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Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A1232
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Market Overview:
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), also known as tertiary recovery, refers to the process through which otherwise immobile residual oil is mobilized either physically, chemically or thermally. As primary and secondary oil recovery methods can leave up to 75% of the oil in the reservoir, oil extracting companies have started relying on EOR or tertiary oil recovery methods. Thermal recovery, gas injection and chemical injection are the most commonly used EOR techniques across the globe. Although most of the EOR technologies are currently used offshore, oil companies are developing technologies to expand onshore EOR methods.
Market Drivers:
Over the past few years, the rapid depletion of fossil fuels has contributed to the increasing application of EOR technologies in the oil and gas industry. The rising demand for oil has further added to the growing demand for EOR worldwide. In addition, several governments around the world are taking initiatives for utilizing advanced technologies for oil extraction to achieve higher profits from existing oil and gas fields. For example, countries like China and India are offering financial incentives to attract multinational companies to invest in the enhanced oil recovery market. In line with this, various companies all over the world are engaging in R&D activities to improve oil recovery. For instance, British Petroleum has developed advanced techniques that can extract oil using thermally activated microscopic particles which expand deep into the reservoir.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global enhanced oil recovery (EOR) market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on technology and application.
Breakup by Technology:
- Thermal-Enhanced Oil Recovery
- Gas-Enhanced Oil Recovery
- Chemical-Enhanced Oil Recovery
- Others
Thermal-enhanced oil recovery currently accounts for the largest share.
Breakup by Application:
- Onshore
- Offshore
Onshore currently accounts for the largest share.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being 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, etc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Technology, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | 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. and PJSC Lukoil Oil Company |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global Enhanced Oil Recovery (EOR) market was valued at US$ 54.7 Billion in 2022.
We expect the global Enhanced Oil Recovery (EOR) market to exhibit a CAGR of 7.71% during 2023-2028.
The rising deployment of EOR technologies for improving the permeability of the mature oil reservoirs by enabling the hydrocarbons to flow through the pathways easily is primarily driving the global Enhanced Oil Recovery (EOR) market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of various end-use industries for enhanced oil recovery.
Based on the technology, the global Enhanced Oil Recovery (EOR) market has been segmented into thermal-enhanced oil recovery, gas-enhanced oil recovery, chemical-enhanced oil recovery, and others. Among these, thermal-enhanced oil recovery currently exhibits clear dominance in the market.
Based on the application, the global Enhanced Oil Recovery (EOR) market can be bifurcated into onshore and offshore. Currently, onshore accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global Enhanced Oil Recovery (EOR) market include 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, etc.
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