Enhanced Oil Recovery Market Trends & Incremental Opportunity Assessment till 2030

Enhanced Oil Recovery Industry Overview

The global enhanced oil recovery market size is expected to reach USD 76.78 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2022 to 2030. A growing number of aging wells witnessing declining production rates, coupled with rising government investment in research and development activities, is likely to drive the market for enhanced oil recovery (EOR) over the forecast period.

 U.S. enhanced oil recovery market size, by technology, 2020 - 2030 (USD Billion)

Enhanced Oil Recovery Market Segmentation

Grand View Research has segmented the global enhanced oil recovery market based on technology, application, and region:

Based on the Technology Insights, the market is segmented into Thermal, CO2 Injection, Chemical and Others.

  • The thermal segment occupied the largest revenue share of over 35.0% in 2021. The method entails the application of heat to the oil wells for lowering the oil viscosity and increasing its mobility ratio. It is mostly applied in shallow wells with higher viscosity, for instance, heavy oil and tar sand. This technology is being utilized in countries such as the U.S., Canada, Oman, and Russia.
  • CO2 injection technology injects CO2 into the rock pores to recover the crude oil. CO2 is miscible with crude oil and is comparatively less expensive than other similar miscible fluids used for these applications, making it a preferred choice for EOR applications. In addition, this method provides highly significant environmental benefits, thereby driving the demand for CO2 injection technology in the market in the forecast period.
  • Further, stringent government regulations regarding emission reduction from the oil industry activities are resulting in the improved adoption of carbon capture and storage (CCS) technology wherein the carbon released from refineries is captured and injected into depleting oilfields for the EOR process.
  • Chemical EOR technology involves the use of polymers and surfactants, which are injected into the oil well, which reduces interfacial pressure and enhances flooded viscosity, thereby increasing the production from the oil well. Chemical-based EOR technology is being utilized in countries such as China, Russia, Colombia, and Canada.

Based on the Application Insights, the market is segmented into Onshore and Offshore.

  • The onshore segment occupied the largest revenue share of over 90.0% in 2021 owing to the significant presence of onshore exploration and production projects across the world. Lower conventional extraction costs for onshore oilfields, when compared to offshore oilfields, will result in the growth of the onshore application segment in the future.
  • However, the offshore oil industry is expected to witness sluggish growth due to high capital investments and operating costs, coupled with the pandemic impact. These factors will cause hindrance in the growth of the offshore oil industry.

Enhanced Oil Recovery Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Key Companies Profile & Market Share Insights

The EOR market is highly competitive and moderately consolidated with the presence of giant, multinational, and experienced players. Oil and gas exploration companies procure raw materials such as polymer, carbon dioxide, nitrogen, and others from specialized vendors. The technologies used in EOR are usually in-housed by the oil and gas exploration companies.

Some prominent players in the global enhanced oil recovery market include:

  • BP plc
  • Cenovus Energy, Inc.
  • Chevron Corporation         
  • Equinor ASA
  • ExxonMobil Corporation
  • LUKOIL
  • Petróleo Brasileiro S.A.
  • Total SA

Order a free sample PDF of the Enhanced Oil Recovery Market Intelligence Study, published by Grand View Research.

Comments are closed