Global enhanced oil recovery market is projected to be valued at USD 171.53 Billion in 2025. Furthermore, the global market is expected to show significant growth with CAGR of 8.3% which can be attributed to key factors such as increasing number of mature wells which has spurred the demand for enhanced oil recovery. Steadily increasing demand from several end use industries; especially transportation is projected to further propel the market demand over the forecast period.
The research report on global enhanced oil recovery market provides an in-depth analysis of the industry. The report covers past trends as well as future prospects of the industry. The market estimations for the report is given from 2015 to 2025 where 2015 to 2017 is the actual market size and 2019 to 2025 is the market forecast.
The study gives a holistic view of the industry from different perspectives which is suitable for all the players across the supply chain. The report analyses the market through porter’s five forces analysis, value chain analysis. The study also gives an in-depth scenario of market competition including business profiles of key players.
Oil extraction process is divided into three stages, namely primary, secondary and tertiary recovery methods. Tertiary methods, also known as enhanced oil recovery methods is applied to mature wells where oil recovery from primary and secondary methods was not possible. Enhanced oil extraction methods is a very productive method which can increase up to 75% of the oil recovery. In this method, chemical properties of the crude oil are temporarily altered in order to recover maximum oil. Despite being a highly productive method, high initial investments costs are projected to moderately hamper the market growth in coming years.
The global market of enhanced oil recovery is categorized by technology type and application. By technology type, thermal recovery technology dominates the enhanced oil recovery market. Thermal recovery technology was valued at USD 41.35 Billion in 2018 and is projected to grow at CAGR of 8.0% over the forecast period. In this method, certain properties of oil such as viscosity and permeability is modified by applying stream of heat or steam in order to extract maximum amount of oil from the reservoir. This method is largely suitable for heavy oils and tar sand. Another oil recovery method, gas injection, is also gaining significant prominence owing to its efficient recovery process.
Enhanced oil recovery methods are applied to mature wells in order to gain maximum oil recovery. Onshore oil facilities have largely been explored therefore they contain maximum number of matured wells. Therefore, onshore facilities dominate the global enhanced oil recovery industry; accounting for ~70% of the market share in 2018.
By region, North America is projected to dominate the global enhanced oil recovery market demand, the region was valued at >USD 40 Billion in 2018. North America has been a largely explored market in oil recovery, therefore has large number of mature wells in the region. Presence of advanced infrastructure for applying enhanced oil recovery technology is also a key factor support the enhance oil recovery market in the region. Apart from North America, Asia Pacific is also projected to show remarkable growth owing to increase in number of oil exploration activities.
In terms of market competitiveness, the global enhanced oil recovery market is a relatively consolidated market with presence of leading global players. The market consist of global players such as BP plc, Royal Dutch Shell plc, China Petroleum & Chemical Corporation, ExxonMobil Corporation, Lukoil Oil Company, Chevron Corporation, Petroleo Brasileiro S.A., Praxair Technology, Inc, Chevron Phillips Chemical Company LP, Cenovus Energy, Inc.
These players are prioritizing market expansion strategies along with high investment in R&D activities so as to meet the demand from end use industries.
Key segments of the global enhanced oil recovery market
Technology Overview, 2015-2025 (USD million) (Million bbl)
- Gas injection
- Other EOR
Application Overview, 2015-2025 (USD million) (Million bbl)
Regional Overview, 2015-2025 (USD million) (Million bbl)
- North America
- United Kingdom
- Asia Pacific
- Latin America
Middle East & Africa