019 - 2030)

• Immediate Dismantling
• Deferred Dismantling
• Entombment

Nuclear Decommissioning Services Regional Outlook (Revenue, USD Million, 2019 - 2030)

• North America
• Europe
• Asia Pacific
• South & Central America
• Middle East and Africa (MEA)

 

Market Share Insights

• April 2022: Westinghouse Electric Company LLC announced the signing of an agreement for the acquisition of U.S.-based BHI Energy, a company providing services in power generation and delivery.
• June 2019: AECOM signed an alliance agreement with Japan-based Toshiba Corporation, a multinational conglomerate, to work on nuclear reactor decommissioning in Japan. 

 

Key Companies profiled:

Some prominent players in the global nuclear decommissioning services market include

• Orano Group
• Babcock International Group PLC
• Westinghouse Electric Company LLC
• AECOM
• Studsvik AB
• Bechtel Corporation
• Magnox Ltd.

 

Order a free sample PDF of the Nuclear Decommissioning Services Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

 

 

 

 

 

 

Enhanced Oil Recovery Market Is Expected To Rise As Of Decreasing Production From Existing Oilfields Till 2030

 Enhanced Oil Recovery Industry Overview

 

The global enhanced oil recovery market size was valued at USD 38.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030.

 

An increasing number of aged wells, along with decreasing production from existing oilfields, is expected to drive the market demand over the forecast period. Enhanced oil recovery (EOR) technology enhances oil production from mature and aged oil fields, by almost 10 to 20 percent when compared to conventional oil extraction methods. Mature wells are those oil reserves where production has reached its peak and has started to decline owing to poor permeability or exhibiting heavy oil. Technically, EOR increases the permeability of the reservoir so that hydrocarbons can flow through the pathways easily and into the targeting producing well.

 

Gather more insights about the market drivers, restrains and growth of the Global Enhanced Oil Recovery Market

 

The U.S. market is anticipated to witness significant growth on account of the growing exploration of unconventional oil and gas resources. Furthermore, government funding aimed at commercializing the EOR technology is anticipated to positively influence the industry landscape. For instance, the U.S. Department of Energy (DoE) provides funding to private companies and universities in order to carry out research for advancements in EOR technologies.

 

Further, a number of CO2 injection-based EOR projects started from 2017 to 2020 in the U.S., which resulted in the dominating share of CO2 injection technology over other available technologies in the country. For instance, the oil production in the Permian Basin has shown a significant rise in oil production by the use of CO2-EOR technology. These market developments are expected to boost the growth of the market in the U.S. in the forecast period.

 

Falling crude oil prices are expected to have a negative impact on the oil and gas industry and may restrain the market growth over the forecast period. The COVID-19 pandemic led to a drastic drop in oil prices in 2020. This resulted in reductions in planned capital expenditure and the implementation of cost-cutting actions by oil players across the globe, which is expected to hinder the growth of the market.

 

However, a rise in environmental concerns regarding carbon emissions has resulted in enhancing the demand for carbon capture and storage (CCS), which has emerged as a viable solution to limit carbon emissions. These factors are expected to positively impact the market growth as captured carbon in CCS projects is usually utilized by oil and gas companies for CO2 injection EOR technology.

 

Browse through Grand View Research's Conventional Energy Industry Research Reports.

• Oil Storage Market - The global oil storage market volume was estimated at 1,649.5 MCM in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.98% from 2022 to 2030. Increasing oil & gas production activities along with the growing demand for crude oil in several end-use sectors are expected to drive the market over the forecast period.
• Automotive Gear Oil Market - The global automotive gear oil market is expected witness significant growth over the next eight years owing to its rising demand for industrial, automotive and construction machinery. The automotive gears are rotating machine parts having cogs which couple with another rotating part to transmit torque. The product is useful for lubricating the gears, reduce engine heating, provide high transmission efficiency, protect from rusting & corrosion, provide better oxidation and proper clutch friction.

 

Enhanced Oil Recovery Market Segmentation

 

Grand View Research has segmented the global enhanced oil recovery market report on the basis of technology, application, and region:

• Enhanced Oil Recovery Technology Outlook (Volume, Million bbl; Revenue, USD Million, 2019 - 2030)
  • Thermal
  • CO2 Injection
  • Chemical
  • Others
• Enhanced Oil Recovery Application Outlook (Volume, Million bbl; Revenue, USD Million, 2019 - 2030)
  • Onshore
  • Offshore
• Enhanced Oil Recovery Regional Outlook (Volume, Million bbl; Revenue, USD Million, 2019 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa (MEA)

 

Market Share Insights

• 2019: U.S. DoE announced USD 40 million in funding for research and development activities aimed at reducing the technical risk in enhanced oil recovery while simultaneously expanding EOR applicability across conventional and unconventional reservoirs.

