According to the latest report by IMARC Group, titled "Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global enhanced oil recovery market size reached a value of US$ 45.6 Billion in 2020. Enhanced oil recovery (EOR) is the process of extracting oil from wells that have already undergone primary and secondary oil recovery stages. It is increasingly employed to enhance the ability of oil to flow to a well by changing the physical properties of the oil or by the additional usage of water, chemicals or gases. Also known as the tertiary recovery phase, it aids in extracting the oil that is usually left behind after primary and secondary production phases by increasing its pressure and minimizing its viscosity. Some of the most commonly used EOR techniques include thermal, chemical and miscible methods that improve the oil displacement and volumetric sweep efficiencies of the entire process.
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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:
The global market is primarily driven by the increasing demand for enhanced oil production. An increase in the number of aged wells and the diminishing oil production from existing oilfields have led to the rising demand for EOR across the globe since its deployment results in significantly improving the overall output as compared to conventional oil extraction methods. The deployment of EOR technologies also assists in improving the permeability of the mature oil reservoirs by enabling the hydrocarbons to flow through the pathways easily, thereby enhancing oil recovery rates. The market is further driven by the numerous initiatives undertaken by the government of several countries to integrate EOR with advanced technologies in an attempt to further improve the oil yield. They are also providing attractive incentives to encourage various multinational companies to invest in EOR and set-up collaborative research projects, which, in turn, is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include continual research and development (R&D) for advancements in EOR technologies and the growing adoption of carbon dioxide EOR technology. On account of the aforementioned factors, the market to grow at a CAGR of 8.7% during 2021-2026.
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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
- Others
Breakup by Application:
- Onshore
- Offshore
Regional Insights:
- 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 (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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