Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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), also known as tertiary recovery, refers to the process through which otherwise immobile residual oil is mobilized either physically, chemically or thermally. As primary and secondary oil recovery methods can leave up to 75% of the oil in the reservoir, oil extracting companies have started relying on EOR or tertiary oil recovery methods. Thermal recovery, gas injection and chemical injection are the most commonly used EOR techniques across the globe. Although most of the EOR technologies are currently used offshore, oil companies are developing technologies to expand onshore EOR methods.

Market Drivers:
Over the past few years, the rapid depletion of fossil fuels has contributed to the increasing application of EOR technologies in the oil and gas industry. The rising demand for oil has further added to the growing demand for EOR worldwide. In addition, several governments around the world are taking initiatives for utilizing advanced technologies for oil extraction to achieve higher profits from existing oil and gas fields. For example, countries like China and India are offering financial incentives to attract multinational companies to invest in the enhanced oil recovery market. In line with this, various companies all over the world are engaging in R&D activities to improve oil recovery. For instance, British Petroleum has developed advanced techniques that can extract oil using thermally activated microscopic particles which expand deep into the reservoir.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global enhanced oil recovery (EOR) market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on technology and application.

Breakup by Technology:

Thermal-Enhanced Oil Recovery
Gas-Enhanced Oil Recovery
Chemical-Enhanced Oil Recovery
Others

Thermal-enhanced oil recovery currently accounts for the largest share.

Breakup by Application:

Onshore
Offshore

Onshore currently accounts for the largest share.

Regional Insights:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being 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, etc.

Key Questions Answered in This Report
1. What was the size of the global Enhanced Oil Recovery (EOR) market in 2022?
2. What is the expected growth rate of the global Enhanced Oil Recovery (EOR) market during 2023-2028?
3. What are the key factors driving the global Enhanced Oil Recovery (EOR) market?
4. What has been the impact of COVID-19 on the global Enhanced Oil Recovery (EOR) market?
5. What is the breakup of the global Enhanced Oil Recovery (EOR) market based on the technology?
6. What is the breakup of the global Enhanced Oil Recovery (EOR) market based on the application?
7. What are the key regions in the global Enhanced Oil Recovery (EOR) market?
8. Who are the key players/companies in the global Enhanced Oil Recovery (EOR) market?