The global enhanced oil recovery market size is expected to reach around US$ 45.6 billion by 2030 from US$ 78.24 billion in 2021 and is expected to grow at an impressive double-digit rate of 6.2% from 2022 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global enhanced oil recovery market for the period 2017-2030, wherein 2022 to 2030 is the forecast period and 2021 is considered as the base year.
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Research Methodology
A unique research methodology has been utilized to conduct comprehensive research on the growth of the global enhanced oil recovery market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the draw conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global enhanced oil recovery market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Market Scope:
| Report Coverage | Details |
| Market Size by 2030 | USD 78.24 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 6.2% |
| North America Market Share in 2020 | 39% |
| Thermal Technology Market Share in 2020 | 40% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Technology, Application, Geography |
Report Highlights
- On the basis of technology, the thermal EOR segment is likely to have the dominating contribution in the enhanced oil recovery market during the forthcoming time period. In thermal EOR, steam is inserted at the lower the viscosity and thus improvises the mobility of oil via the reservoir.
- On the basis of application, the onshore segment is likely to grow with the fastest CAGR during the forecast period. This growth is owing to a larger number of mature oil fields located in the region of North America, the MEA region. In addition, in these regions, the onshore oilfields are mature and are also on the verge of reduction by containing billion barrels of additional oil trapped.
Market Dynamics
Driver
Increasing production from maturing oilfields
There is a growing demand for oil & gas owing to which the key players are determined to production growth from the mature fields. According to the Halliburton survey, mature fields segment account for more than 60% of the global production of oil & gas. Therefore, these key market players are at present highly focused on extending the life of mature fields via utilizing EOR technologies and rising recovery, hence surpassing the production levels, this will boost the demand for enhanced oil recovery market.
Restraints
Increasing adoption of renewable energy in Europe
Europe is one of the major markets for the production and consumption of oils & gas, the shift toward renewable energy in the European region has resulted in the drop of oil consumption in Europe. According to the report of IEA Oil Demand, the demand for European oil remained immobile due to the breaking economic activity. This drop has resulted in the drop of European oil consumption, also has results in the oil & gas drilling activities reduction and production and therefore decreasing the demand for enhanced oil recovery services.
Opportunities
Focus on heavy oil production
The conventional light oil & gas reserves drop delivers an exploration opportunity of heavy oil reserves on a huge commercial scale. Significant heavy oil reserves are available in Venezuela, Canada, Mexico, China, and Colombia. Venezuela and China are key countries involved in the heavy oil production worldwide. Therefore, in order to rise the production of heavy oil, EOR technologies are utilized. Thermal EOR is utilized to rise the production of heavy oil. Therefore, the activities of production in order to enhance oil provide opportunities for the market of enhanced oil recovery.
Challenges
Impact of COVID-19 on oil and gas production activities
The ongoing COVID epidemic has declined the exploration and production activities in the oil& gas sector. In addition, due to the lockdown in numerous countries has further dropped the transportation and affiliated conditioning, and are foreseeing issues in supply chain management. Likewise, oil companies similar as Shell and Exxon are taking measures to counteract oversupply by postponing LNG design constructions. This creates a grueling terrain for the enhanced canvas recovery market.
Why should you invest in this report?
If you are aiming to enter the global enhanced oil recovery market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for enhanced oil recovery are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Some of the prominent players in the global enhanced oil recovery market include:
- Halliburton Energy Services, Inc
- Royal Dutch Shell plc
- Schlumberger Limited
- Chevron Phillips Chemical Company LLC
- TechnipFMC plc
- National Aluminium Company Limited
- Baker Hughes Company
- Total SA
- China National Petroleum Corporation
- Titan Oil Recovery
Market Segmentation:
By Technology
- Thermal EOR
- Steam
- In-situ Combustion
- Others(Hot water and Solar)
- Chemical EOR
- Polymer
- Surfactant
- Alkaline Chemical
- Polymer
- Foamers
- Others
- Gas EOR
- CO2
- Other Gas(Nitrogen and Natural gas)
- Others (microbial, seismic, simultaneous water alternating gas, and water alternating gas)
By Application
- Onshore
- Offshore
Regional Analysis:
The geographical analysis of the global enhanced oil recovery market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American Market is again segmented into the US, Canada, and Mexico. Coming to the European Market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global enhanced oil recovery Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global enhanced oil recovery market in 2030?
- What is the expected CAGR for the enhanced oil recovery market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global enhanced oil recovery market?
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Enhanced Oil Recovery Market
5.1. COVID-19 Landscape: Enhanced Oil Recovery Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Enhanced Oil Recovery Market, By Technology
8.1. Enhanced Oil Recovery Market, by Technology Type, 2022-2030
8.1.1. Thermal EOR
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Chemical EOR
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Gas EOR
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Enhanced Oil Recovery Market, By Application
9.1. Enhanced Oil Recovery Market, by Application, 2022-2030
9.1.1. Onshore
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Offshore
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Enhanced Oil Recovery Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Technology (2017-2030)
10.1.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.1.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Technology (2017-2030)
10.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.5.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
Chapter 11. Company Profiles
11.1. Halliburton Energy Services, Inc
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Royal Dutch Shell plc
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Schlumberger Limited
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Chevron Phillips Chemical Company LLC
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. TechnipFMC plc
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. National Aluminium Company Limited
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Baker Hughes Company
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Total SA
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. China National Petroleum Corporation
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Titan Oil Recovery
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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