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Enhanced Oil Recovery Market by Technology and Geography - Forecast and Analysis 2022-2026

  • Published: Jun 2022
  • Pages: 147
  • SKU: IRTNTR73618
Technavio

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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:

  • Technology - Thermal injection, gas injection, chemical injection, and others
  • Geography - North America, Europe, APAC, Middle East, and South America

What will the Enhanced Oil Recovery Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Enhanced Oil Recovery Market Size for the Forecast Period and Other Important Statistics

 

Enhanced Oil Recovery Market: Key Drivers, Trends, and Challenges

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.

Parent Market Analysis

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.

Who are the Major Enhanced Oil Recovery Market Vendors?

The report analyzes the market’s competitive landscape and 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
  • XYTEL Corp.

 

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.

Product Insights and News

  • Bakerhughes.com - The company offers enhanced oil recovery technology with corrosion control services, organic deposit remediation and inhibition, natural and biogenic hydrogen sulfide mitigation and control.
  • Bp.com - The company offers enhanced oil recovery technologies such as Designer water and Designer gas to improve the recovery of hydrocarbons.
  • Championx.com - The company offers enhanced oil recovery technology with mobility control, thermal and gas control, reservoir engineer support.

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.

Enhanced Oil Recovery Market Value Chain Analysis

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.

Which are the Key Regions for Enhanced Oil Recovery Market?

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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.

What are the Revenue-generating Technology Segments in the Enhanced Oil Recovery Market?

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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.

 

Enhanced Oil Recovery Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 8.67%

Market growth 2022-2026

$ 24.33 billion

Market structure

Fragmented

YoY growth (%)

8.32

Regional analysis

North America, Europe, APAC, Middle East, and South America

Performing market contribution

North America at 34%

Key consumer countries

US, Canada, China, Norway, Russia, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

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.

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

Customization purview

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What are the Key Data Covered in this Enhanced Oil Recovery Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive enhanced oil recovery market growth during the next five years
  • Precise estimation of the enhanced oil recovery market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the enhanced oil recovery industry across North America, Europe, APAC, Middle East, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of enhanced oil recovery market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Technology

