Press release
CO2 EOR Market Statistics, Segment, Trends and Forecast to 2032
CO2 EOR Market was valued at US$ 3.66 Bn in 2021 and is expected to reach US$ 4.67 Bn. by 2029, at a CAGR of 3.10% during the forecast period.A tertiary recovery technology called CO2 EOR is employed to recover oil from reservoirs that have been exhausted by primary and secondary production techniques. This procedure involves injecting CO2 into an oil reservoir where it dissolves in the crude oil, reducing viscosity and facilitating easier flow. This procedure has the potential to boost a well's yield by up to 30%.
The research analyses how COVID-19 lockdown has affected market leaders', followers', and disruptors' revenue. Because the lockdown was handled differently in different countries and regions, different regions and segments have varied perspectives on how it has affected them. The short- and long-term effects on the market that have been examined in the research will assist decision-makers in developing business plans and strategies by region.
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CO2 EOR Market Dynamics:
CO2 is a type of gas injection EOR technique that has many advantages over other EOR techniques, such as neutral gas performance and no alteration to the chemical composition of crude oil. As a result, it is at the forefront of the construction of significant CO2 stations in the Permian Basin. The Permian Basin CO market, which is responsible for the rise of the CO2 EOR market in terms of oil production due to the large number of projects, predicts the CO2 EOR market.
Permian Basin forecasts the CO2 EOR market, which is supported by local and state governments and propels market growth. The Permian basin is a preferred alternative for oil exploration companies to extract crude oil from a field in the Permian region because it is easily accessible and contains significant amounts of CO2 in the United States. As a result, it is anticipated that the Permian basin will rank among the most trustworthy sources of crude oil production in the future.
Market Segmentation
Global CO2 EOR Market: Segmentations
Global CO2 EOR Market: By Types
Industrial CO2
Natural CO2
Global CO2 EOR Market: By Applications
Onshore
Offshore
Global CO2 EOR Market: Major Players
Chevron
ConocoPhillips
ExxonMobil
Hess
Kinder Morgan
Occidental Petroleum
Whiting Petroleum
Denbury
NRG Energy
Husky Energy
Linc Energy
Elk Petroleum
Saudi Aramco
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Global CO2 EOR Market: By Regions
North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Australia, and Rest of Asia-Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of Middle East & Africa)
Objectives of the Study:
• To provide with an exhaustive analysis on the CO2 EOR Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions
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