Enhanced Oil Recovery Market Size & Share to Surpass $73.2 Billion by 2030 | Vantage Market Research

| Source: Vantage Market Research Vantage Market Research

WASHINGTON, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Global Enhanced Oil Recovery (EOR) Market is valued at USD 46.2 Billion in 2022 and is projected to reach a value of USD 73.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 6.8% over the forecast period 2023-2030.

One of the most significant economic areas is the Enhanced Oil Recovery (EOR) business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Enhanced Oil Recovery (EOR), including rising investment requirements, developing technology, and new laws.

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Market Overview

According to Vantage Market Research, some of the key factors anticipated to accelerate the Enhanced Oil Recovery (EOR) market growth over the forecast period. One of the main factors favorably affecting the demand for Enhanced Oil Recovery (EOR) is the depletion of conventional oil reserves, which has led to an increase in the use of unconventional resources such as heavy oil, tar sands, and shale oil.

We forecast that the thermal category in Enhanced Oil Recovery (EOR) market sales will account for more than 30% of total sales by 2030 as it is the most widely used technique for EOR. In addition, the thermal technique has a high success rate and has broad applicability in various reservoirs.

North America dominates the market, and this trend of dominance will continue throughout the projection period. Factors like presence of mature oil fields, technological advancements, well-established infrastructure, drive increased demand for Enhanced Oil Recovery (EOR) in this region.

Market Dynamics

Increasing Investments in EOR Projects to Drive the Market:

Governments and private organizations are investing more in the development of EOR projects to increase oil production. Investments in EOR projects are increasing due to the potential economic benefits of improved oil recovery rates. Another factor driving investment in EOR projects is the growing demand for environmentally sustainable energy sources. EOR techniques can reduce the carbon footprint of oil production by improving the efficiency of extraction and reducing the need for new drilling sites. This will drive the growth of the EOR market in the coming years.

Advancements in Hydraulic Fracturing to Promote Market Growth:

One of the most significant advancements in EOR technology is hydraulic fracturing, also known as fracking. Fracking is a process where high-pressure water and chemicals are injected into a wellbore to create fractures in the rock formation, allowing oil and gas to flow more easily to the surface. Fracking has been used in the oil and gas industry for many decades, but recent technological advances have improved the process. For example, horizontal drilling techniques have made it possible to drill wells that extend several miles, allowing companies to access previously unreachable reserves.

Top Companies in The Global Enhanced Oil Recovery (EOR) Market

  • BP plc
  • Chevron Corporation
  • ExxonMobil Corporation
  • Royal Dutch Shell plc
  • ConocoPhillips Company
  • Statoil ASA
  • Cenovus Energy Inc.
  • Husky Energy Inc.
  • Occidental Petroleum Corporation

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Top Trends in Global Enhanced Oil Recovery (EOR) Market

  • One trend that Vantage Market Research (VMR) expects to see in the Enhanced Oil Recovery (EOR) industry is the growing demand for crude oil. The global demand for crude oil is still on the rise, which is increasing the pressure on oil companies to enhance their recovery techniques.
  • Another trend that VMR predicts will continue in the Enhanced Oil Recovery (EOR) industry is raising technological advancements. The development of advanced technologies and techniques for enhanced oil recovery, such as CO2 injection, steam flooding, and chemical flooding, is boosting the efficiency and effectiveness of EOR operations.

Top Report Findings

  • Based on technology, most of the Enhanced Oil Recovery (EOR) market's revenue is controlled by the thermal EOR category. The high success rate of the technology and its applicability in various reservoir types are driving its significant market share.
  • Based on application, the onshore fields category dominated the Enhanced Oil Recovery (EOR) market. This trend is anticipated to continue due to the large number of mature onshore fields that require EOR technologies for enhanced oil recovery.

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Top 10 Players Generates More Than 45% of the Global Enhanced Oil Recovery (EOR) Market Revenue

The report also found that the largest players in the Enhanced Oil Recovery (EOR) market are technology providers such as BP plc, Chevron Corporation, ExxonMobil Corporation and Royal Dutch Shell plc. These companies are expected to benefit from increased demand for their services, as well as growing investments in new products. Other major players include ConocoPhillips Company, Statoil ASA, Cenovus Energy Inc., Husky Energy Inc., Occidental Petroleum Corporation, China Petrochemical Corporation (Sinopec) and others. As per the latest report published by Vantage Market Research, the top 10 companies are responsible for generating more than 45% revenue of the market.

Onshore Fields Category in Enhanced Oil Recovery (EOR) Market to Generate Over 30% Revenue

Enhanced Oil Recovery (EOR) is an expensive investment. Vantage Market Research has analyzed the market for Enhanced Oil Recovery (EOR) to understand its current state and potential future growth factors. For better understanding, based on application the Enhanced Oil Recovery (EOR) market is divided into: onshore fields and offshore fields

During the forecast period, the market for onshore fields is anticipated to experience the highest CAGR due to the fact that they are easier and less expensive to operate compared to offshore fields. The increasing adoption of advanced EOR technologies such as carbon capture and storage (CCS) and microbial enhanced oil recovery (MEOR) is expected to drive the growth of the onshore fields segment.

On the other hand, offshore fields category is anticipated to grow significantly over the forecast period because of the depletion of conventional oil reserves. Enhancing oil recovery from offshore fields through EOR has the potential to increase oil production, ultimately benefiting the global energy market.

Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Enhanced Oil Recovery Market Forecast Report (2023-2030).                     

Global Enhanced Oil Recovery (EOR) Market Segmentation

By Technology

  • Thermal
  • CO2 Injection
  • Chemical
  • Others

By Application

  • Onshore Fields
  • Offshore Fields

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/enhanced-oil-recovery-eor-market-0498

Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 2.8 Billion
Revenue Forecast by 2030USD 7 Billion
CAGR14.1% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersBP plc, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell plc, ConocoPhillips Company, Statoil ASA, Cenovus Energy Inc., Husky Energy Inc., Occidental Petroleum Corporation
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/enhanced-oil-recovery-eor-market-0498/request-sample


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