Global Enhanced Oil Recovery Eor Market
Market Size in USD Billion
CAGR :
% 
 Forecast Period |
2023 –2030 |
 Market Size (Base Year) |
USD 52.63 Billion |
 Market Size (Forecast Year) |
USD 81.39 Billion |
 CAGR |
% |
| Major Markets Players |
Global Enhanced Oil Recovery (EOR) Market, By Technology (Thermal EOR, Chemical EOR, GAS EOR, Others), Application (Onshore, Offshore) - Industry Trends and Forecast to 2030.
Enhanced Oil Recovery (EOR) Market Analysis and Size
The oil and gas industry has seen a surge in enhanced oil recovery (EOR) technologies due to dwindling fossil fuel reserves. Growing oil demand has expanded the global EOR market, with government’s worldwide initiating efforts to enhance oil extraction methods for maximizing profits from existing oil and gas reserves.
Data Bridge Market Research analyses that the global enhanced oil recovery (EOR) market which was USD 52.63 billion in 2022, is expected to USD 81.39 billion by 2030, and is expected to undergo a CAGR of 5.60% during the forecast period of 2023 to 2030. “Thermal EOR” dominates the type segment of the global enhanced oil recovery (EOR) market due to its effectiveness in heavy oil reservoirs. It is expected to continue its dominance due to ongoing heavy oil extraction projects. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Enhanced Oil Recovery (EOR) Market Scope and Segmentation
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Report Metric |
Details |
|
Forecast Period |
2023 to 2030 |
|
Base Year |
2022 |
|
Historic Years |
2021 (Customizable to 2015-2020) |
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Quantitative Units |
Revenue in USD Billion, Pricing in USD, Volume in Units |
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Segments Covered |
Technology (Thermal EOR, Chemical EOR, GAS EOR, Others), Application (Onshore, Offshore) |
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Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific , Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America |
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Market Players Covered |
Schlumberger Limited (U.S.), Halliburton Company (U.S.), ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), Royal Dutch Shell plc (Netherlands), BP plc (U.K.), ConocoPhillips (U.S.), Occidental Petroleum Corporation (U.S.), Cenovus Energy Inc. (Canada), Suncor Energy Inc. (Canada), Petróleos Mexicanos (Mexico), Lukoil (Russia), China National Petroleum Corporation (China) |
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Market Opportunities |
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Market Definition
Enhanced Oil Recovery (EOR), referred to as tertiary recovery, involves the mobilization of residual oil that primary and secondary recovery methods cannot extract. Since conventional methods often leave significant amounts of oil underground, the oil industry increasingly turns to EOR techniques, including thermal, gas, and chemical injection. While offshore applications dominate EOR presently, onshore methods are seeing technological advancements.
Global Enhanced Oil Recovery (EOR) Market Dynamics
Drivers
- High Depleting Reservoirs
As conventional oil reserves decline, oil companies turn to enhanced oil recovery (EOR) to extract remaining hydrocarbons, ensuring a continued supply of energy resources.
- Growing Advanced Technologies
Ongoing advancements in EOR technologies, such as cutting-edge well drilling and reservoir management systems, bolster the efficiency and success rates of tertiary oil recovery strategies, motivating their adoption by oil producers.
Opportunities
- Growing Energy Demand
As the global demand for energy continues to rise, EOR offers a strategic avenue to maximize oil extraction from existing reserves, meeting the escalating energy requirements of societies worldwide.
- Stringent Environmental Regulations
Stringent environmental regulations and emissions reduction targets are driving the adoption of EOR methodologies that minimize the ecological footprint of oil production. This alignment with sustainability creates opportunities for cleaner and more responsible oil extraction.
Restraints/Challenges
- Technical Complexity
The intricate nature of EOR processes, which encompass thermal, gas, and chemical injection methodologies, presents substantial technical challenges in terms of execution, management, and personnel expertise, thereby restricting their widespread implementation.
- High Investment Costs
Implementing EOR techniques often involves substantial capital investments in infrastructure, specialized equipment, and advanced materials. These significant upfront costs can strain operational budgets and financial resources.
Recent Developments
- In July 26, 2023 SLB and Eni's subsidiary, Enivibes, have partnered to deploy e-vpms® technology, a vibroacoustic pipeline monitoring system, offering real-time analysis and leak detection for pipelines worldwide, enhancing operational reliability
- In July 13, 2023, ExxonMobil is set to acquire Denbury, a specialist in carbon capture, utilization, and storage solutions, in a $4.9 billion all-stock transaction, bolstering ExxonMobil's Low Carbon Solutions business and expanding its CCS capabilities
Global Enhanced Oil Recovery (EOR) Market Scope
The global enhanced oil recovery (EOR) market is segmented on the basis of technology and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
- Thermal enhanced oil recovery (EOR)
- In-situ combustion
- Steam
- Others
- Chemical enhanced oil recovery (EOR)
Polymer
- Surfactant
- Alkaline surfactant polymer
- GAS enhanced oil recovery (EOR)
- CO2
- Other gases.
- Others
Application
- Onshore
- Offshore
Global Enhanced Oil Recovery (EOR) Market Regional Analysis/Insights
The global enhanced oil recovery (EOR) market is analysed and market size insights and trends are provided by technology and application referenced above.
The countries covered in the global enhanced oil recovery (EOR) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific , Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America
Middle East and Africa dominates the global enhanced oil recovery (EOR) market due to its vast oil reserves and proactive adoption of EOR technologies, ensuring sustained hydrocarbon production and economic growth.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Enhanced Oil Recovery (EOR) Market Share Analysis
The global enhanced oil recovery (EOR) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company's focus related to global enhanced oil recovery (EOR) market.
Some of the major players operating in the global enhanced oil recovery (EOR) market are:
- Schlumberger Limited (U.S.)
- Halliburton Company (U.S.)
- ExxonMobil Corporation (U.S.)
- Chevron Corporation (U.S.)
- Royal Dutch Shell plc (Netherlands)
- BP plc (U.K.)
- ConocoPhillips (U.S.)
- Occidental Petroleum Corporation (U.S.)
- Cenovus Energy Inc. (Canada)
- Suncor Energy Inc. (Canada)
- Petróleos Mexicanos (Mexico)
- Lukoil (Russia)
- China National Petroleum Corporation (China)
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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