NEW YORK, United States, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Enhanced Oil Recovery Market By Application (Offshore, Onshore), By Technology (Chemical, Thermal, Gas Injection, And Others), And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030” in its research database.
“According to the latest research study, the of global enhanced oil recovery market size was worth at around USD 40 billion in 2022. The market is expected to grow above a CAGR of 7.75% and is anticipated to reach over USD 75 billion by 2030.”
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Enhanced Oil Recovery Market Overview:
The enhanced oil recovery is a technique utilized to remove crude oil which cannot be extracted with the conventional methodologies from the oil reservoirs. It is also known as the tertiary recovery procedure as it is carried out after the primary oil recovery and secondary oil recovery.
The primary techniques used in the enhanced oil recovery include gas injection, microbial injection, chemical injection, and thermal injection. The thermal recovery technology is widely chosen technique for improving the extraction of oil. The thermal recovery is performed via a reserve heating and fire & steam flooding. Steam or heat is established into the well to decrease the oil viscosity. Thus, rising demand for the enhanced oil recovery around the globe is expected to augment the market growth in the coming period.
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 40 Billion |
| Market Forecast in 2030 | USD 75 Billion |
| Growth Rate | CAGR of 7.75% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | ExxonMobil Corporation, Cenovus Energy Inc, Chevron Corporation, BP Plc, and Anadarko Petroleum Corporation., Petronas, ConocoPhillips, OAO Lukoil, Statoil ASA, Royal Dutch Shell Plc., and others |
| Segments Covered | By Application, By Technology, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Key Insights from Primary Research
- As per the analysis, the enhanced oil recovery market share is likely to grow above a CAGR of around 7.75% between 2023 and 2030.
- The Enhanced Oil Recovery market size was worth around USD 40 billion in 2022 and is estimated to hit approximately USD 75 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The significant factors driving the global enhanced oil recovery market are the widening disparity between the demand for oil worldwide and its production.
- On the basis of region, the “North America” will likely overtake the global market.
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Global Enhanced Oil Recovery Market: Growth Factors & Restraint
The prominent factors responsible for fueling the global enhanced oil recovery market are the amplifying gap between the requirement of oil around the world and its production. Furthermore, the rising requirement of crude oil, elevated recovery rates, increasing numeral of mature oil wells, and encouraging government regulation and programs for producing a suitable infrastructure and enhanced technology for the production of oil are few other factors that are driving the growth of the market.
However, environmental issues such as brine contamination and the dropping costs of crude oil may restraint the growth of the market for enhanced oil recovery.
Global Enhanced Oil Recovery Market: Regional Analysis
North America is anticipated to lead the global market for enhanced oil recovery in the near future due to the existence of a huge digit of mature wells and an extensive generation of unconventional energy in this region.
Asia Pacific region is also projected to grow at a significant rate in the market in the coming period. This growth of the market can be attributed to the fast industrialization and increasing oil & gas industry in this region.
Browse the full “Enhanced Oil Recovery Market By Application (Offshore, Onshore), By Technology (Chemical, Thermal, Gas Injection, And Others), And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030” Report at https://www.zionmarketresearch.com/report/enhanced-oil-recovery-market
Competitive Players:
The report contains qualitative and quantitative research on the global Enhanced Oil Recovery market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Enhanced Oil Recovery market include;
- ExxonMobil Corporation
- Cenovus Energy Inc
- Chevron Corporation
- BP Plc
- and Anadarko Petroleum Corporation.
- Petronas
- ConocoPhillips
- OAO Lukoil
- Statoil ASA
- Royal Dutch Shell Plc.
What Report Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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The global enhanced oil recovery market is segmented as follows:
By Application
- Offshore
- Onshore
By Technology
- Chemical
- Thermal
- Gas Injection
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Enhanced Oil Recovery industry?
- What are the main driving factors propelling the Enhanced Oil Recovery Market forward?
- What are the leading companies in the Enhanced Oil Recovery Industry?
- What segments does the Enhanced Oil Recovery Market cover?
- How can I receive a free copy of the Enhanced Oil Recovery Market sample report and company profiles?
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