Adroit Market Research - Industry Insights
Global Enhanced Oil Recovery Market Size, By Technology (Thermal Recovery, Gas Injection, Chemical, Other EOR), By Application (Onshore, Offshore) and By Region (North America, Europe, Asia Pacific, Central & South America and Middle East & Africa)
Jun 2019
Total Pages: 70
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The global enhanced oil recovery market was valued around USD 98.08 billion and is projected to witness significant growth with CAGR of 8.3% over the forecast period. Growth in number of mature wells is the key factor which has led to shift from traditional extraction methods to advanced oil extraction methods such as enhanced oil recovery methods. The market is anticipated to show significant growth in forthcoming years with North America leading the overall market with >40% of the demand.
Enhanced oil recovery is an advanced process of oil extraction from reservoir. Oil recovery is divided into three major processes: primary recovery, secondary including tertiary recovery. When oil cannot be recovered from these two methods, tertiary recovery, also known as oil recovery, is applied. Enhanced oil recovery method is regarded as a very productive method which can increase the oil production by 75% for a given site. While primary and secondary methods apply artificial lift devices, gas and water injection, enhanced oil recovery alters the chemical composition of hydrocarbons so as to extract the oil from the surface.
Enhanced oil recovery market is estimated to witness remarkable growth in coming years owing to several factors such as depletion of the oil reserves, increase in global demand for numerous sectors, mainly transportation are projected to supplement the demand. Rising demand for oil along with increase in number of mature wells has led to increase in adoption of advanced technologies such as enhanced oil recovery to improve the extraction process. Therefore, owing to these factors, enhanced oil recovery market is projected to show significant growth with CAGR of 8.3 % over the forecast period.
Key segments of the global enhanced oil recovery market
Technology Overview, 2015-2025 (USD million) (Million bbl)
- Thermal
- Gas injection
- Chemical
- Other EOR
Application Overview, 2015-2025 (USD million) (Million bbl)
- Onshore
- Offshore
Regional Overview, 2015-2025 (USD million) (Million bbl)
- North America
- US
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- Russia
- Asia Pacific
- India
- China
- Australia
- Latin America
- Middle East & Africa
- The study gives an in-depth analysis of enhanced oil recovery industry across the globe
- Growth in number of matured wells across the globe is the key factor support the growth of enhanced oil recovery industry, especially in the developed economies
- High demand from end use industries which is especially from Asia Pacific has fueled the requirement for oil, due to which advanced oil recovery technologies are increasingly being adopted
What does the report include?
- The research report on enhanced oil recovery market provides in-depth industry scenario highlighting the market scenario through driver, restraints, Porter’s five forces analysis and key opportunity analysis
- The report gives analysis based on technology type and its application areas at regional and country level
- The market statistics are provided from 2015 to 2025 at global, regional and country level
Who should buy this report?
- The study on global enhanced oil recovery market is suitable for several players present across the value chain and also players present in oil & gas industry
- Investors and capitalists seeking for future outlook of enhanced oil recovery industry
- Analyst, consultants, research fellows and academic scholars seeking insights on the future of enhanced oil recovery industry
Key market trends-
- The increasing demand for crude oil is expected to drive the enhanced oil recovery market in the foreseeable future. EOR method increases the production capacity of an oil reservoir by 35%. Some of the EOR technologies, such as waterflooding and CO2 injection, are cost effective than other EOR methods.
- Companies present in the market are investing a huge amount of money in the research and development of new technology. Companies are trying to develop non-thermal technologies like hydraulic fracturing to enhance oil recovery. Gas injection is believed to be the fastest growing technology owing to its various benefits. In gas injection method, mostly CO2 is injected to react with the oil to modify its rheology and permit the oil to flow unhindered within the reservoir. Many companies are also developing carbon capturing and storage (CCS) technique to enhance oil recovery.
- Companies are using various new methods for storage and injecting CO2 and other gasses in the equipment to enhance the oil production. Various viscosity-enhancing and high molecular weight polymers are also added in waterflooding method to improve the sweep efficiency of the waterflood.
- Companies are investing in R&D activities for developing better resources to extract oil from the well at all stages. Companies are focusing on generating the right option for field development. To produce oil, as fast as possible, appropriate strategies are frequently adopted to develop an oil reservoir.
The global enhanced oil recovery market is segmented on the basis of technology type and application. On the basis of technology, the market is categorized into gas injection, thermal process, and chemical extraction among other enhanced oil recovery extraction process. By application, enhanced oil recovery market is segmented into offshore and onshore oil extraction.
By technology, thermal recovery method dominates the enhanced oil recovery process accounting for more than one third of the market share. Thermal recovery technology is projected to be valued at USD 70.7 Billion by 2025. In this method, heat or steam is introduced to the well which helps in reducing oil viscosity and increases the oil permeability. Stream flooding, combustion, and cyclic steam injection are also applied in this method depending upon the site. This method is suitable for shallow wells with higher viscosity such as tar sand and heavy oil. This method is largely applied in regions and countries such as North America, Venezuela and Indonesia. Thermal extraction is also projected to witness significant growth in Asia Pacific owing to ongoing growth in exploration and production activities.
