PUBLISHER: The Business Research Company | PRODUCT CODE: 1425444
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425444
Enhanced Oil Recovery Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on enhanced oil recovery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for enhanced oil recovery? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The enhanced oil recovery market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Enhanced Oil Recovery (EOR) is a method employed to extract additional oil from oil fields beyond what natural pressure allows. It involves enhancing the ability to recover oil by introducing substances like water, chemicals, or gases into the reservoir.
The primary technologies within enhanced oil recovery encompass thermal EOR, chemical EOR, gas EOR, and other methods. Thermal EOR involves injecting steam into the reservoir to augment oil recovery, facilitating extraction. Chemicals utilized in EOR processes consist of surfactants, polymers, alkaline substances, alkali-surfactant-polymer (ASP) formulations, foamers, and various other chemicals. These chemicals serve diverse applications in both onshore and offshore oil extraction operations.
The enhanced oil recovery market research report is one of a series of new reports from The Business Research Company that provides market statistics, including enhanced oil recovery industry global market size, regional shares, competitors with an enhanced oil recovery market share, detailed enhanced oil recovery market segments, market trends and opportunities, and any further data you may need to thrive in the enhanced oil recovery industry. This enhanced oil recovery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The enhanced oil recovery market size has grown strongly in recent years. It will grow from $40.45 billion in 2023 to $44.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. Historical growth can be attributed to the depletion of conventional reserves, the maturation of oil fields, improved understanding of reservoirs, advancements in water management practices, and ongoing efforts to reduce costs.
The enhanced oil recovery market size is expected to see strong growth in the next few years. It will grow to $62.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period is driven by factors such as increased public awareness and perception, global market expansion, the development of shale oil and gas resources, concerns regarding carbon emissions, and ongoing improvements in cost efficiency. Key trends expected during this period include the decline in conventional reserves, volatility in oil prices, the implementation of environmental regulations, the focus on mature oil fields, and advancements in reservoir characterization techniques.
The surge in demand for oil and gas is expected to be a significant driver behind the growth of the enhanced oil recovery market. This escalating demand in the oil and gas sector necessitates increased emphasis on enhanced oil recovery methods, leading to a rise in market demand. For instance, the U.S. Energy Information Administration reported a record-high annual production of Natural Gas Plant Liquids (NGPLs) at nearly 5.40 million barrels per day in 2021. Consequently, this burgeoning demand for oil and gas drives the enhanced oil recovery market.
The gradual depletion of oil reserves is projected to significantly boost the enhanced oil recovery market. Depletion of oil reserves signifies the diminishing or exhaustion of economically viable quantities of crude oil in specific oil fields or regions. Enhanced Oil Recovery (EOR) techniques are employed in these depleting reserves to maximize extraction efficiency by utilizing advanced methods such as fluid or steam injection to recover additional oil. For example, Oil & Gas Journal's annual assessment highlighted a decline in the world's proved oil reserves, totaling 1,724.5 billion bbl at the end of 2021, down from 1,727.5 billion bbl a year earlier. This depletion, especially in regions like Western Europe, is a driving factor for the growth of enhanced oil recovery methods.
Strategic partnerships represent a significant trend gaining traction in the enhanced oil recovery market. Key players in this field are establishing innovative platforms and advancing oil recovery technologies to maintain their market positions. For instance, LUKOIL, a Russia-based enhanced oil recovery company, partnered with Gazprom Neft, a petroleum refining company in Russia, to jointly develop technologies for enhancing oil recovery. Similarly, Baker Hughes Company, a U.S.-based energy corporation, collaborated with LUKOIL to develop energy-efficient technologies and enhance oil production efficiencies for various applications.
Major companies in the enhanced oil recovery market are introducing advanced devices like Autonomous Inflow Control Devices (AICDs) to effectively manage unwanted fluid production, gaining a competitive advantage. AICDs are used in the oil and gas industry to optimize hydrocarbon production in wells. For instance, Halliburton recently launched EquiFlow Density, an AICD designed to optimize hydrocarbon production by effectively managing unwanted fluid production in oil and gas wells. The device employs a density amplifier to distinguish between reservoir fluids, reducing water ingress without surface input and improving production in challenging wells, even when viscosities are similar.
In August 2021, AOR Investments, a US-based company, successfully acquired American Oil Recovery in a transaction with undisclosed financial details. This strategic move positions AOR to emerge as a frontrunner in providing crude oil recovery solutions tailored for companies operating in the petroleum industry. American Oil Recovery, also based in the US, specializes in the enhanced oil recovery market within the electric utility sector. The acquisition is poised to bolster AOR's presence and capabilities in this niche market, enabling the company to offer advanced and comprehensive solutions for crude oil recovery, thereby solidifying its position as a leader in serving the needs of petroleum industry entities.
Major companies operating in the enhanced oil recovery market report are British Petroleum PLC, Shell PLC, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, BASF SE, Baker Hughes Company, Schlumberger Limited, FMC Technologies Inc., Praxair Inc., Petroleo Brasileiro S.A., Cenovus Energy Inc., China Petrochemical Corporation, Husky Energy Inc., Pioneer Natural Resources Company, Apache Corporation, Imperial Oil Limited, Suncor Energy Inc., Canadian Natural Resources Limited, MEG Energy Corp., Encana Corporation, EOG Resources Inc., Anadarko Petroleum Corporation, Noble Energy Inc., Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., and Laredo Petroleum Inc.
North America was the largest region in the enhanced oil recovery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enhanced oil recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enhanced oil recovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enhanced oil recovery market includes revenues earned by entities by providing services such as in situ combustions (ISC) and steam injection. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.