The enhanced oil recovery market size is projected to touch over US$ 78.24 billion by 2030, growing at a CAGR of 6.2% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The enhanced oil recovery market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
Enhanced Oil recovery (EOR) is the extraction of crude oil thermally, chemically, or physically from an oil field that cannot be uprooted otherwise. The EOR system is used when the primary and secondary styles are unproductive, hence, it’s called tertiary recovery. Various methods have been used in enhanced oil recovery include gas injection, microbial injection, and thermal injection. Tertiary recovery is used for the product of liquid hydrocarbons by using numerus ways, which will propel the market growth during the forecast period.
The operation of enhanced oil recovery technologies in the coastal basins is anticipated to boost the market growth, due to the gradual rise in the development of offshore wells in deep and ultra-deep waters in regions similar as Gulf of Mexico, North Sea, and South China Sea. However, utmost of the traditional onshore basins in countries similar as Saudi Arabia, China, and Russia have been witnessing declining product rates. As a result, high demand to extract the remaining recoverable hydrocarbons is anticipated to fuel the need for EOR techniques in the forthcoming times.
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Enhanced Oil Recovery Market Scope
|Market Size by 2030||USD 78.24 Billion|
|Growth Rate from 2022 to 2030||CAGR of 6.2%|
|North America Market Share in 2020||39%|
|Thermal Technology Market Share in 2020||40%|
|Forecast Period||2022 to 2030|
Enhanced Oil Recovery Market – Report Highlights
- On the basis of technology, the thermal EOR segment is likely to have the dominating contribution in the enhanced oil recovery market during the forthcoming time period. In thermal EOR, steam is inserted at the lower the viscosity and thus improvises the mobility of oil via the reservoir.
- On the basis of application, the onshore segment is likely to grow with the fastest CAGR during the forecast period. This growth is owing to a larger number of mature oil fields located in the region of North America, the MEA region. In addition, in these regions, the onshore oilfields are mature and are also on the verge of reduction by containing billion barrels of additional oil trapped.
Enhanced Oil Recovery Market – Regional Snapshot
North America, Europe, South America, Asia Pacific, Middle East, and Africa are the major regions considered for the study of the enhanced oil recovery market. North America is estimated to be the largest market from 2020 to 2030, driven by the growth in unconventional resources in the Gulf of Mexico. Also, nonstop development in shale reserves in the US is anticipated to drive market growth for enhanced oil recovery.
Asia Pacific likely to foresee the fastest growth rate during the upcoming time period, with China in the region is the dominating country with the largest market share across the region. Rising oil and gas demand from the major economies including China and India along with the increased deployment of EOR in aged wells to meet the product targets are estimated to bolster the market growth in the Asia Pacific.
Enhanced Oil Recovery Market Dynamics
Increasing production from maturing oilfields
There is a growing demand for oil & gas owing to which the key players are determined to production growth from the mature fields. According to the Halliburton survey, mature fields segment account for more than 60% of the global production of oil & gas. Therefore, these key market players are at present highly focused on extending the life of mature fields via utilizing EOR technologies and rising recovery, hence surpassing the production levels, this will boost the demand for enhanced oil recovery market.
Increasing adoption of renewable energy in Europe
Europe is one of the major markets for the production and consumption of oils & gas, the shift toward renewable energy in the European region has resulted in the drop of oil consumption in Europe. According to the report of IEA Oil Demand, the demand for European oil remained immobile due to the breaking economic activity. This drop has resulted in the drop of European oil consumption, also has results in the oil & gas drilling activities reduction and production and therefore decreasing the demand for enhanced oil recovery services.
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Focus on heavy oil production
The conventional light oil & gas reserves drop delivers an exploration opportunity of heavy oil reserves on a huge commercial scale. Significant heavy oil reserves are available in Venezuela, Canada, Mexico, China, and Colombia. Venezuela and China are key countries involved in the heavy oil production worldwide. Therefore, in order to rise the production of heavy oil, EOR technologies are utilized. Thermal EOR is utilized to rise the production of heavy oil. Therefore, the activities of production in order to enhance oil provide opportunities for the market of enhanced oil recovery.
Impact of COVID-19 on oil and gas production activities
The ongoing COVID epidemic has declined the exploration and production activities in the oil& gas sector. In addition, due to the lockdown in numerous countries has further dropped the transportation and affiliated conditioning, and are foreseeing issues in supply chain management. Likewise, oil companies similar as Shell and Exxon are taking measures to counteract oversupply by postponing LNG design constructions. This creates a grueling terrain for the enhanced canvas recovery market.
Some of the prominent players in the global Enhanced oil recovery Market include:
- Halliburton Energy Services, Inc
- Royal Dutch Shell plc
- Schlumberger Limited
- Chevron Phillips Chemical Company LLC
- TechnipFMC plc
- National Aluminium Company Limited
- Baker Hughes Company
- Total SA
- China National Petroleum Corporation
- Titan Oil Recovery
Enhanced Oil Recovery Market Segmentaions
- Thermal EOR
- In-situ Combustion
- Others(Hot water and Solar)
- Chemical EOR
- Alkaline Chemical
- Gas EOR
- Other Gas(Nitrogen and Natural gas)
- Others (microbial, seismic, simultaneous water alternating gas, and water alternating gas)
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
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