Press release
Enhanced Oil Recovery Market Size, Share And Outlook By 2033
Enhanced Oil Recovery Market Size
As per the report, the enhanced oil recovery market size has grown strongly in recent years. It will grow from $40.45 billion in 2023 to $44.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The enhanced oil recovery market size is expected to see strong growth in the next few years. It will grow to $62.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
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Rising Demand For Oil And Gas Fuels Growth In Enhanced Oil Recovery Market
The increasing demand for oil and gas is expected to propel the growth of the enhanced oil recovery market going forward. Oil and gas refer to industries that are involved in discovering a resource, transporting to a refinery, and processing it into a finished product. The boom in oil and gas requires more enhanced oil recovery, which would create demand for the market. For instance, according to the U.S. Energy Information Administration, a government agency of the U.S. Federal Statistical System, annual Natural gas plant liquids (NGPLs) production reached a record high of nearly 5.40 million barrels per day in 2021. Therefore, the increasing demand for oil and gas is driving the enhanced oil recovery market.
Strategic Partnerships Drive Innovation In The Enhanced Oil Recovery Market
Strategic partnerships are the key trends gaining popularity in the enhanced oil recovery market. Major companies operating in enhanced oil recovery are developing innovative platforms and developing oil-enhancing technologies to sustain their position in the market. For instance, in October 2021, LUKOIL, a Russia-based company operating in enhanced oil recovery partnered with Gazprom Neft, a Russia-based petroleum refined company to develop oil recovery enhancement technologies. Further, in June 2021, Baker Hughes Company, a US-based energy company partnered with LUKOIL, a Russia-based company operating in enhanced oil recovery for developing energy-efficient technologies for oil and gas and to enhance oil production efficiencies for combustion and additional applications.
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
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Major companies operating in the enhanced oil recovery market report are British Petroleum PLC, Shell plc, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, BASF SE, Baker Hughes Company, Schlumberger Limited, FMC Technologies Inc., Praxair Inc., 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., Encana Corporation, EOG Resources Inc., Anadarko Petroleum Corporation, Noble Energy Inc., Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., Laredo Petroleum Inc.
Contents of the report:
1. Executive Summary
2. Enhanced Oil Recovery Market Report Structure
3. Enhanced Oil Recovery Market Trends And Strategies
4. Enhanced Oil Recovery Market - Macro Economic Scenario
5. Enhanced Oil Recovery Market Size And Growth
…..
27. Enhanced Oil Recovery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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