Enhanced Oil Recovery Market Detailed Analysis of Current Industry Trends, Growth Forecast To 2029

Enhanced oil recovery (EOR), also known as tertiary recovery, and is the process of mobilizing normally immobile leftover oil physically, chemically, or thermally.

Enhanced Oil Recovery Market Detailed Analysis of Current Industry Trends, Growth Forecast To 2029

Enhanced Oil Recovery Market was valued at US$ 19.41 Bn. in 2023. Global Enhanced Oil Recovery Market size is estimated to grow at a CAGR of 7.43%.

Enhanced Oil Recovery Market Overview

Maximize Market Research's latest report on the Enhanced Oil Recovery Market 2023-2029 is invaluable for understanding market competitors. The report offers an extensive and fundamental analysis of the market, exploring subjective factors that provide crucial business insights. It presents a market overview that covers the value chain structure, geographical analysis, applications, and market size during the forecast period.

Enhanced Oil Recovery Market Report Scope and Research Methodology

The Enhanced Oil Recovery Market report is designed to provide an outlook on market size, considering segments, regional analysis, and industry competition. Utilizing a bottom-up approach, the report estimates and forecasts market growth. It further conducts an in-depth examination of key players in the Enhanced Oil Recovery industry, offering insights into their revenue performance. The report encompasses a comprehensive analysis of the Enhanced Oil Recovery Market at global, regional, and local levels, identifying the factors that hinder, drive, and challenge market growth in the forecast period.

Enhanced Oil Recovery Market Regional Insights

North America dominated the Enhanced Oil Recovery market in 2022 due to the presence of market leaders in the region. Europe and Asia Pacific are fast-growing regions in the Enhanced Oil Recovery market as technological developments are rising in the region.

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Enhanced Oil Recovery Market Segmentation

1. Global Enhanced Oil Recovery Market Size, by Technology (2023-2029)

• Thermal
• Gas
• Chemical
• Other

Thermal Gas, Chemical, and Others make up the market segments for enhanced oil recovery. By accounting for 46.2% of the market in 2023, the submarine sector had the highest share. Lower oil viscosity and higher reservoir pressure are two advantages of gas injection for oil production. Due to a global concentration on unconventional gas production, it is anticipated that during the forecast period, demand for gas injection-based EOR techniques would rise. The carbon capture improvement act was supported by legislation that the US government proposed in 2022. This legislation obliges the government to promote cooperation in the carbon sequestration process between the oil and gas industry, power plants, and industrial plant owners; oil and gas operators are supposed to assist other businesses in carbon sequestration, which is

2. Global Enhanced Oil Recovery Market Size, by Application (2023-2029)

• Onshore
• Offshore

Onshore and offshore make up the market segments for enhanced oil recovery. In 2023, the Onshore segment accounted for 78.9% of the market, which was the highest proportion. The growth of the EOR market for this sector is being driven by the existence of more mature oil fields in North America, the Middle East, and Africa. Onshore oilfields in these areas are advanced and on the verge of depletion, with stranded billions of barrels of more oil that is anticipated to be recovered using EOR techniques. Additionally, it is anticipated that the expansion of the EOR market will be boosted by the rising onshore oil production operations.

Enhanced Oil Recovery Market Key Players

1. Halliburton Energy Services
2. Royal Dutch Shell plc
3. Schlumberger Limited
4. TechnipFMC plc
5. National Aluminium Company Limited
6. Praxair Technology, Inc.
7. Cenovus Energy Inc.
8. ExxonMobil Corporation
9. Petronas
10. Statoil ASA
11. BP Plc
12. ConocoPhillips
13. Chevron Corporation
14. Anadarko Petroleum Corporation
15. Nalco Company
16. China Petroleum & Chemical Corporation
17. Lukoil Oil Company

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Key questions answered in Enhanced Oil Recovery Market are:

  • What is Enhanced Oil Recovery?
  • What are the recent industry trends that can be implemented to generate additional revenue streams for the Enhanced Oil Recovery Market?
  • Which factors are the lucrative opportunities for the Enhanced Oil Recovery market growth?
  • Which factors are limiting the scope of the Enhanced Oil Recovery market?
  • How is the intervention from regulatory authority shaping the Enhanced Oil Recovery Market?
  • What growth strategies are the key players considering to increase their presence in the Enhanced Oil Recovery Market?

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2021)
  • Past Pricing and price curve by region (2018 to 2021)
  • Market Size, Share, Size & Forecast by different segment | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
  • Market Segmentation – A detailed analysis by segment with their sub-segments and Region
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis
  • PORTER’s analysis
  • Value chain and supply chain analysis
  • Legal Aspects of business by region
  • Lucrative business opportunities with SWOT analysis
  • Recommendations

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