The Enhanced Oil Recovery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Enhanced Oil Recovery Global Market Report 2024, 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.
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
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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
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 report table of contents includes:
1. Executive Summary
2. Enhanced Oil Recovery Market Characteristics
3. Enhanced Oil Recovery Market Trends And Strategies
4. Enhanced Oil Recovery Market – Macro Economic Scenario
5. Global Enhanced Oil Recovery Market Size and Growth
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26. South America Enhanced Oil Recovery Market
27. Brazil Enhanced Oil Recovery Market
28. Middle East Enhanced Oil Recovery Market
29. Africa Enhanced Oil Recovery Market
30. Enhanced Oil Recovery Market Competitive Landscape And Company Profile
Top Major Players:
- British Petroleum PLC
- Shell PLC
- Exxon Mobil Corporation
- The PJSC Lukoil Oil Company
- Chevron Corporatio
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