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Enhanced Oil Recovery Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Enhanced Oil Recovery Market Growth
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According to The Business Research Company's, 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 growth in the historic period can be attributed to depleting conventional reserves, mature oil fields, reservoir understanding, advances in water management, cost reduction efforts.
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%. The growth in the forecast period can be attributed to public awareness and perception, global market expansion, shale oil and gas development, carbon emission concerns, cost efficiency improvements. Major trends in the forecast period include declining conventional reserves, oil price volatility, environmental regulations, mature oil fields, advanced reservoir characterization.
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Market Drivers and Trends:
The depleting oil reserves are expected to propel the growth of the enhanced oil recovery market going forward. Depleting oil reserves refers to the gradual reduction or exhaustion of economically viable and recoverable quantities of crude oil and petroleum in a given oil field or region. Enhanced Oil Recovery (EOR) is employed in depleting oil reserves to maximize extraction efficiency by using advanced techniques, such as injecting fluids or steam, to recover additional oil that traditional methods cannot retrieve. For instance, in February 2022, according to Oil & Gas Journal's annual assessment, a US-based weekly publication, the world's proved oil reserves totaled 1,724.5 billion bbl at year end of 2021, down from 1,727.5 billion bbl a year earlier. In Western Europe, oil and gas reserves continue to decline dramatically in 2021, down 7% and 9% respectively. Therefore, the depleting of oil reserves is driving the growth of 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.
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Major Key Players of the Market:
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.
Enhanced Oil Recovery Market 2024 Key Insights:
• 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%.
• Rising Demand For Oil And Gas Fuels Growth In Enhanced Oil Recovery Market
• Strategic Partnerships Drive Innovation In The Enhanced Oil Recovery Market
• North America was the largest region in the enhanced oil recovery market in 2023
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