The global enhanced oil recovery (EOR) market size is expected to reach USD 88.54 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at an estimated CAGR of 6.8% from 2019 to 2025. The increasing number of aged wells coupled with the rising oil demand globally are the key factors for market growth.
Asia Pacific is projected to expand at a CAGR of 8.1% over the forecast period owing to the increasing population coupled with rapid urbanization leading to the surge in demand for enhanced oil recovery. Adoption of competitive strategies by the international players operating in this region are anticipated to further fuel the growth.
Prominent companies are investing in R&D activities and are setting up collaborative research projects for inventive product development. In collaboration with the Petroleum Institute Research Center (PIRC), UAE has established Pressure-Volume-Temperature (PVT) laboratory and is inclined towards conducting fluid analysis for enhanced oil recovery techniques to accomplish increased productivity in target wells.
Thermal tertiary extraction was the most prominent EOR technology and generated a total revenue of USD 22.68 billion in 2018. Gas injection technology is projected to witness the fastest CAGR of 4.9% in terms of the volume of hydrocarbon produced over the forecast period.
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Further key findings from the report suggest:
- The total oil produced from EOR operations in 2018 globally was estimated to be around 996 million barrels
- Onshore application segment held the leading market share of over 90% in 2018
- North America led the global Enhanced Oil Recovery (EOR) market with a share of over 38% in 2018 in terms of volume and is expected to expand at a CAGR of 4.8% over the forecast period
- U.S. gas injection EOR market is estimated to register a CAGR of 7.7% from 2019 to 2025. Growing deployment of CO2 injection due to high rate of recovery along with favorable government legislations related to the Carbon Capture and Sequestration (CCS) technique is projected to steer growth of the segment
- The market is partially competitive and consolidated in nature, with the presence of multinational players operating in specific regions
- Some of the major companies operating in the global EOR market include ExxonMobil Corporation; Royal Dutch Shell plc; Chevron; Praxair Technology, Inc.; Sinopec; China National Petroleum Corporation (CNPC); and BP plc
Grand View Research has segmented the global Enhanced Oil Recovery (EOR) market on the basis of technology, application, and region:
Enhanced Oil Recovery (EOR) Technology Outlook (Volume, Million Bbl; Revenue, USD Million, 2014–2025)
- Thermal
- Gas Injection
- Chemical
- Other EOR
Enhanced Oil Recovery (EOR) EOR Chemicals Outlook (Revenue, USD Million, 2014–2025)
- Surfactants
- Polymers
- Alkaline Chemicals
- Alkali-Surfactant-Polymer (ASP) Formulations
- Foamers
- Others
Enhanced Oil Recovery (EOR) Application Outlook (Volume, Million Bbl; Revenue, USD Million, 2014–2025)
- Onshore
- Offshore
