Dublin, Nov. 22, 2024 (GLOBE NEWSWIRE) — The “Enhanced Oil Recovery (EOR) – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Enhanced Oil Recovery (EOR) was estimated at US$55.7 Billion in 2023 and is projected to reach US$79.3 Billion by 2030, growing at a CAGR of 5.2% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the Enhanced Oil Recovery (EOR) market is driven by several factors, including the rising demand for energy, the depletion of easily accessible oil reserves, and technological advancements in EOR methods. A key driver is the increasing focus on maximizing recovery from mature and declining oilfields, which requires the implementation of advanced EOR techniques. The development of unconventional oil resources, such as shale and tight oil, is also driving demand for EOR solutions that can enhance production efficiency.
Additionally, the growing emphasis on carbon capture and storage (CCS) technologies is supporting the use of CO2-EOR methods, which offer both enhanced recovery and environmental benefits. The need for sustainable and cost-effective oil production methods, coupled with continuous innovations in chemical, thermal, and gas injection techniques, is further propelling the EOR market. These factors, combined with favorable regulatory support and government incentives for enhanced recovery methods, are driving the global EOR market forward.
What Is Enhanced Oil Recovery And Why Is It Vital For The Oil & Gas Industry?
Enhanced Oil Recovery (EOR) is a set of techniques used to increase the amount of crude oil that can be extracted from an oilfield after primary and secondary recovery methods have been exhausted. EOR is vital for the oil and gas industry as it enables operators to maximize the recovery of hydrocarbons from mature fields, which are becoming increasingly prevalent as easily accessible oil reserves dwindle.
By injecting substances such as water, gas, or chemicals into reservoirs, EOR techniques help to alter the properties of the oil and improve its flow, enhancing the extraction process. The primary types of EOR include thermal recovery, gas injection, and chemical injection, each tailored to specific reservoir conditions. As global energy demand continues to rise and oil companies face pressure to optimize production from existing assets, EOR is becoming an indispensable tool for prolonging the life of oilfields and improving overall recovery rates.
What Technological Innovations Are Driving The Enhanced Oil Recovery Market?
Digital technologies, such as reservoir simulation models, AI, and machine learning, are being used to optimize EOR processes by providing better reservoir characterization and predicting the behavior of injected substances. These technological advancements are critical in addressing the challenges associated with EOR, including the need for more sustainable and economically viable recovery methods.
How Are Market Dynamics And Regional Trends Impacting The EOR Market?
Market dynamics, such as fluctuating oil prices, the decline in production from mature fields, and the shift towards unconventional resources, are significantly impacting the EOR market. In regions like North America, where shale oil production is prominent, there is a growing need for EOR techniques to optimize production and extend the life of wells.
In the Middle East, where large, mature oilfields dominate, the focus is on deploying advanced EOR methods to maintain production levels and maximize reserves. The market is also being influenced by regulatory and environmental factors, with an increasing emphasis on CO2-based EOR for its dual benefits of enhanced oil recovery and carbon capture and storage (CCS). These regional trends and market dynamics underscore the strategic importance of EOR in ensuring long-term energy security and sustainability.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Anadarko Petroleum Corporation, Babcock & Wilcox Enterprises, Inc., Babcock Power Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Thermal EOR Technology segment, which is expected to reach US$35.4 Billion by 2030 with a CAGR of a 5.0%. The Gas EOR Technology segment is also set to grow at 5.9% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $15.0 Billion in 2023, and China, forecasted to grow at an impressive 4.9% CAGR to reach $12.5 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 252 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $55.7 Billion |
| Forecasted Market Value (USD) by 2030 | $79.3 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 and a Looming Global Recession
- Enhanced Oil Recovery (EOR) – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Global Energy Demand Driving EOR Technology Adoption
- Technological Advancements in Chemical and Gas Injection EOR Techniques
- Increasing Investment in Carbon Capture, Utilization, and Storage (CCUS) EOR Projects
- Growing Focus on Maximizing Production from Mature and Depleted Reservoirs
- Impact of Digital Oilfield Solutions on Optimizing EOR Processes
- Rising Adoption of Microbial EOR (MEOR) for Enhanced Sustainability
- Impact of Government Policies and Incentives on EOR Deployment
- Increasing Collaboration Between Oil Companies and Technology Providers
- Development of Hybrid EOR Techniques for Complex Reservoir Conditions
- Rising Use of Advanced Simulation and Modeling for EOR Strategy Optimization
- Impact of Fluctuating Oil Prices on EOR Project Feasibility
- Growing Opportunities in Offshore EOR Projects and Deepwater Reservoirs
FOCUS ON SELECT PLAYERS (Total 54 Featured)
- Anadarko Petroleum Corporation
- Babcock & Wilcox Enterprises, Inc.
- Babcock Power Inc.
- BP PLC
- Cenovus Energy, Inc.
- Chevron Corporation
- Clayton Industries
- ConocoPhillips Company
- EN-Fab Inc.
- Exxon Mobil Corporation
- Hamon Deltak, Inc.
- Lukoil Oil Company
- Nooter/Eriksen, Inc.
- Petronas Chemicals Group Berhad
- Premier Energy Inc.
- Royal Dutch Shell PLC
- Statoil ASA
For more information about this report visit https://www.researchandmarkets.com/r/8606b6
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- Enhanced Oil Recovery (EOR) Market
