The Business Research Company’s report on the Enhanced Oil Recovery Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the enhanced oil recovery market’s growth in recent years?
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, in June 2023, according to the data published by the Energy Information Administration, a US-based federal statistical and analytical agency, global oil demand is expected to rise by 6% between 2022 and 2028, reaching 105.7 million barrels per day, while global upstream investments in oil and gas exploration, extraction, and production are set to grow 11% year-on-year to a record USD 528 billion in 2023. Therefore, the increasing demand for oil and gas is driving the enhanced oil recovery market.
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How does the future projection of the enhanced oil recovery market size compare to its historical growth?
The enhanced oil recovery market size has grown strongly in recent years. It will grow from $43.97 billion in 2024 to $48.17 billion in 2025 at a compound annual growth rate (CAGR) of 9.6%. 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 $67.64 billion in 2029 at a compound annual growth rate (CAGR) of 8.9%. 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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Which key players are shaping the future of the enhanced oil recovery market?
Major companies operating in the enhanced oil recovery market are British Petroleum PLC, Shell PLC, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, Baker Hughes Company, Schlumberger Limited, 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., EOG Resources Inc., Anadarko Petroleum Corporation, Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., Laredo Petroleum Inc.
What trends will propel the growth and evolution of the enhanced oil recovery market?
Major companies operating in the Enhanced Oil Recovery market are focusing on developing innovative products, such as PHASETREAT WET, to improve oil extraction efficiency and reduce environmental impact. PHASETREAT WET is a chemical treatment designed for enhanced oil recovery (EOR) processes, particularly in challenging reservoirs with high water content. It works by modifying the properties of the water and oil phases, improving the mobility of oil, and facilitating its flow to the production wells. For instance, in June 2023, Clariant Oil Services, a UK-based manufacturer, launched PHASETREAT WET, which utilizes nanoemulsion technology to reduce demulsifier dosages by up to 75%, significantly lowering carbon emissions in oil and gas operations. This innovative approach not only enhances operational efficiency but also supports sustainability initiatives within the industry
Which regions are expected to become dominant players in the enhanced oil recovery market?
North America was the largest region in the enhanced oil recovery market in 2024. 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.
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What are the emerging key segments in the enhanced oil recovery market, and how are they evolving?
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
Subsegments:
1) By Thermal EOR: Steam Injection, In-Situ Combustion, Cyclic Steam Stimulation
2) By Chemical EOR: Polymer Flooding, Surfactant-Polymer Flooding, Alkaline-Surfactant-Polymer Flooding
3) By Gas EOR: CO2 Injection, Natural Gas Injection, Other Gas Injection Techniques
4) By Other Technologies: Microbial EOR, Electrical Heating Methods, Novel EOR Techniques
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What defines the structure and scope of the enhanced oil recovery market?
Enhanced oil recovery refers to techniques used to increase the amount of crude oil that can be extracted from an oil reservoir beyond what is possible with primary and secondary recovery methods. It is used to improve oil production through methods such as thermal injection, gas injection, and chemical flooding.
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