Enhanced Oil Recovery Market Booming Trends and Forecast Assessment for the Period 2020 to 2027

 

Enhanced Oil Recovery Market Growth & Trends

The global enhanced oil recovery market size is expected to reach USD 62.1 billion by 2027, escalating at a CAGR of 3.7% over the forecast period, according to a new report by Grand View Research, Inc. A growing number of ageing wells witnessing declining production rates coupled with rising government investment in research and development activities is likely to drive the market over the forecast period.

Increasing technological advancements are enabling E&P companies to revive old wells and thus attain optimum production. This trend is estimated to positively influence industry growth. The increasing number of mature wells and investments in R&D activities for new technology development by various market players to improve the oil recovery process will result in the growth of the industry.

Industry participants enter into several strategic collaborations, such as mergers & acquisitions and joint ventures, to expand their foothold across various regional markets and develop economic technologies. The technologies used in enhanced oil recovery (EOR) are mostly in-housed by the companies. To further reduce the overall operational costs, market players procure raw materials, such as nitrogen, carbon dioxide, polymer, and others, from small-scale regional companies.

The COVID-19 pandemic has severely disrupted the oil & gas market with drastically plummeting oil prices resulting in delayed drilling projects. Moreover, the demand for crude oil is anticipated to drop further due to reduced industrial activity and transport. These factors are expected to negatively affect market growth in the near future.

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Enhanced Oil Recovery Market Report Highlights

• The thermal technology segment occupied the largest market share in 2019. Thermal technology lowers the oil viscosity and increases its mobility ratio, thereby enhancing the oil recovery process
• CO2 injection technology is anticipated to be the fastest-growing segment over the forecast period as it helps reduce carbon emissions by utilizing those emissions for refineries and coal-based power plants
• Onshore application segment occupied the largest market share in 2019 owing to the presence of onshore exploration and production projects across the world along with lower conventional extraction costs for onshore oilfields
• North America led the global market in 2019 owing to the presence of a large number of existing and new EOR projects under operation across the region in the U.S. and Canada
• Asia Pacific is expected to witness the fastest growth rate over the forecast period owing to the rise in EOR activities in countries, such as China, Malaysia, Indonesia, and India

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Enhanced Oil Recovery Market Segmentation

Grand View Research has segmented the global enhanced oil recovery market on the basis of technology, application, and region:

EOR Technology Outlook (Volume, Million bbl; Revenue, USD Million, 2016 - 2027)

• Thermal
• CO2 Injection
• Chemical
• Others

EOR Application Outlook (Volume, Million bbl; Revenue, USD Million, 2016 - 2027)

• Onshore
• Offshore

EOR Regional Outlook (Volume, Million bbl; Revenue, USD Million, 2016 - 2027)

• North America
  • The U.S.
  • Canada
• Europe
  • Russia
  • The U.K.
• Asia Pacific
  • China
  • India
• Central & South America
  • Brazil
• Middle East & Africa
  • Oman
  • Saudi Arabia

List of Key Players of Enhanced Oil Recovery Market

• ExxonMobil Corporation
• BP plc
• Royal Dutch Shell plc
• Total SA
• Chevron Corporation

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.