The global enhanced oil recovery market size is projected to reach USD 20.06 billion by 2027, exhibiting a CAGR of 7.5%during the forecast period. Increasing requirement for advanced oil recovery technologies around the world is expected to be the key growth driver for this market, as per the new Fortune Business Insights™ report, titled “Enhanced Oil Recovery Market Size, Share & Industry Analysis, By Technology (Thermal Injection, Gas Injection, and Chemical Injection), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027”. Enhanced oil recovery (EOR), or tertiary recovery, is a technique that is deployed to increase oil production at a well-site. EOR mechanism is utilized to retrieve oil that primary and secondary extraction methods have been unable to retrieve. According to the US Department of Energy (DoE), EOR technology can lead to an increase in oil production between 30% and 60% of a reservoir’s original oil capacity. The technology features three main categories, namely, thermal recovery, gas injection, and chemical injection. Of these, the gas injection technique, involving pushing of CO2 in wellbores, has been found to be particularly successful, especially in North America, and is slated to lead the enhanced oil recovery market trends in the coming years.
The rising awareness about green energy sources across the world is transforming the energy and power industry. The trend of green energy is emerging on account of increasing environmental pollution from traditional energy resources. Governments are playing a significant role in conducting awareness programs about clean energy. Fortune Business Insights in a report, titled “Enhanced Oil Recovery Market Size, Share and Global Trend By Method, By Application and Geography Forecast till 2026” published the above information.
Top Players Overview:
Some of the leading players operating in the global Enhanced Oil Recovery market include;
The rising instability in crude oil prices is expected to positively impact the growth of the Enhanced Oil Recovery Market. Rising privatization and relaxation in the FDI norms are factors enabling growth in the market. Also, governments are heavily investing in power projects, which in turn, may fuel demand for energy and power plants across the globe.
Regional Analysis:
Competitive Landscape
Increased Collaboration between State Entities to Excite the Market
According to the enhanced oil recovery market study, the state entities are teaming up to explore the possible avenues for utilizing the EOR technology. This has the potential to prepare the market for a surge in demand that is expected to occur once the world tides over the COVID-19 outbreak, even though the demand is unlikely to return to the pre-pandemic levels anytime soon.
Industry Developments: