Enhanced Oil Recovery Market 2020 Future Growth Explored in Latest Research Report by 2025

The global enhanced oil recovery market size is projected to reach USD 43.3 billion by 2025 from an estimated USD 59.4 billion in 2020, at a CAGR of 6.5% during the forecast period. Increased production from mature fields and the upsurge in the oil & gas production by countries owing to rising demand from the Asia Pacific. This has led to the enhancement of productivity of oil & gas wells , thus driving the market for global enhanced oil recovery.

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The enhanced oil recovery market has promising growth potential due to growing shale activities. It is difficult to extract oil & gas from shale reservoirs due to its highly impermeable nature. According to the IEA, shale production from the US alone is expected to increase by 100 million barrels per day. Shale development in other countries such as China and Argentina are also likely to boost the well production activities in these countries, which is expected to drive the enhanced oil recovery market in North America, Latin America, and Asia Pacific.

Enhanced Oil Recovery Market

The enhanced oil recovery market, by technology, is segmented into thermal EOR, Chemical EOR, Gas EOR, and others. The gas EOR segment of the enhanced oil recovery market is expected to grow at the highest CAGR during the forecast period, as there is an increasing demand for carbon-capturing technologies and the declining cost of carbon capturing and sequestration. The need to enhance production from mature reservoirs is expected to drive the market for this segment during the forecast period.

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The enhanced oil recovery market, by application, is categorized into onshore and offshore. The South American offshore segment is expected to provide many opportunities for enhanced oil recovery market in the future, owing to huge drilling activities in offshore Brazil and Venezuela gas production activities. Growth is driven majorly by the increasing production of heavy oil and redevelopment of mature oilfields. Furthermore, the investments to deepwater offshore areas are expected to offer lucrative opportunities for the enhanced oil recovery manufacturers during the forecast period.

This research report categorizes the enhanced oil recovery market-based technology, application, and region

Based on technology:

  • Thermal EOR
    • Steam
    • In-situ Combustion
    • Others(Hot water and Solar)
  • Chemical EOR
    • Polymer
    • Surfactant
    • Alkaline Surfactant Polymer
  • Gas EOR
    • CO2
    • Other Gas(Nitrogen and Natural gas)
  • Others (microbial, seismic, simultaneous water alternating gas, and water alternating gas.

Based on application:

  • Onshore
  • Offshore

Based on the region:

  • North America
  • Asia Pacific
  • South America
  • Europe
  • Middle East & Africa

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North America is estimated to be the fastest-growing market for enhanced oil recovery during the forecast period. The region has been segmented, by country, into the US, Canada, and Mexico. The increasing shale oil & gas production in the North America region is driving the enhanced oil recovery market in this region. In the US, according to the EIA, by 2040, tight oil production and shale gas production is expected to reach 7.08 million BPD and 79 billion cubic feet per day, respectively. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields, along with rising production rates of oil sands in Canada. Increasing exploration and productivities activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American enhanced oil recovery market.