The enhanced oil recovery market size is anticipated to expand at significant CAGR during forecast period 2021–2028. Growth of the market is attributed to rapid urbanization, increasing spending on advances technologies, and increasing injection of Co2.
Extraction of crude oil from an oil well & field is called as tertiary recovery which is also known as enhanced oil recovery, is the system of recovering oil that cannot be extracted in another way.
Enhanced oil recovery increases the recovery factors and also helps to extend the life of fields & increase the oil reserves recovered.
To maximize the recovery of oil the carbon dioxide & water are injected into the oil well. For making the gas more effective the water is used which reduces the movement of carbon dioxide when the oil is displaced in the well.
The oil is brought to surface during the primary recovery by advanced lift techniques like pumps; the oil is pushed into wellbore by gravity & natural pressure of the reservoirs.
The covid-19 pandemic affected the demand and supply of the enhanced oil recovery market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing investment by government & private organization in upstream sector is projected to boost the market.
- Increasing focus on unconventional gas production is the major factor fueling the market.
- Lack of awareness about the enhanced oil recovery is projected to restrict the market expansion during the forecast period.
- High price of services is anticipated to hamper the market growth in the coming years.
- R&D investment and technological advancement in enhanced oil recovery market is projected to offer lucrative opportunities for the market players
Scope of the Report
The report on the enhanced oil recovery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Enhanced Oil Recovery Market–Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technologies (Microbial Injection, Gas Injection, Chemical Injection, Thermal Injection, and Others), Locations (Offshore, Onshore, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players covered in the Report
Weatherford International PLC; Schlumberger Ltd; Praxair Technology Inc.; Exxon Mobil Corp.; BP PLC; Halliburton Co.; Chevron Corp.; Royal Dutch Shell PLC; Total SA; and Baker Hughes Co.
Market Segment Insights
The gas injection segment accounts for key share of the market
Based on technologies, the enhanced oil recovery market is fragmented into microbial injection, gas injection, chemical injection, thermal injection, and others. The gas injection segment accounts for a key share of the market. Growth of the market is attributed to rising industrialization and increasing technological advancement in enhanced oil recovery. However, the thermal injection segment is anticipated to expand at a rapid pace during the forecast period due to rapid expansion in development & research, increasing number of aged oil wells, and increasing per capita income.
The onshore segment is anticipated to hold significant market share
On the basis of locations, the market is divided into offshore, onshore, and others. The onshore segment accounts for a significant share of the market. Growth of the market is attributed to increasing number of medium & small enterprises, rising demand for gas injection based enhanced oil recovery techniques, and increasing production of heavy crude oil. The offshore is anticipated to expand at a rapid pace during the forecast period due to factors such as rising investment by government & private sectors, rapid utilization of carbon dioxide, and decreasing production from existing oil field.
North America is estimated to hold major market share
On the basis of region, the enhanced oil recovery market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is estimated to expand at a high CAGR during the forecast period due to factors such as presence of major market players and rapidly emerging economy. The market of North America is estimated to hold major market share due to rapidly growing number of working population, rising concern regarding carbon emission, and rising adoption of CCS advanced technology.
Segments Covered in the Report
The enhanced oil recovery market has been segmented on the basis of
- Microbial Injection
- Gas Injection
- Chemical Injection
- Thermal Injection
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Weatherford International PLC
- Schlumberger Ltd
- Praxair Technology Inc.
- Exxon Mobil Corp.
- BP PLC
- Halliburton Co.
- Chevron Corp.
- Royal Dutch Shell PLC
- Total SA
- Baker Hughes Co.
Key players competing in the enhanced oil recovery market include Weatherford International PLC; Schlumberger Ltd; Praxair Technology Inc.; Exxon Mobil Corp.; BP PLC; Halliburton Co.; Chevron Corp.; Royal Dutch Shell PLC; Total SA; and Baker Hughes Co.
Some of these players are using several market strategies such as collaborations, acquisitions, partnerships, merger, product launches, and capacity expansion to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.