According to a new report by Expert Market Research titled, “Global Enhanced Oil Recovery Market Share, Size, Report and Forecast 2024-2032″, the global enhanced oil recovery market size is projected to grow at a CAGR of 7.2% between 2024 and 2032. Aided by the technological advancements and the increasing demand for oil and gas resources, the market is expected to grow significantly by 2032.
Enhanced Oil Recovery (EOR), also known as tertiary recovery, involves various techniques used to increase the amount of oil that can be extracted from an oil field. Traditional oil recovery methods typically recover only a fraction of the available oil. EOR employs various strategies, including thermal recovery, gas injection, and chemical injection, to improve the extraction process, thereby maximising the yield from oil reservoirs.
The growing global demand for oil and gas, spurred by the increasing energy consumption and industrialisation, is a significant driver for the enhanced oil recovery market growth. As conventional oil fields mature and their productivity declines, the need for enhanced oil recovery techniques becomes increasingly important to meet the global energy demand.
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Technological advancements play a crucial role in shaping the EOR market. Innovations in drilling technologies, reservoir characterisation, and chemical formulations have improved the efficiency and effectiveness of EOR methods. These advancements have enabled the extraction of oil from previously inaccessible or uneconomical reserves, thereby contributing to the enhanced oil recovery market share.
The adoption of EOR techniques is also driven by the need to optimise production from existing oil fields. As oil exploration becomes more challenging and expensive, EOR provides a cost-effective alternative to extend the life of existing fields and improve their productivity.
Environmental concerns and regulatory policies are also influencing the enhanced oil recovery market outlook. While EOR techniques can lead to increased oil production, they also raise environmental concerns, such as greenhouse gas emissions and water usage. Regulations aimed at reducing the environmental impact of oil extraction are prompting companies to adopt more sustainable and efficient EOR methods.
The global market is poised for significant growth, driven by the increasing demand for oil and gas, technological advancements, and the need to optimise production from mature oil fields. While challenges such as high costs and environmental concerns persist, they also offer opportunities for innovation and sustainable development. As the world continues to rely on oil and gas resources, the role of enhanced oil recovery in ensuring energy security and optimising resource utilisation becomes increasingly vital. The market’s potential is underscored by the ongoing efforts to develop more efficient, cost-effective, and environmentally friendly EOR techniques.
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Market Segmentation
The market can be divided based on technology, chemical outlook, application, and region.
Market Breakup by Technology
• Thermal
• Gas Injection
• Chemical
• Others
Market Breakup by Chemical Outlook
• Surfactants
• Polymers
• