Press release
Boost in Global Enhanced Oil Recovery Market: Fuelled by Rising Oil and Gas Demand, Public Perception and Cost Efficiency Measures.
Enhanced Oil Recovery Market Industry
A Promising Growth Of Even Beyond $67.64 Billion Anticipated By 2029!
What Is The Projected Market Size Of The Global Enhanced Oil Recovery Market And Its Growth Rate?
The global enhanced oil recovery market witnessed an impressive growth over recent years:
- The market size in 2024: $43.97 billion.
- The projected size in 2025: $48.17 billion (9.6% CAGR).
- The growth in the historic period was due to depleting conventional reserves, mature oil fields, advances in water management, and cost reduction efforts.
- The size is forecasted to reach $67.64 billion by 2029 growing at a CAGR of 8.9%.
- The growth during the forecast period can be attributed to public perception, market expansion, shale oil and gas development, environmental concerns, and cost efficiency improvements.
What Is Driving The Growth In The Enhanced Oil Recovery Market?
One of the significant drivers for the enhanced oil recovery market is the growing demand for oil and gas. As industries involved in discovering, transporting, and processing these resources are booming, the demand for enhanced oil recovery accordingly increases. Energy Information Administration predicts a rise of 6% in global oil demand between 2022 and 2028, reaching 105.7 million barrels per day. Furthermore, upstream investments in exploration, extraction, and production are expected to grow 11% year-on-year to a record USD 528 billion in 2023. Hence, the enhancing demand for oil and gas is fueling the growth of the enhanced oil recovery market.
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Who Are the Key Players Driving Enhanced Oil Recovery Market Growth?
The key players in the enhanced oil recovery market include:
- British Petroleum PLC
- Shell PLC
- Exxon Mobil Corporation
- The PJSC Lukoil Oil Company
- Chevron Corporation
- Halliburton Company
- Baker Hughes Company
- Schlumberger Limited
- 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.
- EOG Resources Inc.
- Anadarko Petroleum Corporation
- Continental Resources Inc.
- Whiting Petroleum Corporation
- Denbury Resources Inc.
- QEP Resources Inc.
- Laredo Petroleum Inc.
What Are The Key Trends In The Enhanced Oil Recovery Market?
The following are the key trends observed in the enhanced oil recovery market:
- Declining conventional reserves.
- Oil Price volatility
- Emerging environmental regulations.
- Maturing oil fields.
- Advances in reservoir characterization.
What Are The Segments Of The Global Enhanced Oil Recovery Market?
The global enhanced oil recovery market is divided as:
- By Technology: Thermal EOR, Chemical EOR, Gas EOR, Other Technologies
- By Chemical: Surfactants, Polymers, Alkaline Chemicals, Alkali-Surfactant-Polymer (ASP) Formulations, Foamers
- By Application: Onshore, Offshore
Which Region Leads The Enhanced Oil Recovery Market?
As of 2024, North America occupied the largest share of the enhanced oil recovery market. However, Asia-Pacific is projected to be the fastest-growing region in the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Enhanced Oil Recovery Market Global Market Report?
- Market Size Analysis: Analyze the Enhanced Oil Recovery Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Enhanced Oil Recovery Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Enhanced Oil Recovery Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Enhanced Oil Recovery Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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