    • 5.1 Market segments
      • Exhibit 24: Chart on Technology - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Technology - Market share 2021-2026 (%)
    • 5.2 Comparison by Technology
      • Exhibit 26: Chart on Comparison by Technology
      • Exhibit 27: Data Table on Comparison by Technology
    • 5.3 Thermal injection - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Thermal injection - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Thermal injection - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Thermal injection - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Thermal injection - Year-over-year growth 2021-2026 (%)
    • 5.4 Gas injection - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Gas injection - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Gas injection - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Gas injection - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Gas injection - Year-over-year growth 2021-2026 (%)
    • 5.5 Chemical injection - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Chemical injection - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Chemical injection - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Chemical injection - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Chemical injection - Year-over-year growth 2021-2026 (%)
    • 5.6 Others - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.7 Market opportunity by Technology
      • Exhibit 44: Market opportunity by Technology ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 46: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 48: Chart on Geographic comparison
      • Exhibit 49: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East - Market size and forecast 2021-2026
      • Exhibit 62: Chart on Middle East - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on Middle East - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on Middle East - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on Middle East - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 Canada - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 7.10 Norway - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Norway - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Norway - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Norway - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Norway - Year-over-year growth 2021-2026 (%)
    • 7.11 China - Market size and forecast 2021-2026
      • Exhibit 82: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.12 Russia - Market size and forecast 2021-2026
      • Exhibit 86: Chart on Russia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on Russia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on Russia - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on Russia - Year-over-year growth 2021-2026 (%)
    • 7.13 UK - Market size and forecast 2021-2026
      • Exhibit 90: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 91: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 92: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 93: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.14 Market opportunity by geography
      • Exhibit 94: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 95: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 96: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 97: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 98: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 99: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 100: Matrix on vendor position and classification
            • 10.3 Baker Hughes Co.
              • Exhibit 101: Baker Hughes Co. - Overview
              • Exhibit 102: Baker Hughes Co. - Business segments
              • Exhibit 103: Baker Hughes Co. - Key news
              • Exhibit 104: Baker Hughes Co. - Key offerings
              • Exhibit 105: Baker Hughes Co. - Segment focus
            • 10.4 BP Plc
              • Exhibit 106: BP Plc - Overview
              • Exhibit 107: BP Plc - Business segments
              • Exhibit 108: BP Plc - Key offerings
              • Exhibit 109: BP Plc - Segment focus
            • 10.5 ChampionX Corp.
              • Exhibit 110: ChampionX Corp. - Overview
              • Exhibit 111: ChampionX Corp. - Product / Service
              • Exhibit 112: ChampionX Corp. - Key offerings
            • 10.6 Chevron Corp.
              • Exhibit 113: Chevron Corp. - Overview
              • Exhibit 114: Chevron Corp. - Business segments
              • Exhibit 115: Chevron Corp. - Key news
              • Exhibit 116: Chevron Corp. - Key offerings
              • Exhibit 117: Chevron Corp. - Segment focus
            • 10.7 Halliburton Co.
              • Exhibit 118: Halliburton Co. - Overview
              • Exhibit 119: Halliburton Co. - Product / Service
              • Exhibit 120: Halliburton Co. - Key news
              • Exhibit 121: Halliburton Co. - Key offerings
            • 10.8 Linde Plc
              • Exhibit 122: Linde Plc - Overview
              • Exhibit 123: Linde Plc - Business segments
              • Exhibit 124: Linde Plc - Key news
              • Exhibit 125: Linde Plc - Key offerings
              • Exhibit 126: Linde Plc - Segment focus
            • 10.9 Schlumberger Ltd.
              • Exhibit 127: Schlumberger Ltd. - Overview
              • Exhibit 128: Schlumberger Ltd. - Business segments
              • Exhibit 129: Schlumberger Ltd. - Key offerings
              • Exhibit 130: Schlumberger Ltd. - Segment focus
            • 10.10 Shell plc
              • Exhibit 131: Shell plc - Overview
              • Exhibit 132: Shell plc - Business segments
              • Exhibit 133: Shell plc - Key news
              • Exhibit 134: Shell plc - Key offerings
              • Exhibit 135: Shell plc - Segment focus
            • 10.11 TotalEnergies SE
              • Exhibit 136: TotalEnergies SE - Overview
              • Exhibit 137: TotalEnergies SE - Business segments
              • Exhibit 138: TotalEnergies SE - Key news
              • Exhibit 139: TotalEnergies SE - Key offerings
              • Exhibit 140: TotalEnergies SE - Segment focus
            • 10.12 XYTEL Corp.
              • Exhibit 141: XYTEL Corp. - Overview
              • Exhibit 142: XYTEL Corp. - Product / Service
              • Exhibit 143: XYTEL Corp. - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 144: Inclusions checklist
                • Exhibit 145: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 146: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 147: Research methodology
                • Exhibit 148: Validation techniques employed for market sizing
                • Exhibit 149: Information sources
              • 11.5 List of abbreviations
                • Exhibit 150: List of abbreviations

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The enhanced oil recovery market market growth will increase by $$ 24.33 bn during 2023-2026.
              The enhanced oil recovery market market is expected to grow at a CAGR of 8.67% during 2023-2026.
              Technavio has segmented the enhanced oil recovery market market by technology (Thermal injection, Gas injection, Chemical injection, and Others) and geography (North America, Europe, APAC, Middle East, and South America).
              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, XYTEL Corp. are a few of the key vendors in the enhanced oil recovery market market.
              North America will register the highest growth rate of 34% among the other regions. Therefore, the enhanced oil recovery market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the enhanced oil recovery market market growth are:
              • Exploring unconventional resources
              • Increasing R and D investment
              The enhanced oil recovery market market vendors should focus on grabbing business opportunities from the thermal injection segment as it accounted for the largest market share in the base year.
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