The enhanced oil recovery global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Enhanced Oil Recovery Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The enhanced oil recovery market size has grown strongly in recent years. It will grow from <b>$40.45 billion in 2023 to $44.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. </b> The growth in the historic period can be attributed to depleting conventional reserves, mature oil fields, reservoir understanding, advances in water management, cost reduction efforts.
The enhanced oil recovery market size is expected to see strong growth in the next few years. It will grow to <b>$62.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. </b> The growth in the forecast period can be attributed to public awareness and perception, global market expansion, shale oil and gas development, carbon emission concerns, cost efficiency improvements. Major trends in the forecast period include declining conventional reserves, oil price volatility, environmental regulations, mature oil fields, advanced reservoir characterization.
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Scope Of Enhanced Oil Recovery Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Enhanced Oil Recovery Market Overview
Market Drivers –
The increasing demand for oil and gas is expected to propel the growth of the enhanced oil recovery market going forward. Oil and gas refer to industries that are involved in discovering a resource, transporting to a refinery, and processing it into a finished product. The boom in oil and gas requires more enhanced oil recovery, which would create demand for the market. For instance, according to the U.S. Energy Information Administration, a government agency of the U.S. Federal Statistical System, annual Natural gas plant liquids (NGPLs) production reached a record high of nearly 5.40 million barrels per day in 2021. Therefore, the increasing demand for oil and gas is driving the enhanced oil recovery market.
Market Trends –
Strategic partnerships are the key trends gaining popularity in the enhanced oil recovery market. Major companies operating in enhanced oil recovery are developing innovative platforms and developing oil-enhancing technologies to sustain their position in the market. For instance, in October 2021, LUKOIL, a Russia-based company operating in enhanced oil recovery partnered with Gazprom Neft, a Russia-based petroleum refined company to develop oil recovery enhancement technologies. Further, in June 2021, Baker Hughes Company, a US-based energy company partnered with LUKOIL, a Russia-based company operating in enhanced oil recovery for developing energy-efficient technologies for oil and gas and to enhance oil production efficiencies for combustion and additional applications.
The enhanced oil recovery market covered in this report is segmented –
1) By Technology: Thermal EOR, Chemical EOR, Gas EOR, Other Technologies
2) By Chemical: Surfactants, Polymers, Alkaline Chemicals, Alkali-Surfactant-Polymer (ASP) Formulations, Foamers
3) By Application: Onshore, Offshore
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Regional Insights –
North America was the largest region in the enhanced oil recovery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enhanced oil recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the enhanced oil recovery market report are British Petroleum PLC, Shell plc, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, BASF SE, Baker Hughes Company, Schlumberger Limited, FMC Technologies Inc., Praxair Inc., Petróleo Brasileiro S.A., Cenovus Energy Inc., China Petrochemical Corporation, Husky Energy Inc., Pioneer Natural Resources Company, Apache Corporation, Imperial Oil Limited, Suncor Energy Inc., Canadian Natural Resources Limited, MEG Energy Corp., Encana Corporation, EOG Resources Inc., Anadarko Petroleum Corporation, Noble Energy Inc., Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., Laredo Petroleum Inc.
Table of Contents
1. Executive Summary
2. Enhanced Oil Recovery Market Report Structure
3. Enhanced Oil Recovery Market Trends And Strategies
4. Enhanced Oil Recovery Market – Macro Economic Scenario
5. Global Enhanced Oil Recovery Market Size and Growth
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31. Global Enhanced Oil Recovery Market Competitive Benchmarking
32. Global Enhanced Oil Recovery Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Enhanced Oil Recovery Market
34. Enhanced Oil Recovery Market Future Outlook and Potential Analysis
35. Appendix
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