Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for the Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market is forecast to surpass US$3.78 billion in 2024, with strong revenue growth through to 2034.
CO2 EOR Emerges as a Sustainable Solution, Enhancing Recovery Rates and Prolonging the Economic Life Of Oil Reservoirs
One primary driver for the CO2 EOR market is its efficacy in rejuvenating oil production from mature fields. As conventional extraction methods face diminishing returns, CO2 EOR emerges as a sustainable solution, enhancing recovery rates and prolonging the economic life of oil reservoirs. Additionally, the rising emphasis on environmental sustainability and stringent regulations aimed at reducing greenhouse gas emissions incentivize the adoption of CO2 EOR as a vital component of carbon capture and storage strategies.
The market presents several promising opportunities. Firstly, the investment landscape for CO2 EOR is gaining momentum, with strategic partnerships, joint ventures, and government funding contributing to the expansion of projects globally. Research and development initiatives aimed at developing new resources and technologies are creating avenues for innovation, making CO2 EOR more versatile and adaptable to diverse geological conditions. Moreover, advancements in monitoring technologies and reservoir simulation techniques offer the potential for optimizing the CO2 EOR process, enhancing its overall efficiency.
However, the CO2 EOR market faces its share of challenges. The volatility in global oil prices, exemplified by the impact of external factors such as geopolitical tensions and the COVID-19 pandemic, introduces uncertainty and can impede investment decisions. Additionally, securing a stable and cost-effective source of carbon dioxide for injection remains a challenge, necessitating advancements in capture technologies. Regulatory complexities and the need for compliance with environmental standards further contribute to the challenges faced by market participants.
Market Dynamics
Market Driving Factors
- Increasing Production from Maturing Oilfields Driving the Market Growth
- Growing Shale Activities Driving the Market Growth
- The Continuous Global Demand for Energy, coupled with the Need to Maximize Recovery from Existing Oil Fields, Serves as a Crucial Driving Factor
Market Restraining Factors
- Strict Government Regulations on E&P Activities Hinder the Market Growth
- The Presence of Alternative Oil Recovery Technology Hinder the Market Growth
- Presence Fluctuations in Oil Prices Hinder the Market Growth
Market Opportunities
- CO2 EOR is a Highly Effective Tool for Re-Invigorating Oil Production from Mature Fields
- Investment in R&D for Developing New Resources
- New Technologies Utilize in Enhanced Oil Recovery Method
Forecasts to 2034 and other analyses reveal commercial prospects:
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising carbon dioxide (CO2) enhanced oil recovery (EOR) prices and recent developments.
Segments Covered in the Report
Market Segment by Mechanism:
- Miscible CO2 Injection
- Immiscible CO2 Injection
Market Segment by Source:
- Natural Sources
- Industrial Sources
- Captured CO2 from Power Plants
Market Segment by Equipment:
- Drilling Equipment
- Production Well
- Injection Well Equipment
- Lease Equipment
- Other Equipment
Market Segment by Technique:
- Gas Injection Method
- Chemical Injection Method
- Miscible Flooding
- Water Alternating Gas (WAG) Injection
- Thermal Methods Coupled with CO2 Injection
- Other Technique
The report also includes profiles and for some of the leading companies in the Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies and the potential for market growth:
- Air Products and Chemicals, Inc
- BP Plc
- Cenovus Energy Inc.
- Chesapeake Energy Corporation
- Chevron Corporation
- China Petroleum & Chemical Corporation
- ConocoPhillips Company
- Equinor ASA
- Exxon Mobil Corporation
- Halliburton Corporation
- Occidental Petroleum Corporation
- Petroleo Brasileiro S.A.
- Royal Dutch Shell Plc
- Schlumberger Limited
- Total Energies SE
The report provides you with the following knowledge:-
- Revenue forecasts to 2034 for Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market, 2024 to 2034 Market, with forecasts for mechanism, source, equipment, and technique, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for four regional and 20 key national markets - See forecasts for the Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Also forecasted is the market in the US, Canada, Brazil, Germany, France, Russia, Italy, China, India, Japan, Indonesia and Malaysia among other prominent economies.
- Prospects for established firms and those seeking to enter the market - including company profiles for 15 of the major companies involved in the Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market, 2024 to 2034.
For more information about this report visit https://www.researchandmarkets.com/r/30p164
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