Gas injection is projected to emerge as the fastest growing segment with CAGR of 9.3%. This growth in demand can be attributed to several advantages offered by gas injection method over its counterparts, which includes high pressure which results in better yield.
By application, onshore dominated the demand which was valued USD 67.9 billion in 2017. The onshore area dominated the demand owing to presence of high number of aged wells which propels the demand for enhanced oil recovery technology.
The regional analysis of the global enhanced oil recovery market is divided into key regions such as North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
.png "North America and Asia-Pacific Enhanced Oil Recovery Market Size Growth , 2015-2025 (USD Million)")
North America dominated the global enhanced oil recovery market with market share of 41.3% in 2018. Furthermore, the region is projected to continue is dominance with a CAGR of 8.7% over the forecast period. Presence of mature wells coupled with well-developed infrastructure for enhanced oil recovery is the key factor to support the growth of this technology in the region. In the recent years, per capita consumption of oil in the US has steadily increased from 2012 to 2017. According to CEIC, US’s oil consumption was reported at 19,879.852 Barrel/Day in 2017, an increase of nearly 0.9% from consumption in December 2016. Along with growing consumption, governmental support such as National Enhanced Oil Recovery Initiative (NEORI) will also boost the overall demand.
Presently, Asia Pacific is regarded as the fastest growing region with rapid growth of per capita income which has provided significant growth to many industries. Crude oil plays an important role in propelling the industrial growth. Automotive industry is playing a key role in demand of crude oil in the region. With the increasing transportation activities and growing number of individual vehicle owners, the industry is set to play a pivotal role in escalating the demand of crude oil in the region. The oil consumption in the region is increasing nearly twice as fast as compared to the world as a whole the oil production in the region is sharply limited in comparison with the demand. The total oil consumption in this region is three times the quantity of oil produced here. This is resulting in heavy import from North America and the Middle Eastern countries. Owing to this, domestic exploration activities in the region have significantly increased. Overall, Oil recovery market in Asia Pacific is projected to grow at 8.5% of CAGR over the forecast period.
The global enhanced oil recovery market was valued around USD 98.08 billion and is projected to witness significant growth with CAGR of 8.3% over the forecast period. Growth in number of mature wells is the key factor which has led to shift from traditional extraction methods to advanced oil extraction methods such as enhanced oil recovery methods. The market is anticipated to show significant growth in forthcoming years with North America leading the overall market with >40% of the demand.
Enhanced oil recovery is an advanced process of oil extraction from reservoir. Oil recovery is divided into three major processes: primary recovery, secondary including tertiary recovery. When oil cannot be recovered from these two methods, tertiary recovery, also known as oil recovery, is applied. Enhanced oil recovery method is regarded as a very productive method which can increase the oil production by 75% for a given site. While primary and secondary methods apply artificial lift devices, gas and water injection, enhanced oil recovery alters the chemical composition of hydrocarbons so as to extract the oil from the surface.
Enhanced oil recovery market is estimated to witness remarkable growth in coming years owing to several factors such as depletion of the oil reserves, increase in global demand for numerous sectors, mainly transportation are projected to supplement the demand. Rising demand for oil along with increase in number of mature wells has led to increase in adoption of advanced technologies such as enhanced oil recovery to improve the extraction process. Therefore, owing to these factors, enhanced oil recovery market is projected to show significant growth with CAGR of 8.3 % over the forecast period.
Key segments of the global enhanced oil recovery market
Technology Overview, 2015-2025 (USD million) (Million bbl)
- Thermal
- Gas injection
- Chemical
- Other EOR
Application Overview, 2015-2025 (USD million) (Million bbl)
- Onshore
- Offshore
Regional Overview, 2015-2025 (USD million) (Million bbl)
- North America
- US
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- Russia
- Asia Pacific
- India
- China
- Australia
- Latin America
- Middle East & Africa
- The study gives an in-depth analysis of enhanced oil recovery industry across the globe
- Growth in number of matured wells across the globe is the key factor support the growth of enhanced oil recovery industry, especially in the developed economies
- High demand from end use industries which is especially from Asia Pacific has fueled the requirement for oil, due to which advanced oil recovery technologies are increasingly being adopted
What does the report include?
- The research report on enhanced oil recovery market provides in-depth industry scenario highlighting the market scenario through driver, restraints, Porter’s five forces analysis and key opportunity analysis
- The report gives analysis based on technology type and its application areas at regional and country level
- The market statistics are provided from 2015 to 2025 at global, regional and country level
Who should buy this report?