 

Key Companies profiled:

Some prominent players in the global enhanced oil recovery market include:

• BP plc
• Cenovus Energy, Inc.
• Chevron Corporation         
• Equinor ASA
• ExxonMobil Corporation
• LUKOIL
• Petróleo Brasileiro S.A.
• Total SA

 

Order a free sample PDF of the Enhanced Oil Recovery Market Intelligence Study, published by Grand View Research.

 

 

Carbon Dioxide Market Is Expected To Expand Due To Increasing Utilization CO2 For Enhanced Oil Recovery

 Carbon Dioxide Industry Overview

 

The global carbon dioxide market size was valued at USD 7.80 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028.

 

The rise in utilization of carbon dioxide (CO2) in the oil & gas sector for Enhanced Oil Recovery (EOR) technology has been one of the key drivers for the market in countries that are working to enhance production efficiency from oil wells. The CO2 gas has been used for medical applications in form of an insufflation component for several surgical procedures including laparoscopy, endoscopy, and arthroscopy. A shift in focus of governments towards improvement in healthcare facilities owing to the ongoing global COVID-19 pandemic will also support the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global Carbon Dioxide Market

 

CO2 is used in numerous applications, such as inert gas in firefighting, enhanced Oil recovery (EOR), carbonation of beverages, and freezing & cooling food products. Increased investments in R&D for advanced technologies in EOR and Carbon Capture & Storage (CCS) have led to an increase in the demand for CO2. The harmful impact of carbon dioxide on the environment has resulted in the formulation of various government regulations globally. The rising concerns regarding the harmful impact of carbon emissions have encouraged carbon-pricing initiatives in several countries of the world.

 

These regulations help limit the emissions into the atmosphere. A rise in carbon emissions has led some countries to opt for CCS to limit their carbon footprint. However, the high cost of CCS technology is among the key restraint for the market. The COVID-19 pandemic has resulted in a dip in the supply of carbon dioxide, which is made from ethyl alcohol manufacturing. According to Renewable Fuels Association, in 2020, ethyl alcohol plants in the U.S. had curbed production due to falling demand for ethanol due to strict lockdown in the country.

 

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• S. Carbon Dioxide Market - The U.S. carbon dioxide market size was valued at USD 3,190.54 million in 2021 and is projected to register a compound annual growth rate (CAGR) of 8.4% from 2022 to 2030. Increasing usage of carbon dioxide for Enhanced Oil Recovery (EOR) in oil & gas plants is anticipated to result in the growth of the market in the country. The depletion of oil reserves in the U.S. has led to the growth of EOR technology.
• Enhanced Oil Recovery Market - The global enhanced oil recovery market size was valued at USD 46.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2020 to 2027. An increasing number of aged wells along with decreasing production from existing oilfields is expected to drive the market over the forecast period. The enhanced oil recovery (EOR) technology enhances oil production from mature and aged oil fields, by almost 10 to 20% as compared to the conventional oil extraction methods. 

 

Carbon Dioxide Market Segmentation

Grand View Research has segmented the global carbon dioxide market report on the basis of source, application, and region:

• Carbon Dioxide Source Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)
  • Hydrogen
  • Ethyl Alcohol
  • Ethylene Oxide
  • Substitute Natural Gas
  • Others
• Carbon Dioxide Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)
  • Food & beverages
  • Oil & Gas
  • Medical
  • Rubber
  • Fire Fighting
  • Others
• Carbon Dioxide Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

• March 2021: Air Liquide entered into an agreement with the Gippsland Basin Joint Venture, a 50-50 joint venture between BHP Petroleum (Bass Strait) Pty Ltd and Esso Australia Resources Pty Ltd, for the construction of a new facility to deliver carbon dioxide to Australian industries.
  
• March 2019: Air Products, Inc. completed the acquisition of ACP Europe SA, which is the largest independent CO2 manufacturer and supplier in Continental Europe.

 

Key Companies profiled:

Some of the prominent players in the global carbon dioxide market include:

• Linde plc
• Air Liquide
• Air Products, Inc.
• Messer
• Taiyo Nippon Sanso Corp
• SOL Group
• Sicgil India Ltd.
• Strandmøllen A/S
• ACAIL Gas
• Gulf Cryo

 

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