The Enhanced Oil Recovery Market size will grow to USD 59.4 billion by 2025 (forecast year) from USD 43.3 billion in 2020 (estimated year), at a CAGR of 6.5% during the forecast period.
The rising number of mature fields in North America and the Middle East, along with rising primary energy demand from the Asia Pacific, are the driving factors for the Enhanced Oil Recovery Market, globally.
Technological developments in advancements in shale oil & gas reserve development, production from oil sand, and deep-water drilling have led oil & gas production across regions, which creates opportunities for growth of the market.
The thermal EOR segment is expected to dominate the Enhanced Oil Recovery Market, by technology, during the forecast period.
In thermal EOR, steam is injected to lower the viscosity and improve the mobility of oil through the reservoir.
It is mainly used in heavy oil reservoirs to recover several billion barrels of heavy crude oil. Thermal EOR technology has been deployed in various countries such as the US, Canada, Venezuela, Oman, China, and Indonesia, with major projects in operation for many years.
The thermal EOR is further categorized further based on the type as in-situ combustion, steam, and others.
The steam segment is expected to grow at a faster CAGR. Owing to increasing activities in shale and the development of mature oilfields in the Gulf of Mexico are likely to drive the steam market.
The onshore segment is expected to be the fastest-growing Enhanced Oil Recovery Market, by application, during the forecast period.
The onshore segment, by application, the Enhanced Oil Recovery Market is estimated to grow at the fastest rate during the forecast period.
This is mainly because of the increasing demand for production activities from new shale development activities in North America. Moreover, maturing shallow oilfields in the Gulf of Mexico and the North Sea, as well as increasing investments in offshore EOR projects. Such factors propel the growth of the Enhanced Oil Recovery Market.
North America likely to emerge as the largest Enhanced Oil Recovery Market.
In this report, the Enhanced Oil Recovery Market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa.
The US is the top explorer and producer of shale oil and gas. Moreover, the rising production of tight oil and increasing oil sand formations in Alberta propel Enhanced Oil Recovery Market growth. Thus, North America dominated the Enhanced Oil Recovery Market during the forecasted period.
Some of the key players are Schlumberger (US), Halliburton (US), Baker Hughes Company (US), Royal Dutch Shell Plc (Netherlands), BP Plc(UK). The leading players are adopting various strategies to increase their share in the Enhanced Oil Recovery Market.
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