- The study on global enhanced oil recovery market is suitable for several players present across the value chain and also players present in oil & gas industry
- Investors and capitalists seeking for future outlook of enhanced oil recovery industry
- Analyst, consultants, research fellows and academic scholars seeking insights on the future of enhanced oil recovery industry
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Market Drivers
3.2.2. Market Restraints
3.2.3. Market Opportunity
Chapter 4. Enhanced Oil Recovery Market Overview, By Technology
4.1. Global enhanced oil recovery market share, by technology, 2017 & 2025
4.2. Thermal
4.2.1. Global thermal enhanced oil recovery market share, 2015 – 2025
4.3. Gas Injection
4.3.1. Global gas injection enhanced oil recovery market share, 2015 – 2025
4.4. Chemical
4.4.1. Global chemical enhanced oil recovery market share, 2015 - 2025
4.5. Other EOR
4.5.1. Global other enhanced oil recovery market share, 2015 - 2025
Chapter 5. Enhanced Oil Recovery Market Overview, By Application
5.1. Global enhanced oil recovery market share, by application, 2017 & 2025
5.2. Onshore
5.2.1. Global onshore enhanced oil recovery market share 2015 - 2025
5.3. Offshore
5.3.1. Global offshore enhanced oil recovery market share 2015 - 2025
Chapter 6. Enhanced Oil Recovery Market Overview, By Region
6.1. Global enhanced oil recovery market share, by regions, 2017 & 2025
6.2. North America
6.2.1. North America enhanced oil recovery market share 2015 - 2025
6.2.1.1. U.S
6.2.1.1.1. U.S. enhanced oil recovery market share 2015 - 2025.
6.2.1.2. Canada
6.2.1.2.1. Canada. enhanced oil recovery market share 2015 – 2025
6.2.1.3. Mexico
6.2.1.3.1. Mexico enhanced oil recovery market share 2015 - 2025
6.3. Europe
6.3.1. Europe enhanced oil recovery market share 2015 - 2025
6.3.1.1. UK
6.3.1.1.1. U.K. enhanced oil recovery market share 2015 - 2025
6.3.1.2. Germany
6.3.1.2.1. Germany enhanced oil recovery market share 2015 – 2025
6.3.1.3. Russia
6.3.1.3.1. Russia enhanced oil recovery market share 2015 – 2025
6.4. Asia Pacific
6.4.1. Asia Pacific enhanced oil recovery market share 2015 - 2025
6.4.1.1. China
6.4.1.1.1. China enhanced oil recovery market share 2015 - 2025
6.4.1.2. India
6.4.1.2.1. India enhanced oil recovery market share 2015 - 2025
6.4.1.3. Australia
6.4.1.3.1. Australia enhanced oil recovery market share 2015 – 2025
6.5. Central South America
6.5.1. Central South America enhanced oil recovery market share 2015 - 2025
6.6. Middle East & Africa
6.6.1. Middle East & Africa enhanced oil recovery market share 2015 - 2025
Chapter 7. Company Profiles
7.1. Repsol
7.1.1. Company overview
7.1.2. Product offerings
7.1.3. Financial performance
7.1.4. Recent initiatives
7.2. Statoil
7.2.1. Company overview
7.2.2. Product offerings
7.2.3. Financial performance
7.2.4. Recent initiatives
7.3. Royal Dutch Shell plc
7.3.1. Company overview
7.3.2. Product offerings
7.3.3. Financial performance
7.3.4. Recent initiatives
7.4. Lukoil Oil Company,
7.4.1. Company overview
7.4.2. Product offerings
7.4.3. Financial performance
7.4.4. Recent initiatives
7.5. Chevron Phillips Chemical Company LP
7.5.1. Company overview
7.5.2. Product offerings
7.5.3. Financial performance
7.5.4. Recent initiatives
7.6. , Petroleo Brasileiro S.A.,
7.6.1. Company overview
7.6.2. Product offerings
7.6.3. Financial performance
7.6.4. Recent initiatives
7.7. China Petroleum & Chemical Corporation
7.7.1. Company overview
7.7.2. Product offerings
7.7.3. Financial performance
7.7.4. Recent initiatives
7.8. Cenovus Energy Inc.,
7.8.1. Company overview
7.8.2. Product offerings
7.8.3. Financial performance
7.8.4. Recent initiatives
7.9. BP p.l.c
7.9.1. Company overview
7.9.2. Product offerings
7.9.3. Financial performance
7.9.4. Recent initiatives
7.10. Praxair Technology, Inc.
7.10.1. Company overview
7.10.2. Product offerings
7.10.3. Financial performance
7.10.4. Recent initiatives
7.11. ADNOC
7.11.1. Company overview
7.11.2. Product offerings
7.11.3. Financial performance
7.11.4. Recent initiatives
7.12. Pulse Oil.
7.12.1. Company overview
7.12.2. Product offerings
7.12.3. Financial performance
7.12.4. Recent initiatives
7.13. ExxonMobil Corporation
7.13.1. Company overview
7.13.2. Product offerings
7.13.3. Financial performance
7.13.4. Recent initiatives