Global Enhanced Oil Recovery Market was valued at US$ xx billion in 2020 and is anticipated to reach US$ xx billion by 2027 displaying a CAGR of xx% over the forecast period (2021-2027). Enhanced oil recovery (EOR), also called tertiary recovery, is the extraction of crude oil from an oil field that cannot be extracted otherwise. EOR can extract 30% to 60% or more of a reservoir's oil, compared to 20% to 40% using primary and secondary recovery. EOR can reverse the decline of mature fields and increase the overall percentage recovered. In some fields recovery rates greater than 60% have been achieved (e.g., Prudhoe Bay in Alaska). There are three main types of EOR, including chemical flooding, gas injection and thermal recovery. As per IEA, Historically EOR production has been concentrated in North America, but in recent years other countries have started deploying EOR technologies. Malaysia has started offshore EOR production, while the United Arab Emirates, Kuwait, Saudi Arabia, India, Colombia, and Ecuador have all started pilot EOR projects. Also, it estimated about 375 enhanced oil recovery projects worldwide produced slightly more than 2 million b/d in 2018. They forecasted this could grow to 4.5 million b/d, or around 4% of world production, by 2040.
The Global Enhanced Oil Recovery Market is experiencing significant growth due to upsurge in the number of aged wells, continuous unconventional gas production activities such as shale gas & increase in global demand for oil are the key factors complementing the Enhanced Oil Recovery market.
Halliburton, Schlumberger Limited, Royal Dutch Shell Plc, BP Plc, Air Liquide S.A. etc. are some of the prominent players operating in the Global Enhanced Oil Recovery Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Enhanced Oil Recovery techniques.
Insights Presented in the Report
"Amongst technology, Thermal EOR segment holds the major share."
Based on technology, the market is segmented into Thermal EOR, Gas EOR, Chemical EOR, and others. The Thermal EOR segment grabbed XX% market share of the Global Enhanced Oil Recovery Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to its ability to lower the viscosity, or thin, the heavy viscous oil, and improve its ability to flow through the reservoir. However, Gas EOR driven by CO2 injection technology will grow at the fastest rate due to increasing focus on unconventional gas production across the globe.
"Amongst Application, Onshore dominated the market in 2020."
Based on Application, the market is classified into Onshore, and Offshore. The Onshore segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to the presence of several onshore exploration and production projects across the world.
"North America represents as the largest market in the Global Enhanced Oil Recovery Market."
For a better understanding of the market adoption of Enhanced Oil Recovery, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), MEA, and Rest of World. North America constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of presence of several unconventional oil and gas resources and matured fields in the region. However, Asia Pacific is poised to grow at the fastest rate due to rising oil and gas demand from the major economies including China and India along with the increased deployment of EOR in aged wells.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
Customization Options:
The Global Enhanced Oil Recovery Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
The EOR is production recovery techniques which seek to produce oil which would not be recovered using the primary and secondary recovery methods where the oil has stopped flowing or where the water content of the oil reservoir has increased. EOR is widely applied today, as it can increase oil production without exploration risks. Today over 80% of global EOR production benefits from some sort of government incentive or is prioritized by national oil companies as part of their efforts to maximize the return from national resources. One of the main benefits, aside from increased oil recovery, is the creation of a market for carbon dioxide. EOR provides a commercial use for carbon dioxide, creating an incentive for industries to develop technologies to capture the greenhouse gas. EOR is therefore seen as a catalyst for a carbon market. The growing number of matured fields along with the rising need for crude to encounter the petroleum product demand will enrich the Enhanced Oil Recovery Market size. However, some of the restraints in the market include volatility of crude oil prices, high up-front capital requirements and long pay-back periods which are some factors impeding the growth of this market all over the world.
Based on technology, the market is segmented into Thermal EOR, Gas EOR, Chemical EOR, and others. The Thermal EOR segment grabbed XX% market share of the Global Enhanced Oil Recovery Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to its ability to lower the viscosity, or thin, the heavy viscous oil, and improve its ability to flow through the reservoir. However, Gas EOR driven by CO2 injection technology will grow at the fastest rate due to increasing focus on unconventional gas production across the globe.
Based on Application, the market is classified into Onshore, and Offshore. The Onshore segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to the presence of several onshore exploration and production projects across the world.
For a better understanding of the market adoption of Enhanced Oil Recovery, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), MEA, and Rest of World. North America constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of presence of several unconventional oil and gas resources and matured fields in the region. However, Asia Pacific is poised to grow at the fastest rate due to rising oil and gas demand from the major economies including China and India along with the increased deployment of EOR in aged wells.
Some of the major players operating in the market include Halliburton, Schlumberger Limited, Royal Dutch Shell Plc, BP Plc, Air Liquide S.A. etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.
Table of Contents
1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Enhanced Oil Recovery Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Enhanced Oil Recovery Market
2.1.1. Main Objective of the Global Enhanced Oil Recovery Market
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL ENHANCED OIL RECOVERY MARKET COVID-19
6 GLOBAL ENHANCED OIL RECOVERY MARKET REVENUE (USD BN), 2019-2027F
7 MARKET INSIGHTS BY TECHNOLOGY
7.1. Thermal EOR
7.2. Gas EOR
7.3. Chemical EOR
7.4. Others
8 MARKET INSIGHTS BY APPLICATION
8.1. Onshore
8.2. Offshore
9 MARKET INSIGHTS BY REGION
9.1. North America Enhanced Oil Recovery Market
9.1.1. United States
9.1.2. Canada
9.1.3. Rest of North America
9.2. Europe Enhanced Oil Recovery Market
9.2.1. Germany
9.2.2. France
9.2.3. United Kingdom
9.2.4. Italy
9.2.5. Spain
9.2.6. Rest of Europe
9.3. Asia Pacific Enhanced Oil Recovery Market
9.3.1. China
9.3.2. Japan
9.3.3. India
9.3.4. Australia
9.3.5. Rest of Asia Pacific
9.4. MEA Enhanced Oil Recovery Market
9.5. Rest of World Enhanced Oil Recovery Market
10 ENHANCED OIL RECOVERY MARKET DYNAMICS
10.1. Market Drivers
10.2. Market Challenges
10.3. Impact Analysis
11 ENHANCED OIL RECOVERY MARKET OPPORTUNITIES
12 ENHANCED OIL RECOVERY MARKET TRENDS
13 LEGAL & REGULATORY FRAMEWORK
14 DEMAND AND SUPPLY SIDE ANALYSIS
14.1. Demand Side Analysis
14.2. Supply Side Analysis
14.2.1. Top Product Launches
14.2.2. Top Business Partnerships
14.2.3. Top Business Expansions, Investments and Divestitures
14.2.4. Top Merger and Acquisitions
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
16.1. Porter's Five Forces Analysis
16.1.1. Bargaining power of Supplier
16.1.2. Bargaining power of Buyer
16.1.3. Industry Rivalry
16.1.4. Availability of Substitute
16.1.5. Threat of new Entrants
16.2. Competitive Landscape
16.2.1. Company Shares, By Revenue
17 COMPANY PROFILED
17.1. Halliburton
17.2. Schlumberger Limited
17.3. Royal Dutch Shell Plc
17.4. BP Plc
17.5. Air Liquide S.A.
17.6. Baker Hughes Company
17.7. TechnipFMC
17.8. Suncor Energy Inc.
17.9. China Petroleum & Chemical Corp.
17.10. Chevron Corporation
18 DISCLAIMER
Halliburton
Schlumberger Limited
Royal Dutch Shell Plc
BP Plc
Air Liquide S.A.