The global enhanced oil recovery market is forecast to grow at a compound annual growth rate (CAGR) of more than 4% during the forecast period from 2021-2030.
Enhanced oil recovery, also known as tertiary recovery, allows for the extraction of oil that is not recoverable through primary or secondary methods.
While primary and secondary recovery techniques use pressure differentials between the surface and the underground well, enhanced oil recovery works by altering the chemical composition of the oil itself.
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Factors Affecting
- Due to the increasing demand for oil & gas, companies strive to increase production from mature fields. Halliburton’s survey claims mature fields account for 70% of global oil and gas production. Therefore, these companies focus on optimizing recovery and extending the life of mature fields by using enhanced oil recovery technologies, thus exceeding the production levels; this will drive the market for enhanced oil recovery.
- Crude oil prices are forecast to decrease throughout the forecast period, which can restrain the market growth.
- Growing concern about carbon emissions has spurred increased demand for Carbon Capture and Storage (CCS), a viable way to reduce carbon emissions. In addition to these factors, CO2 injected into wells through EOR techniques using captured carbon will also be popular with oil companies.
Impact Analysis of COVID-19
A pandemic of COVID-19 is impacting the oil & gas industry globally. In light of the current situation, oil & gas companies across regions have had to suspend manufacturing and services as countries practiced partial or full lockdowns in response to the pandemic. Additionally, companies throughout the region have also suspended or delayed three major oil& gas projects. A consequence of COVID-19 is also impacting crude oil prices, drilling activities, and the supply chain. The decline in the production activities has further adversely affected the market for enhanced oil recovery over the short and medium-term.
Regional Overview
North America is forecast to be one of the largest markets for enhanced oil recovery globally. As mature oil fields emerge in these regions, upstream oil service providers will increasingly use enhanced oil recovery methods to boost production.
There is an expectation that enhanced oil recovery will take place in many oil fields throughout the Asian Pacific region, including Malaysia, Australia, Indonesia, and New Zealand. The implementation of enhanced oil recovery methods further reduces a country’s dependence on oil imports, thus driving the enhanced oil recovery market.
Leading Companies
The leading competitors profiled in the global enhanced oil recovery market are:
- Praxair Technology, Inc. (U.S.)
- PJSC Lukoil Oil Company (Russia)
- FMC Technologies, Inc. (U.S.)
- Chevron Phillips Chemical Corporation (U.S.)
- Schlumberger Ltd. (U.S.)
- Royal Dutch Shell Plc (Europe)
- Halliburton Corporation (U.S.)
- Basf SE (Germany)
- Baker Hughes (U.S.)
- General Electric Company (U.S.)
- Statoil ASA (Europe)
- BP Plc. (U.K.)
- Exxon Mobil (U.S.)
- Titan Oil Recovery (U.S.)
- Other Prominent Players
Scope of the Report
The global enhanced oil recovery market segmentation focuses on Technology, Application, and Region.
Segmentation based on Technology
- Thermal EOR
- Gas EOR
- Chemical EOR
- Microbial Injection
- Others
Segmentation based on Application
- Onshore
- Offshore
Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Enhanced Oil Recovery Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Enhanced Oil Recovery market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Enhanced Oil Recovery Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Enhanced Oil Recovery market Size Forecast (2023-2032).
Continue….
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(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Enhanced Oil Recovery market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Enhanced Oil Recovery market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Enhanced Oil Recovery market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Enhanced Oil Recovery business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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