Enhanced Oil Recovery Market Size, Share and Trends 2025 to 2034

Enhanced Oil Recovery Market Size and Forecast 2025 to 2034

The global enhanced oil recovery market size was worth around USD 56.41 billion in 2024 and is anticipated to reach around USD 112.02 billion by 2034, growing at a CAGR of 7.10% from 2025 to 2034. The global enhanced oil recovery market growth is attributed to the increasing focus on EOR techniques to expand their lifespan and increasing demand for oil and gas across the globe.

Enhanced Oil Recovery Market Key Takeways

• North America dominated the global market with the largest market share of 39% in 2024.
• Asia Pacific is projected to expand at the notable CAGR during the forecast period.
• By technology, the thermal technology  segment has held the largest market share in 2024.
• By application, the onshore segment captured the biggest market share in 2024.

How AI is Changing the Enhanced Oil Recovery Market?

Artificial intelligence is revolutionizing various industries, and the enhanced oil recovery industry is no exception. By enabling more efficient, cost-effective, and precise operations, the integration of AI technologies has introduced a new dimension to enhanced oil recovery. AI, with its capabilities for data-driven decision-making, predictive analysis, and machine learning, can transform how oil fields are managed, particularly in terms of reducing operational uncertainties and optimizing recovery rates. Operators can analyze and process huge amounts of data from m reservoirs in real-time, minimize the risks associated with traditional EOR methods, and adjust recovery strategies dynamically, through the use of AI. In addition, the integration of AI improves the accuracy of forecasts, enhances recovery, allows for better resource allocation, and reduces downtime, owing to significant cost savings. These advanced trends are expected to revolutionize the growth of the enhanced oil recovery market in the coming years.

U.S. Enhanced Oil Recovery Market Size and Growth 2025 to 2034

The U.S. enhanced oil recovery market size was exhibited at USD 22 billion in 2024 and is projected to be worth around USD 44.25 billion by 2034, growing at a CAGR of 7.24% from 2025 to 2034.

North America dominated the enhanced oil recovery market in 2024. The market growth in the region is attributed to the increasing advanced extraction technologies and the extensive oil reserves available in the region. In addition, the increasing presence of various unconventional matured fields and oil and gas resources in the U.S. are expected to drive the market growth. EOR technologies such as chemical flooding, gas injection and thermal recovery are rapidly equipped to extend the life of aging reservoirs and enhance production efficiency, as conventional oil reserves decline in the U.S.

The United States is the clear leader in the enhanced oil recovery (EOR) space in North America. The large quantity of mature oil reservoirs, as well as the government's commitment to research and development creates competitive opportunities in EOR. The U.S. is employing thermal, gas injection, and chemical EOR approaches. COâ‚‚ injection in Texas and along the Gulf Coast is particularly popular. Other state and federal government economic policies and supportive frameworks to promote carbon capture, usage, and storage (CCUS) are expected to foster additional development and usage of EOR. The major oil companies still have significant positions of influence in relation to the EOR market however they are aided by working with technology providers.

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.

China is the leader in the enhanced oil recovery market in the Asia Pacific region given its substantial incentive to increase production from decline oil fields and facilitate its overreliance on crude imports. There are numerous EOR projects that China is initiating as part of their respective fields using polymer flooding, chemical injection, and COâ‚‚-EOR, particularly in the Daqing, Shengli, and Xinjiang fields. With state owned enterprises funding major social initiatives with substantial government financing, China is developing EOR technologies to assist in stabilizing domestic production. These initiatives are part of China's long-term goal to develop all aspects of modern energy security while optimizing oil recovery.

Enhanced Oil Recovery Market Market Trends

• 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 on tertiary oil recovery or enhanced oil recovery techniques, further driving the market growth.
• Gas injection, thermal recovery, and chemical injection are the most commonly utilized enhanced oil recovery techniques all around the world and the majority of the enhanced oil recovery technologies are currently utilized offshore, as oil companies are developing methods to enlarge onshore enhanced oil recovery methods.
• The growing demand for oil has also added to the rising demand for enhanced oil recovery around the globe and several governments worldwide are taking initiatives to use technologies that are advanced in nature for the extraction of oil in order to achieve more and more profits from the existing fields of oil & gas.
• The increasing number of key market players around the globe are deploying innovative technologies for the development of the enhanced oil recovery industry is further expected to drive the growth of the enhanced oil recovery market.

Market Scope

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.

Technology Insights

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.

Application Insights

By application, the onshore segment accounted revenue share of 90% in 2022 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.

Enhanced Oil Recovery Market Companies

• 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

Recent Developments

• In May 2025, SLB announced the launch of Electris™ a portfolio of digitally enabled electric well completions technologies that boost production and recovery while reducing the total cost of ownership of an asset. Electris completions digitalize control of the entire productive area of the wellbore, providing real-time production intelligence across the reservoir.
  (Source: https://www.worldoil.com)
• In October 2024, ICM has signed an EPC agreement to provide Absolute Energy, LLC, with its patented FOT Oil Recovery™ technology, which enhances oil production while reducing natural gas consumption and improving the facility’s overall energy efficiency. This innovative technology stands apart by offering ethanol producers a more sustainable solution.
  (Source: https://www.businesswire.com)
• In October 2024, Japan Petroleum Exploration Co. launched an inter-well CO2 injection test in collaboration with national energy company PT Pertamina in Indonesia. The aim behind this launch was to conduct CO2 injection across multiple wells to improve the effectiveness of CO2 sequestration and CO2-EOR (Enhanced Oil Recovery).
• In June 2024, India’s leading private oil and gas producers, Vedanta Group and Cairn Oil & Gas announced the commencement of the largest commercial ASP flooding in Rajasthan. This ASP technique is designed to enhance oil recovery in mature fields and boost output potential significantly.

Segments Covered in the Report

By Technology

• Thermal EOR
  • Steam
  • In-situ Combustion
  • Others(Hot water and Solar)
• Chemical EOR
  • Polymer
  • Surfactant
  • Alkaline Chemical
  • Polymer
  • Foamers
  • Others
• Gas EOR
  • CO2
  • Other Gas(Nitrogen and Natural gas)
  • Others (microbial, seismic, simultaneous water alternating gas, and water alternating gas)

By Application

• Onshore
• Offshore

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)