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Based on Technavio's market sizing methodology, the enhanced oil recovery market size is predicted to surge to USD 24.33 billion from 2021 to 2026 at a CAGR of 8.67%.
This enhanced oil recovery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The enhanced oil recovery market report also offers information on several market vendors, including Baker Hughes Co., BP Plc, Cenovus Energy Inc., ChampionX Corp., Chemiphase Ltd., Chevron Corp., Clariant International Ltd., DuPont de Nemours Inc., Halliburton Co., Japan Petroleum Exploration Co. Ltd., Linde Plc, Oil and Natural Gas Corp. Ltd., Petroleum Development Oman LLC, Qyrin Petroleum Technology, Schlumberger Ltd., Shell plc, TechnipFMC plc, Titan Oil Recovery Inc., TotalEnergies SE, and XYTEL Corp. among others.
This report further entails enhanced oil recovery market segmentations, including:
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"The rising number of mature oilfields in the Gulf of Mexico will facilitate the microbial enhanced oil recovery market growth in North America over the forecast period."
Exploring unconventional resources is notably driving the enhanced oil recovery market growth, although factors such as environmental risks associated with enhanced oil recovery technologies may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the enhanced oil recovery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Enhanced Oil Recovery Market Driver
Exploring unconventional resources is one of the key drivers supporting the enhanced oil recovery (EOR) market growth. Oil and gas companies are focusing on increasing the efficiency of oil and gas exploration and production activities to increase oil and gas production from these projects and meet the energy demand. Moreover, the unconventional hydrocarbons lose the natural pressure of the flow. Significantly, this natural pressure of flow is lost quickly within one year of operations. In view of this, recovery techniques must be applied for the extraction of these resources of unconventional hydrocarbons. Thus, the increase in future exploration and production of oil and gas from unconventional hydrocarbon resources will lead to more enhanced oil recovery activities, which, in turn, will drive the growth of the global enhanced oil recovery (EOR) market during the forecast period.
Key Enhanced Oil Recovery Market Trend
Increasing R&D investment is one of the key enhanced oil recovery market trends fueling market growth. Primarily, some local governments are investing to ensure optimum utilization of the available oil resources. In addition, a significant amount of investment is required for R&D to mitigate the risks associated with enhanced oil recovery technology while reducing the overall costs. Moreover, in the future, governments are expected to invest heavily in enhanced oil recovery technology to increase the production from aging wells and meet the huge demand-supply gap of fossil fuels. Thus, the increasing investment in enhanced recovery by the vendors and government in the coming years will drive the growth of the enhanced oil recovery market during the forecast period.
Key Enhanced Oil Recovery Market Challenge
Environmental risks associated with enhanced oil recovery technologies is one of the factors challenging the enhanced oil recovery (EOR) market growth. Enhanced oil recovery projects are responsible for large-scale air, water, land, and groundwater pollution. Different techniques such as surface disposal, ocean disposal, reservoir reinjection, and disposal from another brine formation are used for the disposal of water. However, enhanced oil recovery projects require large volumes of water compared with the primary recovery methods that include the displacement of natural water and natural gas. Significantly, a typical thermal enhanced oil recovery project requires 2-8 barrels of water for extracting each barrel of oil. This water requirement has a significant impact on the environment. Moreover, the impact is even greater in regions that face water scarcity or stress. These environmental concerns will challenge the enhanced oil recovery (EOR) market growth during the forecast period.
This EOR market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global enhanced oil recovery market as a part of the global oil and gas exploration and production market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the enhanced oil recovery market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the enhanced oil recovery market encompasses successful business strategies deployed by the key vendors. The enhanced oil recovery market is fragmented and the vendors are deploying growth strategies such as increasingly focusing on R&D to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The enhanced oil recovery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the enhanced oil recovery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for enhanced oil recovery market in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.
A huge mature oil and gas asset base in the Gulf of Mexico will facilitate the enhanced oil recovery market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 slowed down the growth of the global enhanced oil recovery market, owing to the disruptions in global supply chains and distribution systems and the subsequent economic recession. However, in 2021, with the introduction of vaccines, the number of COVID-19 cases declined in the region, which led to the lifting of COVID-19-related restrictions. This has resulted in the resumption of operations on several delayed oil and gas projects. Thus, with an increase in oil and gas production and resumption of operations on oilfields, the regional demand for enhanced oil recovery is expected to rebound during the forecast period and thereby driving the market growth.
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The enhanced oil recovery market share growth by the thermal injection segment will be significant during the forecast period. Thermal injection involves the introduction of heat in the form of steam or hot water into the oil well. The heat increases reservoir temperature, reduces the viscosity of oil, and improves oil movement through the well. This technique is suitable for enhancing the recovery of heavy and viscous crude oils that have low mobility. During thermal recovery, crude oil undergoes physical and chemical changes due to the effects of the heat supplied. During the process, usually, a shift in rock wettability occurs, which enhances the chances for better oil recovery, and thus, it is the most preferred technology over others. Such preference for using thermal injection will boost the EOR market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the EOR market size and actionable market insights on post COVID-19 impact on each segment.
Microbial Enhanced Oil Recovery market - The market share is expected to increase by USD 126.79 million from 2021 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.17%.
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Enhanced Oil Recovery Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.67% |
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Market growth 2022-2026 |
$ 24.33 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
8.32 |
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Regional analysis |
North America, Europe, APAC, Middle East, and South America |
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Performing market contribution |
North America at 34% |
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Key consumer countries |
US, Canada, China, Norway, Russia, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Baker Hughes Co., BP Plc, Cenovus Energy Inc., ChampionX Corp., Chemiphase Ltd., Chevron Corp., Clariant International Ltd., DuPont de Nemours Inc., Halliburton Co., Japan Petroleum Exploration Co. Ltd. , Linde Plc, Oil and Natural Gas Corp. Ltd., Petroleum Development Oman LLC, Qyrin Petroleum Technology, Schlumberger Ltd., Shell plc, TechnipFMC plc, Titan Oil Recovery Inc., TotalEnergies SE, and XYTEL Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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