Press release
Enhanced Oil Recovery Market Expected to Reach USD 34.43 Billion by 2030 Says Maximize Market Research
Enhanced Oil Recovery Market
Enhanced Oil Recovery Market Overview:
Enhanced oil recovery (EOR), also known as tertiary recovery, involves mobilizing immobile leftover oil through physical, chemical, or thermal methods. As primary and secondary recovery techniques often leave up to 75% of the oil in reservoirs, oil extraction companies are increasingly turning to EOR. The most common EOR techniques include thermal recovery, gas injection, and chemical injection, with a focus on developing both onshore and offshore EOR processes to boost oil production from mature fields.
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Enhanced Oil Recovery Market Dynamics:
The enhanced oil recovery market is driven by the growing need for oil and gas, prompting companies to enhance production from mature fields. Mature fields account for over 70% of global oil and gas extraction, leading firms to invest in EOR technologies to improve recovery and extend the life of these fields. The rapid depletion of fossil fuels and increasing global oil demand are also fueling the adoption of EOR technology. Governments in countries like China and India are offering financial incentives for EOR investments, spurring research and development in the enhanced oil recovery market.
Regional Insights: Asia Pacific region held the largest market share accounted for 37.2% in 2023. With growing oil and gas demand from key countries like China and India, Asia-Pacific is driving the need for EOR in mature fields to meet oil and gas production targets, which is expected to drive demand for EOR services. The North America region is expected to witness significant growth at a CAGR of 7.51% during the forecast period. In 2023, the US Department of Energy announced US$ 40 million in financing for research and development initiatives aimed at lowering the technical risk of enhanced oil recovery.
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As of 2023, there were 30 EOR projects in the Asia-Pacific area, with China leading the chemical injection portion of the market analyzed with approximately 58%. The government has set a goal to reduce crude oil imports by 10% by 2023 as part of its broader "Energy Security" policy, with EOR emerging as a solution. ONGC India has announced preparations to invest INR 578.25 billion in 28 EOR projects, while Cairn India has announced plans to invest INR 370 billion in EOR production ramp-up.
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Enhanced Oil Recovery Market Scope:
Market Size in 2023 USD 20.85 Bn.
Market Size in 2030 USD 34.43 Bn.
CAGR 7.43% (2024-2030)
Forecast Period 2024-2030
Base Year 2023
Number of Pages 285
No. of Tables 115
No. of Charts and Figures 110
Segment Covered by Technology, and Application
Regional Scope North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage Enhanced Oil Recovery Market Share, Size & Forecast by Revenue | 2024-2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players' Market Ranking Analysis.
๐ ๐จ๐ซ ๐ ๐๐๐๐ฉ๐๐ซ ๐ฎ๐ง๐๐๐ซ๐ฌ๐ญ๐๐ง๐๐ข๐ง๐ , ๐๐ฅ๐ข๐๐ค ๐จ๐ง ๐ญ๐ก๐ ๐ฅ๐ข๐ง๐ค: https://www.maximizemarketresearch.com/market-report/enhanced-oil-recovery-market/11401/
Enhanced Oil Recovery Market covered the Segments:
By Technology
Thermal
Gas
Chemical
Other
By Application
Onshore
Offshore
Some of the current players in the Enhanced Oil Recovery Market are:
1. Halliburton Energy Services
2. Royal Dutch Shell plc
3. Schlumberger Limited
4. TechnipFMC plc
5. National Aluminium Company Limited
6. Praxair Technology, Inc.
Key questions answered in the Enhanced Oil Recovery Market are:
What segments are covered in the Enhanced Oil Recovery Market report?
Which region is expected to hold the highest share in the Enhanced Oil Recovery Market?
What is the market size of the Enhanced Oil Recovery Market by 2030?
What is the forecast period for the Enhanced Oil Recovery Market?
What was the market size of the Enhanced Oil Recovery Market in 2023?
Key Offerings:
Past Market Size and Competitive Landscape
Enhanced Oil Recovery Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Enhanced Oil Recovery Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
Contact Maximize Market Research:
3rd Floor, Navale IT Park, Phase 2
Pune Banglore Highway, Narhe,
Pune, Maharashtra 411041, India
sales@maximizemarketresearch.com
+91 96071 95908, +91 9607365656
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