What Has Been the Growth Trajectory for the Enhanced Oil Recovery Market in Recent Years?
The enhanced oil recovery market has seen considerable growth due to a variety of factors.
• In the past few years, the market size of enhanced oil recovery has seen significant growth. The market is expected to expand from $43.97 billion in 2024 to $48.17 billion in 2025, marking an impressive compound annual growth rate (CAGR) of 9.6%. The notable growth in the historic period can be tied to several factors such as dwindling conventional reserves, mature oil fields, a deeper understanding of reservoirs, advancements in water management techniques, and efforts toward cost reduction.
What Is The Expected Growth In The Enhanced Oil Recovery Market?
The Enhanced Oil Recovery market is expected to maintain its strong growth trajectory in upcoming years.
• The market for enhanced oil recovery is anticipated to experience significant expansion in the upcoming years, with the market size forecasted to exceed $67.64 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.9%.
Factors contributing to the growth during the forecast period are increased public awareness, global market expansion, development of shale oil and gas, concerns about carbon emissions, and improvements in cost efficiency. Key trends expected during the projected timeframe include depleting conventional reserves, fluctuations in oil prices, environmental regulations, maturing oil fields, and progressive reservoir characterization.
What Main Forces Are Fueling Expansion In The Enhanced Oil Recovery Market?
The surge in the requirement for oil and gas is anticipated to fuel the expansion of the enhanced oil recovery market in the future. These industries are involved in the discovery, transportation, and refining of resources into final products. The rapid growth in the oil and gas sector necessitates increased enhanced oil recovery, thereby inducing market demand. For instance, the Energy Information Administration, a U.S. federal statistics and analysis agency, reported in June 2023 that global oil demand is projected to increase by 6% from 2022 to 2028, attaining 105.7 million barrels per day. Meanwhile, global upstream investments in oil and gas exploration, extraction, and production are predicted to rise 11% annually, reaching an unprecedented USD 528 billion in 2023. Hence, the growing need for oil and gas is instigating the growth of the enhanced oil recovery market.
What Are The Primary Segments In The Global Enhanced Oil Recovery Market?
The enhanced oil recovery market covered in this report is segmented –
1) By Technology: Thermal EOR, Chemical EOR, Gas EOR, Other Technologies
2) By Chemical: Surfactants, Polymers, Alkaline Chemicals, Alkali-Surfactant-Polymer (ASP) Formulations, Foamers
3) By Application: Onshore, Offshore
Subsegments:
1) By Thermal EOR: Steam Injection, In-Situ Combustion, Cyclic Steam Stimulation
2) By Chemical EOR: Polymer Flooding, Surfactant-Polymer Flooding, Alkaline-Surfactant-Polymer Flooding
3) By Gas EOR: CO2 Injection, Natural Gas Injection, Other Gas Injection Techniques
4) By Other Technologies: Microbial EOR, Electrical Heating Methods, Novel EOR Techniques
Pre-Book The Enhanced Oil Recovery Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Key Trends Are Driving Changes In The Enhanced Oil Recovery Market?
Leading firms in the Enhanced Oil Recovery market, are directing their efforts towards creating novel products, PHASETREAT WET being a prime example, that increase the efficacy of oil extraction, all while minimizing negative environmental effects. Essentially, PHASETREAT WET is a chemical procedure engineered for enhanced oil recovery undertakings, particularly in demanding reservoirs with a surplus of water. Its operational method includes tweaking the attributes of the oil and water phases, boosting the movement of oil, and easing its flow towards the production wells. For instance, in June 2023, Clariant Oil Services, a company based in the UK, introduced PHASETREAT WET. With the help of nanoemulsion technology, it successfully decreases the demulsifier dosages by as much as 75%, thereby considerably reducing the carbon emission in oil and gas procedures. This inventive approach not only accelerates operational efficiency but also endorses industry-wide sustainability initiatives.
Who Are the Key Players In The Enhanced Oil Recovery Market?
Major companies operating in the enhanced oil recovery market include:
• British Petroleum PLC
• Shell PLC
• Exxon Mobil Corporation
• The PJSC Lukoil Oil Company
• Chevron Corporation
• Halliburton Company
• Baker Hughes Company
• Schlumberger Limited
• Petróleo Brasileiro S.A.
• Cenovus Energy Inc.
• China Petrochemical Corporation
• Husky Energy Inc.
• Pioneer Natural Resources Company
• Apache Corporation
• Imperial Oil Limited
• Suncor Energy Inc.
• Canadian Natural Resources Limited
• MEG Energy Corp.
• EOG Resources Inc.
• Anadarko Petroleum Corporation
• Continental Resources Inc.
• Whiting Petroleum Corporation
• Denbury Resources Inc.
• QEP Resources Inc.
• Laredo Petroleum Inc.
What Is The Most Dominant Region In The Enhanced Oil Recovery Market?
North America was the largest region in the enhanced oil recovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enhanced oil recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
