The global enhanced oil recovery market size is estimated to reach US$ 78.24 billion by 2030 from valued at US$ 45.6 billion in 2021 and poised to grow at a CAGR of 6.2% during the forecast period 2022 to 2030.
Tertiary recovery is another named of enhanced oil recovery, which means the process through which other remaining oil which are immobile in nature are mobilized either chemically, physically, or thermally. As secondary and primary oil recovery techniques may leave oil in the reservoir up to 70%, various oil extracting companies have further started relying more over tertiary oil recovery or enhanced oil recovery techniques. Furthermore, gas injection, thermal recovery, and chemical injection are the most commonly utilized enhanced oil recovery techniques all around the world. Moreover, majority of the enhanced oil recovery technologies are currently utilized offshore, as oil companies are developing methods to enlarge onshore enhanced oil recovery methods.
In addition, above the past few year, the rapid reduction of fossil fuels has added to the rising application of enhanced oil recovery technologies in the oil & gas industry. Also, the growing demand for oil has also added to the rising demand for enhanced oil recovery around the globe. Furthermore, several governments worldwide are taking initiatives for using technologies which are advanced in nature for the extraction of oil in order to achieve more and more profits from the existing fields of oil & gas. For instance, countries like India & China are providing financial incentives in order to attract multinational corporations in order to invest in the market of enhanced oil recovery. Along with this, numerous key players all over from the world are engaging into the research & development activities in order to improvise the recovery of oil. For instance, British Petroleum has developed advanced method which can extract oil by utilizing microscopic particles which are thermally activated which in turn will expand deep into the reservoir.
Report Scope of the Enhanced Oil Recovery Market
|Market Size by 2030||USD 78.24 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 6.2%
|North America Market Share in 2020||39%|
|Thermal Technology Market Share in 2020||40%|
|Forecast Period||2022 to 2030|
|Segments Covered||Technology, Application, Geography|
|Companies Mentioned||Halliburton Energy Services, Inc, Royal Dutch Shell plc, Schlumberger Limited, Chevron Phillips Chemical Company LLC, TechnipFMC plc, National Aluminium Company Limited, Baker Hughes Company, Total SA, China National Petroleum Corporation, Titan Oil Recovery|
Over few decades, the depletion of fossil fuels energies has contributed to the adding operation of enhanced oil recovery technologies in the oil and gas industry. The growing demand for oil has also been added to the rising enhanced oil recovery worldwide demand. Furthermore, several governmental bodies around the globe are taking enterprise to exercise oil extraction advanced technologies in order to achieve high profits from the existing fields of oil and gas. In addition, countries like India and China are offering fiscal impulses to attract transnational companies in order to invest more towards the market of enhanced oil recovery. In line with this, the different companies each over the world are engaging in research and development conditioning to ameliorate oil recovery. For case, British Petroleum has developed advanced ways that can prize oil using thermally actuated bitsy patches which expand deep into the force.
The ongoing COVID-19 epidemic has impacted the oil & gas industry encyclopedically. Owing to the scenario of COVID-19, various oil& gas companies across various regions closed or paused their manufacturing services and installations as various countries started practicing partial or full lockdown strategy in order to deal with the epidemic. Furthermore, the key players across the region further delayed or suspended the main oil & gas systems. Likewise, the epidemic has further impacted the prices of crude oil, well drilling and product conditioning, and the force chain of oil and gas. Owing to the dropdown in the product conditioning has also majorly impacted short/ medium term enhanced oil recovery market. In addition, the key market players around the globe are deploying innovative technologies for the development of enhanced oil recovery market.
By technology, the thermal technology segment is likely to hold the 40% market share in 2020. In addition, among thermal enhanced oil recovery, the steam is injected in order to improvise the mobility of oil through various reservoir and lower the viscosity. It is mainly utilized in reservoirs with heavy oil in order to recover billions of barrels comprising of heavy crude oil. In addition, the thermal enhanced oil recovery is also categorized further on the basis of type as combustion of steam, in-situ, and others. The steam segment is poised to grow at a fastest growth rate during the forecast period. Due to the growth of the mature oilfields and growth of discoveries of shale gas in the Gulf of Mexico are estimated to drive the enhanced oil recovery market.
By application, the onshore segment accounted revenue share of 90% in 2020 and is expected to grow at the fastest CAGR during the forecast period. This is attributed to the growing number of oil fields in the developed and developing regions such as Africa and North America. The oil fields in these regions help in the depletion of oil.
In addition, constant initiatives are taken by government and market players for the growth and development of the segment during the forecast period. Moreover, the key market players are investing in the onshore enhanced oil recovery segment. The onshore enhanced oil recovery helps in the cost savings as compared to offshore enhanced oil recovery.
Asia Pacific is anticipated to witness the highest CAGR during the forecast period, with China occupying the largest market share across the region. Rising oil and gas demand from the major economies including China and India along with the surged deployment of enhanced oil recovery in aged wells in order to meet the product targets are likely to boost the market growth in the Asia Pacific. However, Europe, North America, Asia-Pacific and LAMEA are the key regions included in the study of the enhanced oil recovery market.
Furthermore, North America is likely to dominate the market from the year 2020 to 2030 and garnered revenue share 39% in 2020, majorly driven by the unconventional resources growth in Mexico. Also, nonstop development in shale reserves in the United States is anticipated to propel growth for enhanced oil recovery market.
Key Market Developments
Some of the prominent players in the global Enhanced oil recovery Market include:
Segments Covered in the Report
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