Enhanced Oil Recovery Market Size, Revenue, Regional Share and Trends Research Report by 2031

According to the research report, the global market for enhanced oil recovery stood at US$ 48.6 Bn in 2020. Progressing at a CAGR of 4.7% between 2021 and 2031, the market is projected to reach value of US$ 80.5 Bn by the end of the forecast period. Thermal, gas, and chemical are the key technologies used in enhanced oil recovery, states the market report.

The business landscape prevalent in the global enhanced oil recovery market (EOR) is highly competitive, states a new research report by Transparency Market Research (TMR). With the constant entry of new players and the augmenting competition between local and international vendors, customers can expect an array of new products with technological innovation over the next few years.

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Cenovus Energy Inc., Chevron Corporation, BP Plc, Anadarko Petroleum Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, and Statoil ASA are some of the leading players operating in this market, notes the research study.

North America to Continue to Dominate Global Enhanced Oil Recovery Market

The report also offers a regional analysis of the global market for enhanced oil recovery. According to this, Asia Pacific, Europe, North America, Latin America, and Middle East & Africa are the geographical segments of the worldwide market for enhanced oil recovery.

With a share of nearly 39%, North America led the global market in 2020. Researchers expect this regional market to remain on the top over the next few years. The Middle East & Africa segment, which stood second in 2020, is also predicted to retain its position in the near future, reports the market study.

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Increase in Application of EOR in Various Areas to Support Growth

The global market for enhanced oil recovery is expected to report significant growth in the near future. The substantial rise in demand for oil, especially in Asia Pacific, is supporting the growth of this market. Increasing depletion in oil reserves is also boosting the market. However, various challenges related to enhanced oil recovery, such as high cost incurred in the procedure and technical and operational issues, are likely to hamper the market in the next few years.

Nonetheless, considerable rise in oil production with the help of EOR in the Middle East and rise in usage of the solar EOR procedure is expected to neutralize the impact of these restraints over the next few years.

Global Enhanced Oil Recovery Market: Segmentation

Enhanced Oil Recovery Market, by Technology
Thermal
Gas
Chemical

Rising Focus on Heavy Oil Production Boosts Market Growth

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Increasing activities to extract heavy oil from reserves in Canada, Venezuela, Mexico, China, and Colombia are driving the expansion of the enhanced oil recovery market. There is a rapid decline in conventional light oil. Heavy oil reserves are present in Canada and Venezuela; these are the key contributors to the production of heavy oil globally. Enhanced oil recovery technologies are used to increase the heavy oil production. Thus, the rising production activities to enhance oil production are creating opportunities for players operating in the enhanced oil recovery market.

Government Subsidies and Tax Benefits to Significantly Boost Enhanced Oil Recovery Market

Financial incentives given by governments are expected to play a significant role in the EOR market. Introduction of tax credits and other fiscal incentives to help offset large financial risks to oil & gas companies is a significant way forward for the development and application of EOR projects.

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In the U.S., 15% tax credit is applicable to all costs associated with installing a CO2-EOR project. EOR techniques are being applied by Europe-based oil companies after new regulations under the European Energy Trading System in order to increase the production output.

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