Enhanced Oil Recovery Market was valued at US$ 19.41 Bn. in 2022. Global Enhanced Oil Recovery Market size is estimated to grow at a CAGR of 7.43%.
Enhanced Oil Recovery Market Overview:Enhanced oil recovery (EOR), also known as tertiary recovery, and is the process of mobilizing normally immobile leftover oil physically, chemically, or thermally. Oil extracting companies have begun to rely on EOR or tertiary oil recovery technologies as primary and secondary oil recovery techniques often leave up to 75% of the oil in the reservoir. The most widely used EOR techniques across the globe are thermal recovery, gas injection, and chemical injection. Oil firms are developing technology to increase onshore EOR processes, amidst the great majority of EOR technologies are now used offshore EOR processes. When compared to traditional oil extraction processes, enhanced oil recovery (EOR) technology increases oil production from mature and aged oil fields by around 10% to 20%. Mature wells are oil reservoirs that have reached their peak output and have begun to decline due to poor permeability or the presence of heavy oil. EOR works to increase the permeability of the reservoir so that hydrocarbons can easily flow through the routes and into the producing well that is being targeted. To know about the Research Methodology:- Request Free Sample Report
Enhanced Oil Recovery Market Dynamics:With a growing need for oil and gas, organizations are striving to enhance production from mature fields. According to a Halliburton research, mature fields account for more than 70% of global oil and gas extraction. As a result, these industries and firms focus on improving recovery and increasing the life of mature fields by using EOR technologies, hence exceeding production levels, which is expected to uplift the enhanced oil recovery market growth during the forecast period. The rapid depletion of fossil fuels has contributed to an increase in the use of EOR technology in the oil and gas industry across the globe. The growing demand for EOR has been fueled by the rising demand for oil across the globe. In addition, several governments across the globe are launching projects to use sophisticated oil extraction methods to boost earnings from existing oil and gas assets. For instance, countries such as China and India, are providing financial incentives to giant enterprises interested in investing in the enhanced oil recovery market. As a result, numerous companies are conducting research and development to improve oil recovery. For instance, British Petroleum has developed cutting-edge procedures for extracting the oil using thermally induced microscopic particles that grow deep into the reservoir. Demand for transportation fuel, chemicals, plastics, and petroleum products is expected to drive up crude oil consumption during the forecast period. In addition, the maturation of domestic oilfields, is expected to put pressure on countries across the globe to increase their oil production and reduce their reliance on imports. In 2021, global crude oil and liquid fuel production was 98.7 million barrels per day and is expected to reach at 99.4 million barrels per day in 2021.
Enhanced Oil Recovery Market Segment Analysis:Based on the Technology, the Enhanced Oil Recovery Market is segmented into Thermal Gas, Chemical, and Others. The Submarine segment held the largest market share, accounting for 46.2% in 2022. Gas injection provides benefits such as lower oil viscosity and increased reservoir pressure for oil production. During the forecast period, demand for gas injection-based EOR techniques is expected to increase due to a growing focus on unconventional gas production across the globe. The United States government proposed legislation in 2022 to support the carbon capture improvement act. The government is required by this act to encourage collaboration between the oil and gas industry, power plants, and industrial plant operators in the carbon sequestration process; oil and gas operators are expected to assist other industries in carbon sequestration, which is expected to use by the consumer for CO2 injection. Based on the Application, the Enhanced Oil Recovery Market is segmented into Onshore and Offshore. The Onshore segment held the largest market share, accounting for 78.9% in 2022. The presence of a greater number of mature oil fields in North America, the Middle East, and Africa, are driving the EOR market growth for this segment. These regions' onshore oilfields are mature and on the edge of depletion, with billions of barrels of extra oil trapped, which is expected to recover by EOR methods. In addition, the increasing oil production activities the onshore are expected to uplift the EOR market growth during the forecast period.
Regional Insights:Asia Pacific region held the largest market share accounted for 37.2% in 2022. With growing oil and gas demand from key countries like China and India, Asia-Pacific is driving the need for EOR in mature fields to meet oil and gas production targets, which is expected to drive demand for EOR services. As of 2022, there were 30 EOR projects in the Asia-Pacific area, with China leading the chemical injection portion of the market analyzed with approximately 58%. India's producing oilfields are rapidly ageing, with the average recovery factor continuously dropping below the global average. The government has set a goal to reduce crude oil imports by 10% by 2022 as part of its broader "Energy Security" policy, with EOR emerging as a solution. ONGC India has announced preparations to invest INR 578.25 billion in 28 EOR projects, while Cairn India has announced plans to invest INR 370 billion in EOR production ramp-up. During the forecast period, such substantial expenditure by oil and gas operators and the government is expected to considerably attract multinational EOR firms to India. The North America region is expected to witness significant growth at a CAGR of 7.51% during the forecast period. The region's growth is attributed to the presence of various unconventional oil and gas resources along with matured fields, which required improved extraction procedures to boost production from existing wells. In addition, increased government support for EOR initiatives is expected to help the technology gather momentum. For instance, in 2021, the US Department of Energy announced US$ 40 million in financing for research and development initiatives aimed at lowering the technical risk of enhanced oil recovery while also broadening EOR's application for conventional and unconventional reservoirs. The objective of the report is to present a comprehensive analysis of the global Enhanced Oil Recovery Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Enhanced Oil Recovery Market dynamic, structure by analyzing the market segments and projecting the Enhanced Oil Recovery Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the Enhanced Oil Recovery Market make the report investor’s guide.
