Enhanced Oil Recovery Market Size, Share & Trends Analysis Report By Technology (Thermal, CO2 Injection, Chemical), By Application (Onshore, Offshore), By Region, And Segment Forecasts, 2022 - 2030

Enhanced Oil Recovery Market Growth & Trends

The global enhanced oil recovery market size is expected to reach USD 76.78 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2022 to 2030. A growing number of aging wells witnessing declining production rates, coupled with rising government investment in research and development activities, is likely to drive the market for enhanced oil recovery (EOR) over the forecast period.

Increasing technological advancements are enabling E&P companies to revive old wells and thus attain optimum production. This trend is estimated to positively influence the EOR industry landscape. The increasing number of mature wells and significant investment in R&D activities for new technology development by various market players to improve the oil recovery process are expected to fuel the growth of the industry.

Industry participants enter into several strategic collaborations, mergers & acquisitions, and joint ventures in order to expand their foothold across various regional markets and develop economic technologies. The technologies used in EOR are mostly in-housed by the companies. To further reduce the overall operational costs, market players procure raw materials such as nitrogen, carbon dioxide, polymer, and others from small-scale regional players.

The COVID-19 pandemic has severely disrupted the oil and gas market with drastically plummeting oil prices resulting in delayed drilling projects. The demand for crude oil is anticipated to drop further due to reduced industrial activity and transport due to COVID-19. These factors are expected to negatively affect the growth of the market in the near future.

Enhanced Oil Recovery Market Report Highlights

• The thermal technology segment occupied the largest revenue share in 2021. Thermal technology lowers the oil viscosity and increases its mobility ratio, thereby enhancing the oil recovery process
• The CO2 injection technology segment is anticipated to be the fastest-growing segment over the forecast period owing to its eco-friendly nature of reducing carbon emissions by utilizing the emissions for refineries and coal-based power plants
• The onshore application segment occupied the largest revenue share in 2021 owing to the significant presence of onshore exploration and production projects across the world, along with lower conventional extraction costs for onshore oilfields
• North America accounted for the largest revenue share in 2021 owing to the presence of a large number of existing and new EOR projects under operation across the region in countries such as the U.S. and Canada
• Asia Pacific is expected to witness the fastest growth over the forecast period owing to the rise in EOR activities expected in Asian countries such as China, Malaysia, Indonesia, and India