Westford USA, July 17, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the Enhanced oil recovery market for increased oil recovery is expanding due to the rising output from oilfields that are reaching maturity. As the demand for oil and gas continues to grow, corporations are increasingly focused on maximizing production from established fields.
Browse in-depth TOC on the "Enhanced Oil Recovery Market"
- Pages - 242
- Tables - 61
- Figures – 77
The demand for petroleum products has witnessed significant expansion due to the exponential growth in the enhanced oil recovery market. Transportation, shipping, electricity generation, manufacturing, and others heavily rely on oil to meet their energy needs and fuel their operations.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 42.2 Billion |
| 2030 Value Projection | USD 76.8 Billion |
| CAGR | 7.8% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Enhanced Oil Recovery Market
- BP plc
- Cenovus Energy, Inc.
- Equinor ASA
- ExxonMobil Corporation
- LUKOIL
- Petróleo Brasileiro S.A.
- Total SA
- Royal Dutch Shell plc
- TechnipFMC plc
- National Aluminium Company Limited
- China National Petroleum Corporation
- Titan Oil Recovery
- Occidental Petroleum
- Statoil
- British Petroleum
- Kinder Morgan
- Denbury Resources
- Husky Energy
- Praxair Technology
- Wintershall
- Canadian Natural Resources
- ADNOC
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Onshore Segment is Expected to Grow in the Market Due to the Abundance of Onshore Exploration
The onshore segment dominated the enhanced oil recovery market, holding the largest market share and revenue share of over 90%. This segment is projected to grow at a high CAGR during the forecast period. The significant market share of the onshore segment can be attributed to the abundance of onshore exploration and production projects taking place globally.
The markets in North America emerged as the dominant market for global enhanced oil recovery market, holding a significant revenue share of approximately 35% worldwide. The regional market's expansion can largely be attributed to the United States, pivotal in driving the growth.
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Thermal Segment is Expected to Dominate the Market Due to Its High Viscosity
The thermal segment held the highest market share of approximately 35.1% within the enhanced oil recovery market. This segment involves the application of heat to oil wells to reduce the oil's viscosity and improve its mobility ratio. Thermal EOR is particularly suitable for shallow wells with oil reservoirs containing materials with high density, such as heavy oil and tar sands.
Regional markets in the Asia Pacific are anticipated to register the fastest growth rate in the global enhanced oil recovery market during the forecast period. While North America leads in terms of revenue generation, Asia Pacific holds a significant position as the second-largest contributor.
A comprehensive analysis of the major players in the enhanced oil recovery market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Enhanced Oil Recovery Market
- In 2022, Exxon Mobil Corp is reportedly in early-stage discussions to acquire oil and gas company Denbury Inc. If the acquisition is approved, it would mark a significant investment in carbon management, particularly since the passage of the Inflation Reduction Act in August. The act introduced tax incentives for carbon dioxide sequestration, making it an attractive opportunity for companies seeking to address carbon emissions and contribute to environmental sustainability.
- Pulse Oil Corp. recently announced significant progress in its Enhanced Oil Recovery (EOR) project in the Bigoray region of Alberta, Canada. The project has completed the crucial phases necessary for its advancement. One notable milestone achieved by the company is reaching one of the final remaining commercial project tracks before commencing real injection.
Key Questions Answered in Enhanced Oil Recovery Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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