According to the latest report by IMARC Group, titled “Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on enhanced oil recovery market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global enhanced oil recovery market reached a value of US$ 49.84 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$81.45 Billion by 2027, exhibiting at a CAGR of 8.28% during 2022-2027.
Enhanced oil recovery (EOR) refers to the process of crude oil extraction thermally, physically, or chemically from an oil field. It is also called the tertiary recovery method that includes several techniques, including microbial injection, thermal injection, and gas injection majorly adopted when the primary and secondary methods are unproductive. At present, oil extracting companies are inclining toward EOR as primary and secondary oil recovery methods that are integrated with advanced technologies in order to enhance onshore methods.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Enhanced Oil Recovery Market Trends:
Significant growth in the oil and gas industry majorly drives the global market. This is supported by the rising application of EOR technologies in the oil and gas industry due to the rising exploration activities and rapid depletion of fossil fuels across the globe. Along with this, the increasing shift from traditional gas, chemical, and heat injections to the CO2-EOR technique to enhance the output of aging oil fields is significantly supporting the market globally. Moreover, the growing environmental concerns regarding carbon emissions are further encouraging the utilization of carbon capture and storage (CCS), thereby creating a positive market outlook. Other factors driving the market further include extensive research and development (R&D) activities and rapid industrialization.
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Competitive Landscape with Key players:
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
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
Breakup by Application:
- 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 (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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