Global Enhanced Oil Recovery Market Overview
Introduction:
Enhanced oil recovery is the process of extracting the remaining oil by using tertiary method. It is also known by the alternative name tertiary recovery procedure as it is carried out after the primary oil recovery and secondary oil recovery. The primary techniques used for enhanced oil recovery are gas injection, microbial injection, chemical injection, and thermal injection. The thermal recovery technology is widely used technique for the extraction of oil. Also, enhanced oil recovery is used to mobilize immobile oil residue by physical, chemical, or thermal process. Tertiary recovery is the basis of enhanced oil recovery technology, and term is used for the production of liquid hydrocarbons by using techniques over the conventional ones. It can be used after both primary and secondary recovery have been exhausted or at the initial stage of production, EOR restores formation pressure and enhances oil displacement in the reservoir. The global enhanced oil recovery market accounted for US$ 42.77 billion in 2020 and is estimated to be US$ 81.75 billion by 2030 and is anticipated to register a CAGR of 6.8%.
Global Enhanced Oil Recovery Market Dynamics
Rising number of oil fields
Increasing number of mature oil fields worldwide, increasing depletion in oil reserves and technological advancements is one of the factors propels growth of the enhanced oil recovery market. Increasing depletion in oil reserves supports the growth of global enhanced oil recovery market. Advancement in technology augment the growth of global enhanced oil recovery market. Moreover, the increasing demand of crude oil, elevated recovery rates, growing numeral of mature oil wells, and encouraging government regulation for the production of oil are few other factors driving growth of the global enhanced oil recovery market. Focus on heavy oil reservoirs provides opportunities for growth of the enhanced oil recovery market. Furthermore, governments are taking initiatives for developing a proper infrastructure and advanced technology for oil production.
However, high cost for the procedure, technical and operational issues hinder growth of the enhanced oil recovery market. In addition, environmental issues such as, brine contamination and the decreasing cost of crude oil restraint the growth of the enhanced oil recovery market.
Global Enhanced Oil Recovery Market Segmentation
Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.
The global enhanced oil recovery market is segmented based on technology, application, and region.
On the basis of technology, the global enhanced oil recovery market has been segmented into thermal, gas, chemical, and other EOR. Based on application segment, the global enhanced oil recovery market is divided into onshore and offshore.
Regional Insights:
The global enhanced oil recovery market accounted for US$ 42.77 billion in 2020 and is estimated to be US$ 81.75 billion by 2030 and is anticipated to register a CAGR of 6.8%. On region the global enhanced oil recovery market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa North America is expected to account for major share in global enhanced oil recovery market due to the presence of a large number of mature wells and large-scale development of unconventional energy in the region. Further, Asia Pacific region is expected to show significant growth rate owing to rapid industrialization and growing oil and gas industry. Moreover, the favorable government initiatives in countries such as China and India, leads to infrastructural development of petroleum industry which is expected to drive the market over the forecast period.
Report Scope:
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Attribute |
Details |
|
Base year for estimation |
2020 |
|
Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Billion & CAGR from 2020 – 2030 |
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Market Segmentation |
By Technology- Thermal, Gas Injection, Chemical, and Other EOR By Application– Onshore and Offshore |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global enhanced oil recovery market report based on technology, application, and region.
Global Enhanced Oil Recovery Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Enhanced Oil Recovery Market Key Players
The key players operating in the global enhanced oil recovery market includes ExxonMobil Corporation, Cenovus Energy Inc., Chevron Corporation, BP Plc., Anadarko Petroleum Corporation, Petronas, ConocoPhillips, OAO Lukoil, Equinor ASA, and Royal Dutch Shell Plc.
Sinopec:
They have launched China’s largest carbon capture, storage, and utilization project. It involves sending captured CO2 to petrochemical company where it will be reinjected as the part of oil recovery programs.
Global Enhanced Oil Recovery Market Company Profile
- Exxon Mobil Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cenovus Energy Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Chevron Corporation, BP Plc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Anadarko Petroleum Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Petronas, ConocoPhillips
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- OAO Lukoil
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Equinor ASA
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Royal Dutch Shell Plc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Global Enhanced Oil Recovery Market Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Technology
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- Product Launch
- Impact Analysis
- PEST Analysis
- Porter’s Analysis
- Market Dynamics
- Global Enhanced Oil Recovery Market, By Technology, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Thermal
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Gas Injection
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Chemical
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Other EOR
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Enhanced Oil Recovery Market, By Application, 2018 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Onshore
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Offshore
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Enhanced Oil Recovery Market, By Region, 2018 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Technology, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Technology, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Overview
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Technology, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Technology, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Technology, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa
- Competitive Landscape
- Heat Map Analysis
- Company Profiles
- ExxonMobil Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Cenovus Energy Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Chevron Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- BP Plc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Anadarko Petroleum Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Petronas
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- ConocoPhillips
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Lukoil
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Equinor ASA
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Royal Dutch Shell Plc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- ExxonMobil Corporation
- Analyst Views
- Section
- Research Methodology
- About Us
- Contact
FAQs
The Global Enhanced Oil Recovery market is segmented into basis of technology, application and region.
The current high oil price environment, rising global oil demand, global oilfield maturation, and few new well discoveries have all contributed to this newfound interest. This such factors have contributed towards market growth.
By region, North America is expected to account for major revenue share as compared to that of other regions.
The Key players operating in the global Enhanced Oil Recovery market include ExxonMobil Corporation, Cenovus Energy Inc., Chevron Corporation, BP Plc., Anadarko Petroleum Corporation, Petronas, ConocoPhillips, OAO Lukoil, Equinor ASA, and Royal Dutch Shell Plc.