According to the latest report by IMARC Group, titled “Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on enhanced oil recovery market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global enhanced oil recovery (EOR) market size reached US$ 54.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 87.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.71% during 2023-2028.
Enhanced Oil Recovery (EOR) is a strategic process employed specifically to extract a higher percentage of oil from reservoirs than conventional recovery methods. It is utilizing sophisticated techniques, EOR amplifies the natural forces in the reservoir to improve the displacement of oil toward production wells. The primary methods of EOR include thermal recovery, chemical injection, and gas injection, each designed for altering the physical or chemical properties of the reservoir to enable efficient oil extraction. It is increasingly utilized in aging and declining oil fields, offshore operations, and heavy oil reservoirs. Its application significantly extends the production life of fields, improving the overall yield and profitability. Presently, the rising adoption of EOR methods to maximize oil extraction from existing reservoirs while reducing the dependency on new explorations and drilling activities is a principal factor driving the global enhanced oil recovery market.
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Market Trends:
The global enhanced oil recovery market is majorly driven by the escalating global demand for oil, coupled with the declining production from existing reservoirs. Along with this, the global trend towards energy security and the need to exploit domestic oil resources to the maximum is accelerating the adoption of EOR techniques. In addition, advancements in EOR technology, leading to improved efficiency and cost-effectiveness, are favorably impacting the market. Apart from this, environmental concerns and regulations encouraging the reduction of greenhouse gas emissions have led to the rise of CO2 EOR, a method that sequesters carbon while enhancing oil recovery. This, combined with growing investments in research and development activities and the exploration of unconventional resources, including oil sands and shale gas, is creating a positive market outlook.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Basf Se
- Halliburton Corporation
- Royal Dutch Shell Plc
- Schlumberger Ltd.
- Chevron Phillips Chemical Corporation
- Fmc Technologies Inc.
- National Aluminium Company Limited (NALCO)
- Praxair Inc.
- Secure Energy Services Inc.
- Xytel Corporation
- Equinor ASA
- BP Plc
- China Petroleum & Chemical Corporation (Sinopec)
- Oil and Natural Gas Corporation Ltd. (ONGC)
- ExxonMobil Corporation
- ConocoPhillips
- Petroleo Brasileiro (Petrobas) S.A.
- PJSC Lukoil Oil Company
Enhanced Oil Recovery Market Segmentation:
Our report has categorized the market based on region, technology and application.
Breakup by Technology:
- Thermal-Enhanced Oil Recovery
- Gas-Enhanced Oil Recovery
- Chemical-Enhanced Oil Recovery
- Others
Breakup by Application:
- Onshore
- Offshore
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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