The global enhanced oil recovery market size is expected to reach USD 62.1 billion by 2027, escalating at a CAGR of 3.7% over the forecast period, according to a new report by Grand View Research, Inc. A growing number of ageing wells witnessing declining production rates coupled with rising government investment in research and development activities is likely to drive the market over the forecast period.
Increasing technological advancements are enabling E&P companies to revive old wells and thus attain optimum production. This trend is estimated to positively influence industry growth. The increasing number of mature wells and investments in R&D activities for new technology development by various market players to improve the oil recovery process will result in the growth of the industry.
Industry participants enter into several strategic collaborations, such as mergers & acquisitions and joint ventures, to expand their foothold across various regional markets and develop economic technologies. The technologies used in enhanced oil recovery (EOR) are mostly in-housed by the companies. To further reduce the overall operational costs, market players procure raw materials, such as nitrogen, carbon dioxide, polymer, and others, from small-scale regional companies.
The COVID-19 pandemic has severely disrupted the oil & gas market with drastically plummeting oil prices resulting in delayed drilling projects. Moreover, the demand for crude oil is anticipated to drop further due to reduced industrial activity and transport. These factors are expected to negatively affect market growth in the near future.
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The thermal technology segment occupied the largest market share in 2019. Thermal technology lowers the oil viscosity and increases its mobility ratio, thereby enhancing the oil recovery process
CO2 injection technology is anticipated to be the fastest-growing segment over the forecast period as it helps reduce carbon emissions by utilizing those emissions for refineries and coal-based power plants
Onshore application segment occupied the largest market share in 2019 owing to the presence of onshore exploration and production projects across the world along with lower conventional extraction costs for onshore oilfields
North America led the global market in 2019 owing to the presence of a large number of existing and new EOR projects under operation across the region in the U.S. and Canada
Asia Pacific is expected to witness the fastest growth rate over the forecast period owing to the rise in EOR activities in countries, such as China, Malaysia, Indonesia, and India
Grand View Research has segmented the global enhanced oil recovery market on the basis of technology, application, and region:
EOR Technology Outlook (Volume, Million bbl; Revenue, USD Million, 2016 - 2027)
EOR Application Outlook (Volume, Million bbl; Revenue, USD Million, 2016 - 2027)
EOR Regional Outlook (Volume, Million bbl; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Enhanced Oil Recovery Market
Royal Dutch Shell plc
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