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Enhanced Oil Recovery (EOR) Market

Enhanced Oil Recovery (EOR) Market

Enhanced Oil Recovery (EOR) Market Global Industry Assessment & Forecast

# Pages:

142

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0498

Segments Covered
  • By Technology Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, Other Technologies
  • By Location Onshore, Offshore
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: 43.3 billion
Revenue 2028Revenue 2028: 60.4 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 6
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key Insights

The global Enhanced Oil Recovery (EOR) market was valued at USD 43.3 billion in 2020 and is projected to reach USD 60.4 Billion by 2028, growing at a CAGR of 6% from 2021 to 2028.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2028
Annual Market Size (2028) 60.4 Billion
Annual Market Size (2021)
CAGR (2021 - 2028) 6%

Overview and Description

Enhanced oil recovery (EOR), also known as “tertiary recovery,” is a process for extracting oil that has not already been retrieved through the primary or secondary oil recovery techniques.


This report provides an analysis of the Enhanced Oil Recovery (EOR) market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report includes exhaustive analysis of segments, regions and countries comprising of market size and estimations in terms of revenue for the years 2016–2028. There regional section of the report is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Moreover, the report also covers a thorough insights on various tools such as SWOT analysis, PEST analysis, value chain analysis, Porter’s five forces analysis, pricing analysis, and technology roadmap among others. These assessments aid the industry stakeholders to analyze the Enhanced Oil Recovery (EOR) market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behavior such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.

Yearly Infographics 43.3 billion 60.4 Billion

COVID-19 Impact Analysis

The COVID-19 outbreak has affected various industries worldwide. The Enhanced Oil Recovery (EOR) market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy. Industrialist across the globe were forced to halt their production, leading to supply chain disruptions and impairing of various industries. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.


The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:


o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Industry Analysis

The report covers exhaustive analysis on the global Enhanced Oil Recovery (EOR) industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.


The factors such as increasing number of maturing oil fields and improving technologies to introduce better oil recovery techniques are likely to drive the EOR market during the forecast period.

The expansion and rehabilitation of existing and construction of new channels is anticipated to further augment the growth of the market over the forecast period. 

The covid pandemic has impacted the exploration and the production in such activities of oil & gas. The lockdown in different countries has further reduced the transportation and supply chain related activities, and are facing issue in operations and is expected to hinder the growth of the market in the near future.

Global Enhanced Oil Recovery (EOR) Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Technology, Location
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered Praxair Technology Inc., Statoil ASA, Nalco Champion, ExxonMobil Corporation, Royal Dutch Shell plc, Sinopec, Lukoil Oil Company, Petroliam Nasional Berhad, Chevron Corporation, Chevron Phillips Chemical, Cenovus Energy Inc., Petroleo Brasileiro S.A, BP plc.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis

Market Segmentation

The report delivers an acute breakdown of the market based on various segments such as Technology, Location, and region. The report will cover market estimations and forecast for each segment by region for the years 20156–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report.

On the basis of Technology, the market is divided into Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, Other Technologies. Gas Injection held the largest share in 2020 and is projected to witness substantial growth during the forecast period.

Based on Location, the market is divided into Onshore, Offshore. Offshore attributed to the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.

Global Enhanced Oil Recovery (EOR) Market: Technology Segment Analysis

    • Gas Injection
    • Thermal Injection
    • Chemical Injection
    • Microbial Injection
    • Other Technologies

Global Enhanced Oil Recovery (EOR) Market: Location Segment Analysis

    • Onshore
    • Offshore

Regional Analysis: Preview

Based on the geography, the global Enhanced Oil Recovery (EOR) market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The regional analysis covers market estimations and forecast for each segment for each region for the years 2016–2028. The regional analysis section also provides qualitative analysis comprising of regional trends such as drivers, restraints, opportunities and regulatory norms. Moreover, the regional sections if further bifurcated into key country level markets for better understanding of the market. 

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa

Global Enhanced Oil Recovery (EOR) Market: Regional Analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

The global Enhanced Oil Recovery (EOR) market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Enhanced Oil Recovery (EOR) market are Praxair Technology Inc., Statoil ASA, Nalco Champion, ExxonMobil Corporation, Royal Dutch Shell plc, Sinopec, Lukoil Oil Company, Petroliam Nasional Berhad, Chevron Corporation, Chevron Phillips Chemical, Cenovus Energy Inc., Petroleo Brasileiro S.A, BP plc.. This section of the report comprising of a thorough profiling of companies based on various parameters such as company/business overview, portfolio analysis, business strategies, financial performance, geographical presence, and recent developments among others. Moreover, the report also includes extensive information on key strategies such as new product development/launch, merger & acquisitions, partnerships, collaborations & joint ventures, research & development, and regional expansion.  

FAQ
Frequently Asked Question
  • The global Enhanced Oil Recovery (EOR) valued at 43.3 billion in 2020 and is expected to reach 60.4 Billion in 2028 growing at a CAGR of 6%.

  • The prominent players in the market are Praxair Technology Inc., Statoil ASA, Nalco Champion, ExxonMobil Corporation, Royal Dutch Shell plc, Sinopec, Lukoil Oil Company, Petroliam Nasional Berhad, Chevron Corporation, Chevron Phillips Chemical, Cenovus Energy Inc., Petroleo Brasileiro S.A, BP plc..

  • The market is project to grow at a CAGR of 6% between 2021 and 2028.

  • The driving factors of the Enhanced Oil Recovery (EOR) include

    • The factors such as increasing number of maturing oil fields and improving technologies to introduce better oil recovery techniques are likely to drive the EOR market during the forecast period.
    • The expansion and rehabilitation of existing and construction of new channels is anticipated to further augment the growth of the market over the forecast period.

  • Asia Pacific was the leading regional segment of the Enhanced Oil Recovery (EOR) in 2020.