As per the latest report by IMARC Group, titled “Enhanced Oil Recovery (EOR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size is increasing at a steady rate. The process of oil production is generally divided into primary, secondary and tertiary phases. The primary oil recovery phase is limited to hydrocarbons that naturally rise to the surface; the secondary recovery phase employs water and gas injection, displacing the oil and pushing it to the surface; and the tertiary phase works by increasing the pressure and minimizing the viscosity of the oil. The tertiary recovery phase, also known as enhanced oil recovery (EOR), is currently gaining traction across the globe as it aids in increasing the amount of oil that can be recovered from a reservoir.
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Global Enhanced Oil Recovery (EOR) Market Trends:
Presently, most of the global oil production comes from mature fields. However, the rising demand for oil recovery, particularly from the aging resources, acts as a major concern for oil companies and government authorities. This, in turn, is impelling the growth of the enhanced oil recovery (EOR) market. Apart from this, several prominent oil production organizations are investing in research and development (R&D) activities and setting-up collaborative research projects to introduce innovative products with advanced features. Some of the other growth inducing factors include rapid urbanization, rising global population, increasing demand for and declining worldwide resources of crude oil. Looking forward, the market is projected to grow at a CAGR of around 11% during 2019-2024.
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- Based on the technology, the market has been classified into thermal-, gas-, chemical- and other types of enhanced oil recovery. At present, thermal-enhanced oil recovery technology accounts for the majority of the total market share.
- On the basis of the application, the market has been bifurcated into onshore and offshore. Currently, the onshore segment exhibits a clear dominance in the market.
- Region-wise, North America represents the largest market for enhanced oil recovery. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being BASF SE, Halliburton Corporation, Royal Dutch Shell plc, Schlumberger Ltd., Chevron Phillips Chemical Corporation, FMC Technologies Inc., National Aluminium Company Limited (NALCO), Praxair, Inc., SECURE Energy Services Inc., Xytel Corporation, Equinor ASA, BP plc, China Petroleum & Chemical Corporation (Sinopec), Oil and Natural Gas Corporation Ltd. (ONGC), ExxonMobil Corporation, ConocoPhillips, Petroleo Brasileiro (Petrobas) S.A. and PJSC Lukoil Oil Company.
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