According to the latest report by IMARC Group, titled “Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on enhanced oil recovery market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global enhanced oil recovery (EOR) market size reached US$ 54.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 87.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.71% during 2023-2028.
Enhanced oil recovery (EOR) is a process of extracting oil from reservoirs that have been depleted by primary and secondary recovery methods. It is a cost-effective method used to increase oil production from existing wells and reservoirs. This process is adopted to access oil that was previously thought to be inaccessible or uneconomical. It utilizes a combination of techniques, such as thermal recovery, chemical injection, gas injection, and water injection to maximize the amount of oil that can be recovered from a reservoir. As a result, it is gaining widespread traction due to the growing need to maximize resources and increase production from existing wells across several countries.
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Market Trends:
Significant growth in the oil and gas industry majorly drives the global market. Along with this, lower oil prices are incentivizing, and gas companies focusing on enhancing their existing production capabilities at a lower cost are significantly supporting the market. Since EOR technologies are becoming widely popular due to their ability to expand, production, even in low-priced markets is further impacting the demand. Apart from this, the implementation of stringent regulations on oil and gas production to reduce environmental impact and increase production is positively influencing the market. Moreover, continual technological advancements in horizontal drilling, artificial lift, and improved production optimization efforts are creating a positive market outlook.
The thermal method of EOR involves heating the reservoir to reduce the viscosity of the oil, making it easier to extract. This technique is particularly effective in heavy oil reservoirs. The gas method involves injecting gas into the reservoir to reduce the pressure and increase the flow of oil. The chemical method involves injecting chemicals into the reservoir to change the properties of the oil, making it easier to extract.
In conclusion, the Enhanced Oil Recovery market is a rapidly growing sector of the oil and gas industry, driven by the need to increase production in aging oil fields and to reduce the overall environmental impact of oil extraction. The market is expected to continue to grow in the coming years, driven by increasing demand for energy and the development of new EOR technologies.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Basf Se
- Halliburton Corporation
- Royal Dutch Shell Plc
- Schlumberger Ltd.
- Chevron Phillips Chemical Corporation
- Fmc Technologies Inc.
- National Aluminium Company Limited (NALCO)
- Praxair Inc.
- Secure Energy Services Inc.
- Xytel Corporation
- Equinor ASA
- BP Plc
- China Petroleum & Chemical Corporation (Sinopec)
- Oil and Natural Gas Corporation Ltd. (ONGC)
- ExxonMobil Corporation
- ConocoPhillips
- Petroleo Brasileiro (Petrobas) S.A.
- PJSC Lukoil Oil Company
Enhanced Oil Recovery Market Segmentation:
Our report has categorized the market based on region, technology and application.
Breakup by Technology:
- Thermal-Enhanced Oil Recovery
- Gas-Enhanced Oil Recovery
- Chemical-Enhanced Oil Recovery
- Others
Breakup by Application:
- Onshore
- Offshore
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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