Enhanced Oil Recovery Market 2024-2032: Industry Size, Share, Growth Drivers, Forecast

The latest report by IMARC Group, titled “Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the enhanced oil recovery market overview. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

The global enhanced oil recovery (EOR) market size reached USD 59.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 111.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7% during 2024-2032.

Enhanced Oil Recovery Market Trends:

The global market is primarily driven by the increasing demand for energy due to the rapid expansion of industrialization and urbanization. Additionally, continual technological advancements in recovery techniques, such as chemical, thermal, and gas injection, are making EOR more efficient, thereby accelerating market growth. Moreover, favorable incentives and subsidies implemented by government bodies across several countries are further facilitating the market expansion.

In addition to this, considerable rise in the depletion of easily-accessible oil reserves pushing companies to explore advanced recovery methods is providing a boost to the market. Besides this, the growing focus on maximizing oil extraction from mature fields is encouraging investments in EOR technologies, which is providing an impetus to the market. In line with this, the rising oil prices are prompting oil companies to invest in EOR to enhance production profitability, which is leading to significant expansion.  

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Enhanced Oil Recovery Market Scope and Growth Analysis:

The scope of the market is significantly expanding on a global scale due to the continual development of new EOR technologies aimed at improving recovery rates from unconventional reservoirs. Additionally, with the rising global demand for energy, EOR is becoming increasingly vital in ensuring a stable and reliable oil supply, which, in turn, is broadening the market scope. Besides this, expanding environmental regulations are pushing companies to implement EOR methods that also reduce carbon emissions, further contributing to the scope of the market.

As per the market analysis, increasing investment in research and development (R&D) activities to make EOR techniques more cost-effective and environmentally friendly is enhancing the market scope. Furthermore, the growing adoption of digital oilfield technologies is enabling more efficient monitoring and management of EOR operations and is strengthening market potential. In addition to this, the scope of the market is further broadened by the integration of EOR with carbon capture and storage (CCS) solutions, which is creating new avenues for growth, particularly in regions with stringent emission reduction targets.

View Full Report with TOC & List of Figure: https://www.imarcgroup.com/enhanced-oil-recovery-market

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Basf Se
  • Halliburton Corporation
  • Royal Dutch Shell Plc
  • Schlumberger Ltd.
  • Chevron Phillips Chemical Corporation
  • Fmc Technologies Inc.
  • National Aluminium Company Limited (NALCO)
  • Praxair Inc.
  • Secure Energy Services Inc.
  • Xytel Corporation
  • Equinor ASA
  • BP Plc
  • China Petroleum & Chemical Corporation (Sinopec)
  • Oil and Natural Gas Corporation Ltd. (ONGC)
  • ExxonMobil Corporation
  • ConocoPhillips
  • Petroleo Brasileiro (Petrobas) S.A.
  • PJSC Lukoil Oil Company

Enhanced Oil Recovery Market Segmentation:

Our report has categorized the market based on region, technology and application.

Breakup by Technology:

  • Thermal-Enhanced Oil Recovery
  • Gas-Enhanced Oil Recovery
  • Chemical-Enhanced Oil Recovery
  • Others

Breakup by Application:

  • Onshore
  • Offshore

Regional Insights:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

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Posted in Default Category on October 21 2024 at 06:59 AM

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