PUBLISHER: The Business Research Company | PRODUCT CODE: 1659040
PUBLISHER: The Business Research Company | PRODUCT CODE: 1659040
Enhanced oil recovery encompasses techniques aimed at increasing the quantity of crude oil that can be extracted from an oil reservoir beyond the capabilities of primary and secondary recovery methods. This approach enhances oil production through various methods, including thermal injection, gas injection, and chemical flooding.
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 $43.97 billion in 2024 to $48.17 billion in 2025 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to depleting conventional reserves, mature oil fields, reservoir understanding, advances in water management, cost reduction efforts.
The enhanced oil recovery market size is expected to see strong growth in the next few years. It will grow to $67.64 billion in 2029 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to public awareness and perception, global market expansion, shale oil and gas development, carbon emission concerns, cost efficiency improvements. Major trends in the forecast period include declining conventional reserves, oil price volatility, environmental regulations, mature oil fields, advanced reservoir characterization.
The growing demand for oil and gas is anticipated to drive the expansion of the enhanced oil recovery market in the future. The oil and gas industries encompass the exploration of resources, their transportation to refineries, and the processing of these resources into finished products. The surge in oil and gas demand necessitates more enhanced oil recovery, which will increase market demand. For example, in June 2023, data released by the Energy Information Administration, a US-based federal statistical and analytical agency, indicated that global oil demand is projected to rise by 6% from 2022 to 2028, reaching 105.7 million barrels per day. Additionally, global upstream investments in oil and gas exploration, extraction, and production are expected to grow by 11% year-on-year, hitting a record USD 528 billion in 2023. Consequently, the rising demand for oil and gas is propelling the enhanced oil recovery market.
The diminishing oil reserves are projected to drive the growth of the enhanced oil recovery market in the future. Diminishing oil reserves refer to the gradual depletion or exhaustion of economically viable and recoverable amounts of crude oil and petroleum within a specific oil field or region. Enhanced Oil Recovery (EOR) techniques are utilized in these depleting oil reserves to maximize extraction efficiency through advanced methods, such as the injection of fluids or steam, to recover additional oil that traditional techniques cannot access. For example, in October 2024, data published by the Energy Information Administration, a US-based federal statistical and analytical agency, indicated that global oil inventories fell by 0.8 million barrels per day (b/d) in the third quarter of 2024, with an expected further decline of 0.6 million b/d projected through the first quarter of 2025. As a result, the diminishing oil reserves are fueling the growth of the enhanced oil recovery market.
Major players in the enhanced oil recovery market are concentrating on creating innovative products, such as PHASETREAT WET, to enhance oil extraction efficiency while minimizing environmental impact. PHASETREAT WET is a chemical treatment formulated for enhanced oil recovery (EOR) processes, especially in challenging reservoirs with high water content. It functions by altering the properties of the water and oil phases, which improves oil mobility and facilitates its flow to production wells. For instance, in June 2023, Clariant Oil Services, a UK-based manufacturer, introduced PHASETREAT WET, utilizing nanoemulsion technology to reduce demulsifier dosages by up to 75%, significantly decreasing carbon emissions in oil and gas operations. This innovative method not only boosts operational efficiency but also aligns with sustainability efforts within the industry.
Leading companies in the enhanced oil recovery market are introducing advanced technological devices, such as the Autonomous Inflow Control Device (AICD), to efficiently manage unwanted fluid production and gain a competitive advantage. An Autonomous Inflow Control Device (AICD) is employed in the oil and gas sector to optimize hydrocarbon production in wells. For example, in October 2023, Halliburton, a US-based provider of energy industry products and services, launched EquiFlow Density, an Autonomous Inflow Control Device (AICD) designed to enhance hydrocarbon production by effectively managing unwanted fluid production in oil and gas wells. The device addresses uncertainties related to reservoir fluids, improving recovery in wells where current autonomous solutions fall short. EquiFlow Density incorporates a density amplifier to differentiate between reservoir fluids and features a fluid selector that minimizes water ingress without surface input. This AICD employs a unique approach by using density to distinguish fluids, even when their viscosities are similar, enabling operators to boost production in challenging wells.
In November 2023, ExxonMobil, a US-based natural gas firm, acquired Denbury Inc. for $4.9 billion. ExxonMobil intends to improve its carbon capture capabilities, significantly decrease greenhouse gas emissions, and reinforce its leadership in low-carbon technologies. Denbury Inc., a US-based oil and natural gas company, specializes in enhanced oil recovery (EOR) techniques, particularly utilizing carbon dioxide injection.
Major companies operating in the enhanced oil recovery market are British Petroleum PLC, Shell PLC, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, Baker Hughes Company, Schlumberger Limited, 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., EOG Resources Inc., Anadarko Petroleum Corporation, Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., Laredo Petroleum Inc.
North America was the largest region in the enhanced oil recovery market in 2024. 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.
Enhanced Oil Recovery Global Market Report 2025 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.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.