Enhanced Oil Recovery Industry Overview
The global enhanced oil recovery market size was valued at USD 38.83 billion in 2021 and is expected to reach USD 76.78 billion by 2030, registering a CAGR of 7.8% over the forecast period. An increasing number of aged wells, along with decreasing production from existing oilfields, is expected to drive the market demand over the forecast period.
Enhanced oil recovery (EOR) technology enhances oil production from mature and aged oil fields, by almost 10 to 20 percent when compared to conventional oil extraction methods. Mature wells are those oil reserves where production has reached its peak and has started to decline owing to poor permeability or exhibiting heavy oil. Technically, EOR increases the permeability of the reservoir so that hydrocarbons can flow through the pathways easily and into the targeting producing well.
Gather more insights about the market drivers, restrains and growth of the Global Enhanced Oil Recovery Market
The U.S. market is anticipated to witness significant growth on account of the growing exploration of unconventional oil and gas resources. Furthermore, government funding aimed at commercializing the EOR technology is anticipated to positively influence the industry landscape. For instance, the U.S. Department of Energy (DoE) provides funding to private companies and universities in order to carry out research for advancements in EOR technologies.
Further, a number of CO2 injection-based EOR projects started from 2017 to 2020 in the U.S., which resulted in the dominating share of CO2 injection technology over other available technologies in the country. For instance, the oil production in the Permian Basin has shown a significant rise in oil production by the use of CO2-EOR technology. These market developments are expected to boost the growth of the market in the U.S. in the forecast period.
Falling crude oil prices are expected to have a negative impact on the oil and gas industry and may restrain the market growth over the forecast period. The COVID-19 pandemic led to a drastic drop in oil prices in 2020. This resulted in reductions in planned capital expenditure and the implementation of cost-cutting actions by oil players across the globe, which is expected to hinder the growth of the market.
However, a rise in environmental concerns regarding carbon emissions has resulted in enhancing the demand for carbon capture and storage (CCS), which has emerged as a viable solution to limit carbon emissions. These factors are expected to positively impact the market growth as captured carbon in CCS projects is usually utilized by oil and gas companies for CO2 injection EOR technology.
Enhanced Oil Recovery Market Segmentation
Based on the Technology Insights, the market is segmented into Thermal, CO2 Injection, Chemical and Others.
Based on the Application Insights, the market is segmented into Onshore and Offshore.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
Market players are venturing toward extracting oil from existing reserves to maximize their production targets. Moreover, increasing investments in R&D activities in order to develop cost-effective oil recovery technology is expected to fuel the industry’s growth.
Some prominent players in the global enhanced oil recovery market include,
Order a free sample PDF of the Enhanced Oil Recovery Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Web: https://www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/enhanced-oil-recovery-eor-market