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“The enhanced oil recovery market is projected to grow at a CAGR of 6.5% from 2020 to 2025.”
The enhanced oil recovery market is projected to reach USD 59.4 billion by 2025 from an estimated USD 43.3 billion in 2020, at a CAGR of 6.5% during the forecast period. Rising production from the existing oil & gas reserves as well as depleting reserves has driven the enhanced oil recovery market growth. Furthermore, shale developments and rising drilling activities are driving the market. However, declining oil demand from Europe due to the transition towards renewables is likely to hamper the growth of the enhanced oil recovery market.
“The gas EOR, by technology, is expected to be the fastest-growing market from 2020 to 2025.”
The gas EOR segment is categorized as CO2 and others(Nitrogen and Natural gas).In 2018, horizontal wells accounted for about 70% of the wells drilled globally. This is majorly due to the growth is attributed to the increasing availability of low-cost natural CO2 from fields and reservoirs, and the declining cost of carbon capturing and sequestration. North America is expected to hold the largest horizontal well type market, with continuous shale developments in the US.
“The onshore segment, by application, is expected to be the largest market from 2020 to 2025.”
The onshore segment is expected to grow at the fastest rate during the forecast period. Enhanced oil recovery methods such as thermal EOR, chemical EOR, gas EOR are most prominently used in onshore oil wells. The companies have been exploring the onshore locations for oil & gas production owing to the fact that offshore has huge untapped reserves. Owing to the onshore oil recovery market is a larger number of mature oil fields are located onshore, and the scope for enhanced oil recovery is higher in onshore oilfields, and the cost, risk, and complexity associated with it are low.
“North America: The largest and the third fastest-growing region in the enhanced oil recovery market.”
North America is expected to dominate the global enhanced oil recovery market between 2020 and 2025. Moreover, the continuous shale activities in the region are driving the demand for enhanced oil recovery operations. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a significant presence in North America. This creates more opportunities for oilfield service providers to capture long-term contracts.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
- By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
- By Region: North America- 40%, Europe- 20%, Asia Pacific- 15%, Middle East & Africa – 15%, and South America- 10%
*Others include sales managers, engineers, and regional managers.
Note: Tier 1 Company?Revenue > USD 5 billion, Tier 2 Company?Revenue between USD 1 and USD 5 billion, and Tier 3 Company?Revenue < USD 1 billion
The enhanced oil recovery market is dominated by a few major players that have an extensive regional presence. The leading players in the enhanced oil recovery market are Schlumberger (US), Baker Hughes Company (US), Royal Dutch Shell Plc (Netherlands), and BP Plc(UK).
The report defines, describes, and forecasts the enhanced oil recovery market by technology, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the enhanced oil recovery market.
Key Benefits of Buying the Report
- The report identifies and addresses the key markets for enhanced oil recovery operations and services, which would help equipment manufacturers and service providers review the growth in demand.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.