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Enhanced Oil Recovery Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 19.41 Bn. Forecast Period 2023 to 2029 CAGR: 7.43% Market Size in 2029: US $ 32.05 Bn. Segments Covered: by Technology Thermal Gas Chemical Other by Application Onshore Offshore
Enhanced Oil Recovery Market, by RegionNorth America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (razil, Argentina Rest of South America)
Key Players:1. Halliburton Energy Services 2. Royal Dutch Shell plc 3. Schlumberger Limited 4. TechnipFMC plc 5. National Aluminium Company Limited 6. Praxair Technology, Inc. 7. Cenovus Energy Inc. 8. ExxonMobil Corporation 9. Petronas 10. Statoil ASA 11. BP Plc 12. ConocoPhillips 13. Chevron Corporation 14. Anadarko Petroleum Corporation 15. Nalco Company 16. China Petroleum & Chemical Corporation 17. Lukoil Oil Company Frequently Asked Questions: 1] What segments are covered in the Enhanced Oil Recovery Market report? Ans. The segments covered in the Enhanced Oil Recovery Market report are based on Technology and Application. 2] Which region is expected to hold the highest share in the Enhanced Oil Recovery Market? Ans. The Asia Pacific region is expected to hold the highest share in the Enhanced Oil Recovery Market. 3] What is the market size of the Enhanced Oil Recovery Market by 2029? Ans. The market size of the Enhanced Oil Recovery Market by 2029 is US$ 32.05 Bn. 4] What is the forecast period for the Enhanced Oil Recovery Market? Ans. The forecast period for the Enhanced Oil Recovery Market is 2023-2029. 5] What was the market size of the Enhanced Oil Recovery Market in 2022? Ans. The market size of the Enhanced Oil Recovery Market in 2022 was US$ 19.41 Bn.
1. Global Enhanced Oil Recovery Market Size: Research Methodology 2. Global Enhanced Oil Recovery Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Enhanced Oil Recovery Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Enhanced Oil Recovery Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Enhanced Oil Recovery Market Size Segmentation 4.1. Global Enhanced Oil Recovery Market Size, by Technology (2022-2029) • Thermal • Gas • Chemical • Other 4.2. Global Enhanced Oil Recovery Market Size, by Application (2022-2029) • Onshore • Offshore 5. North America Enhanced Oil Recovery Market (2022-2029) 5.1. Global Enhanced Oil Recovery Market Size, by Technology (2022-2029) • Thermal • Gas • Chemical • Other 5.2. Global Enhanced Oil Recovery Market Size, by Application (2022-2029) • Onshore • Offshore 5.3. North America Enhanced Oil Recovery Market, by Country (2022-2029) • United States • Canada • Mexico 6. European Enhanced Oil Recovery Market (2022-2029) 6.1. European Enhanced Oil Recovery Market, by Technology (2022-2029) 6.2. European Enhanced Oil Recovery Market, by Application (2022-2029) 6.3. European Enhanced Oil Recovery Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Enhanced Oil Recovery Market (2022-2029) 7.1. Asia Pacific Enhanced Oil Recovery Market, by Technology (2022-2029) 7.2. Asia Pacific Enhanced Oil Recovery Market, by Application (2022-2029) 7.3. Asia Pacific Enhanced Oil Recovery Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Enhanced Oil Recovery Market (2022-2029) 8.1. The Middle East and Africa Enhanced Oil Recovery Market, by Technology (2022-2029) 8.2. The Middle East and Africa Enhanced Oil Recovery Market, by Application (2022-2029) 8.3. The Middle East and Africa Enhanced Oil Recovery Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Enhanced Oil Recovery Market (2022-2029) 9.1. Latin America Enhanced Oil Recovery Market, by Technology (2022-2029) 9.2. Latin America Enhanced Oil Recovery Market, by Application (2022-2029) 9.3. Latin America Enhanced Oil Recovery Market, by Country (2022-2029) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Halliburton Energy Services 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Royal Dutch Shell plc 10.3. Schlumberger Limited 10.4. TechnipFMC plc 10.5. National Aluminium Company Limited 10.6. Praxair Technology, Inc. 10.7. Cenovus Energy Inc. 10.8. ExxonMobil Corporation 10.9. Petronas 10.10. Statoil ASA 10.11. BP Plc 10.12. ConocoPhillips 10.13. Chevron Corporation 10.14. Anadarko Petroleum Corporation 10.15. Nalco Company 10.16. China Petroleum & Chemical Corporation 10.17. Lukoil Oil Company