Enhanced Oil Recovery Market to Reach US$ 80.5 Bn by End of 2031, Transparency Market Research, Inc

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Jan 23, 2023, 10:30 ET

Rise in global demand for gas and oil is expected to propel the global enhanced oil recovery market growth
Increase in aged wells and decline in production from existing oilfields are projected to promote industry growth between 2021 and 2031
Surge in efforts to engage in shale development and increase production of mature fields is anticipated to augment business growth

WILMINGTON, Del., Jan. 23, 2023 /PRNewswire/ -- According to TMR report, the global enhanced oil recovery market value was valued at US$ 48.6 Bn in 2020 and is anticipated to reach US$ 80.5 Bn by the end of 2031. The decline in oil production from existing oil fields is augmenting the need for enhanced oil recovery, thereby creating lucrative market opportunities in the enhanced oil recovery market.

The global market for enhanced oil recovery is likely to register a CAGR of 4.7% between 2021 and 2031. EOR (enhanced oil recovery) is an innovation that increases crude oil output from metabolically active and mature oil deposits. It is a tertiary method that is used after the completion of the secondary and primary recovery methods. Enhanced Oil Recovery, or EOR, technically improves the reservoir's permeability, thus allowing hydrocarbons to flow easily via the pathways and reach the allocated production well. Enhanced oil recovery method enables the extraction of 35% to 75% of the oil present in the reservoir.

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The market is expected to witness promising business opportunities to serve the growing need to increase oil and gas production from mature fields. The surge in demand for gas and oil is predicted to bode well for this market growth. Additionally, the rise in efforts by key market players to increase and extend the life of existing fields through enhanced oil recovery technologies is projected to increase production capabilities, thereby augmenting the market size.

Key Findings of Study

Rise in Focus on Heavy Oil Production: Rapid rate of decline in conventional light oil resulted in an increase in need to extract heavy oil from various reserves. A few nations such as Columbia, China, Mexico, Venezuela, and Canada are estimated to ground high mineral ores. Among these, Canada and Venezuela are considered to possess heavy oil reserves and contribute considerably to the overall production of heavy oil on a global scale. The use of enhanced oil recovery technologies is projected to further result in heavy oil production, thereby aiding in the expansion of the global market for enhanced oil recovery.
Rise in Adoption of Thermal Injection Method: Thermal injection technology extracts oil from reserves by using both steam and hot water. It is commonly used to extract heavy, viscous oil that would not flow on its own. This technique is primarily used to recover a large amount of heavy crude oil from heavy oil reservoirs. Thermal injection technology lowers viscosity by raising the temperature of crude oil. Thus, the increase in adoption of thermal injection method is projected to boost market demand for enhanced oil recovery during the forecast period.

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Key Drivers

Increase in discovery of shale deposits and mature oilfields is expected to fuel the global enhanced oil recovery market during the forecast period
Rise in support by various national governments in the form of financial incentives and tax credits is anticipated to boost the overall enhanced oil recovery market size in the next few years

Regional Growth Dynamics

North America earned the largest market share in 2020 owing to high demand from Mexico, Canada, and the U.S.
The enhanced oil recovery market in Europe is projected to witness significant growth in the near future on account of multiple ongoing projects in Russia and the U.K.
Presence of large number of oil reserves and mineral ores in Middle East & Africa is likely to help garner lucrative business opportunities for this region during the forecast period

Key Players

Prominent players of the global enhanced oil recovery market include EN-FAB, Vogt Power, Premier Energy Inc., Nooter/Eriksen, Hammon Deltak Inc., Statoil ASA, Royal Dutch Shell Plc., Petronas, OAO Lukoil, ExxonMobil Corporation, ConocoPhilips, Chevron Corporation, Cenovus Energy Inc., and BP Plc.

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Enhanced Oil Recovery Market Segmentation

Technology

Thermal
Gas
Chemical

Regions

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

Countries/Sub-regions

U.S.
Canada
Germany
U.K.
Russia & CIS
Rest of Europe
China
Australia
India
ASEAN
Rest of Asia Pacific
GCC Countries
Brazil

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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