New York, United States , July 17, 2024 (GLOBE NEWSWIRE) -- The Global Enhanced Oil Recovery Market Size is to Grow from USD 52.30 Billion in 2023 to USD 97.88 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.47% during the projected period.
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The process of mobilizing residual oil that cannot be retrieved using primary or secondary recovery techniques is known as tertiary recovery, or enhanced oil recovery (EOR). The oil industry is using an increasing range of enhanced oil recovery (EOR) techniques, including thermal, gas, and chemical injection, as traditional operations often leave significant volumes of oil beneath. The present production method for oil extraction from reservoirs has several advantages in terms of technology and cost. The tertiary approach, sometimes referred to as enhanced oil recovery, or EOR, aims to recover immobile oil, which is unproducible due to viscous and capillary forces. In the past, primary and secondary techniques have been used to identify mobile oil inside the reservoir. The companies are determined to boost production from the established areas because of the rising demand for oil and gas. According to a halliburton assessment, mature fields produce about 70% of the world's oil and gas. The enhanced oil recovery market will be driven by these companies' current focus on utilizing EOR technology to boost recovery and extend the life of aging assets, surpassing output levels in the process. However, the technology is so expensive, that enhanced oil recovery has historically relied on government subsidies or creative investment schemes. Compared to traditional techniques, the operation is intrinsically more complicated.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the "Global Enhanced Oil Recovery Market Size, Share, and COVID-19 Impact Analysis, By Technology (Thermal Injection, Gas Injection, Chemical Injection, and Others), By Application (Onshore and Offshore), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The thermal injection segment is anticipated to hold the greatest share of the global enhanced oil recovery market during the projected timeframe.
On the basis of technology, the global enhanced oil recovery market is divided into thermal injection, gas injection, chemical injection, and others. Among these, the thermal injection segment is anticipated to hold the greatest share of the global enhanced oil recovery market during the projected timeframe. Thermal injection enhanced oil recovery, or EOR, offers operators looking to maximize production from their existing reservoirs a feasible option because of its significant improvement in oil recovery over primary and secondary recovery methods.
The onshore segment is anticipated to hold the largest share of the global enhanced oil recovery market during the projected timeframe.
On the basis of application, the global enhanced oil recovery market is divided into onshore and offshore. Among these, the onshore segment is anticipated to hold the largest share of the global enhanced oil recovery market during the projected timeframe. The infrastructure surrounding onshore oil fields is usually well-maintained and consists of pipelines, storage, and processing facilities.
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North America is expected to hold the largest share of the global enhanced oil recovery market over the forecast period.
North America is expected to hold the largest share of the global enhanced oil recovery market over the forecast period. The EOR market is primarily concentrated in North America because the technology is widely used in the US. The US Department of Energy (DoE) is building EOR projects in partnership with various firms to increase production. The US offers several incentives, such as the US section tax credit, which lowers taxes on CO2 stored in EOR activities by 12 years, to further strengthen its dominance in this market segment.
Asia Pacific is predicted to grow at the fastest pace in the global enhanced oil recovery market during the projected timeframe. Initiatives to increase domestic production and reduce dependency on foreign oil are being promoted by the Chinese national oil enterprises. Similarly, East Asian countries such as India and Southeast Asia are initiating Extension of Reach (EOR) projects in order to increase domestic manufacturing and spread the Asia Pacific market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global enhanced oil recovery market include Basf Se, Halliburton Corporation, Royal Dutch Shell Plc, Schlumberger Ltd., Chevron Phillips Chemical Corporation, Praxair Inc., Secure Energy Services Inc., ExxonMobil Corporation, Chevron Corporation, Xytel Corporation, Equinor ASA, BP Plc, China Petroleum & Chemical Corporation (Sinopec), and Others.
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Recent Developments
- In February 2023, The largest green hydrogen-coal chemical project in the world was launched by China Petroleum & Chemical Corporation (Sinopec). To produce 30,000 tons of green hydrogen and 240,000 tons of green oxygen annually, the project made use of abundant solar and wind energy resources to create green hydrogen directly. These products will be utilized for the carbon reduction programs of the nearby ZTHC energy-intensive coal processing pilot project.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global enhanced oil recovery market based on the below-mentioned segments:
Global Enhanced Oil Recovery Market, By Technology
- Thermal Injection
- Gas Injection
- Chemical Injection
- Others
Global Enhanced Oil Recovery Market, By Application
- Onshore
- Offshore
Global Enhanced Oil Recovery Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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