The Enhanced Oil Recovery Market size is projected to reach USD 20.06 billion by 2027, exhibiting a CAGR of 7.5% during the forecast period. Increasing requirement for advanced oil recovery technologies around the world is expected to be the key growth driver for this market, as per the new Fortune Business Insights™ report, titled “Enhanced Oil Recovery Market Size, Share & Industry Analysis, By Technology (Thermal Injection, Gas Injection, and Chemical Injection), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027”. Enhanced oil recovery (EOR), or tertiary recovery, is a technique that is deployed to increase oil production at a well-site.
Enhanced oil recovery market research report categorizes by technology, chemical, gas, application, and geography, Size, study, CAGR value, in us, microbial, chemical, secondary, primary, companies, Enhanced oil recovery PDF
The EOR market report states that the value of the market stood at USD 15.77 billion in 2019. The other highlights of the report include:
- Targeted analysis of the impact of the COVID-19 outbreak on the market;
- In-depth study of the factors and trends shaping the market;
- Comprehensive evaluation of the regional dynamics influencing the market; and
- Thorough profiling of and research into the key market players and their strategies.
List of Players Covered in this Market Report:
- Petroleum Development Oman (Oman)
- Petrobras (Brazil)
- Cairn Oil & Gas (India)
- China National Petroleum Corporation (China)
- Husky Energy (Canada)
- Oxy (United States)
- Ecopetrol (Colombia)
Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oil and Gas Industry
- Steps Taken by Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunity and Challenges due to Outbreak
- Global Enhanced Oil Recovery Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Thermal Injection
- Gas Injection
- Chemical Injection
List of Figures
- Figure 1: Global Enhanced Oil Recovery Market Revenue Breakdown (USD Billion, %) by Region, 2019 & 2027
- Figure 2: Global Enhanced Oil Recovery Market Value Share (%), By Technology, 2019 & 2027
- Figure 3: Global Enhanced Oil Recovery Market Forecast (USD Billion), by Thermal Injection, 2016-2027
- Figure 4: Global Enhanced Oil Recovery Market Forecast (USD Billion), by Gas Injection, 2016-2027
Government Investment in Oil Extraction Technologies to Boost the Market in North America
The market size in North America stood at USD 5.72 billion in 2019 and the region is anticipated to lead the enhanced oil recovery market share owing to rising government-backed investments in oil recovery technologies. For example, the US DoE is actively promoting adoption of EOR among oil companies to meet the world demand for oil. In Asia-Pacific, the demand for oil is mainly driven by the rapid economic growth in India and China, while in Europe Russia, Norway, Germany, and UK are heavily investing to increase hydrocarbon production.
Increased Collaboration between State Entities to Excite the Market
According to the enhanced oil recovery market study, the state entities are teaming up to explore the possible avenues for utilizing the EOR technology. This has the potential to prepare the market for a surge in demand that is expected to occur once the world tides over the COVID-19 outbreak, even though the demand is unlikely to return to the pre-pandemic levels anytime soon