CO2 EOR Market – Global Industry Analysis and Forecast (2023-2029)

CO2 EOR Market was valued at US$ 3.77 Bn in 2022 and is expected to reach US$ 4.67 Bn. by 2029, at a CAGR of 3.10% during the forecast period.

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region. To know about the Research Methodology:-Request Free Sample Report
CO2 EOR Market Dynamics:
CO2 is a type of gas injection EOR method that delivers numerous advantages over other EOR techniques like neutral performance of the gas and doesn’t disturb the quality of crude oil in terms of its chemical configuration. Therefore, it leads in the development of large CO2 stations in the Permian Basin region. The CO2 EOR market is predictable by the Permian Basin CO market which is driven to the growth of CO2 EOR market in terms of oil production due to the high number of projects.

The CO2 EOR market is projected by Permian Basin with support of local and state government that drives the development of the CO2 EOR market. Easily accessible with huge quantities of CO2 in the U.S makes Permian basin a favoured choice for oil exploration companies to abstract crude oil from a field in the Permian region. Hence, it is projected that in the future Permian basin will be one of the most reliable sources of crude oil supply.
CO2 EOR Market Segment Analysis:
The CO2 EOR market is segmented by technology, component, application, and region. In technology segment, the TEOR lead around xx% of the global share in terms of revenue in 2021. In thermal recovery, oil is removed through reserves by introducing heat into the subsurface accumulation of organic compounds. This is completed through steam & fire flooding and reserve heating.

The chemical and gas injection methods are gaining share significantly. These two recovery technologies together lead to around xx% of the share of the total revenue in 2021. These technologies have advanced recovery rates and are cost-efficient.

The area has the occurrence of a larger number of mature and aged wells as compared to offshore, ensuing in the requirement of these technologies.

The technology is frequently employed in the onshore segment. However, many offshore oil reserves are also exposed for the past few decades. Extraction for an offshore reserve is a costly process, so many companies are also applying regaining techniques in the primary or secondary oil production phase to increase the extraction.
CO2 EOR Market Regional Insights:
North America was leading in 2021 and is projected to show the same trend over the predictable future. North America is the industry leader owing to the existence of a large number of mature wells and large-scale expansion of unconventional energy in the region. The global industry is moderately consolidated and extremely competitive due to the presence of a large number of big and experienced multinational players. Rising concerns regarding dangerous temperature operating conditions, well blowout, and wellbore stability are projected to drive the demand for oilfield services in offshore and onshore regions in the Middle East & Africa over the next eight years.

The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments and, project the global CO2 EOR market. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global CO2 EOR market.
CO2 EOR Market, Key Highlights:
• Global CO2 EOR Market analysis and forecast, in terms of value.

• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global CO2 EOR Market

• Global CO2 EOR Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.

• Global CO2 EOR Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

• Global CO2 EOR Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global CO2 EOR Market are also profiled.
CO2 EOR Market Scope: Inquire before buying



Global CO2 EOR  Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 3.77 Bn.


Forecast Period 2023 to 2029 CAGR:
3.10%
Market Size in 2029:
US$ 4.67 Bn .


 Segments Covered:
by Technology
Thermal
Gas Injection
Chemical
Other EOR


by Application
Onshore
Offshore


by Component
CO2 sources
Pipelines
Injection
National market forecasts



CO2 EOR Market, by Region
North 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 (Brazil, Argentina Rest of South America)
CO2 EOR Market Key Players
1.Whiting Petroleum Corporation
2.Kinder Morgan
3.Denbury Resources
4.NRG Energy
5.Occidental Petroleum Corporation
6.Cenovus Energy, Inc.
7.Husky Energy
8.Anadarko Petroleum Corporation
9.Linc Energy
10.Elk Petroleum
11.Saudi Aramco.
12.ExxonMobil Corporation, BP plc.
13.China Petroleum & Chemical Corporation
14.Royal Dutch Shell plc
15.Chevron Phillips Chemical Company LP.
16.Lukoil Oil Company
17.Praxair Technology, Inc.
18.Chevron Corporation
19.PetroleoBrasileiro S.A.
20.Cenovus Energy Inc.

Frequently Asked Questions:

1. Which region has the largest share in Global CO2 EOR Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global CO2 EOR Market?
Ans: The Global CO2 EOR Market is expected to growing at a CAGR of 3.10% during forecast period 2023-2029.

3. What is scope of the Global CO2 EOR market report?
Ans: Global CO2 EOR Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global CO2 EOR market?
Ans: The important key players in the Global CO2 EOR Market are - Whiting Petroleum Corporation, Kinder Morgan, Denbury Resources, NRG Energy, Occidental Petroleum Corporation, Cenovus Energy, Inc., Husky Energy, Anadarko Petroleum Corporation, Linc Energy, Elk Petroleum, Saudi Aramco., ExxonMobil Corporation, BP plc., China Petroleum & Chemical Corporation, Royal Dutch Shell plc, Chevron Phillips Chemical Company LP., Lukoil Oil Company, Praxair Technology, Inc., Chevron Corporation, PetroleoBrasileiro S.A., and Cenovus Energy Inc.

5. What is the study period of this market?
Ans: The Global CO2 EOR Market is studied from 2022 to 2029.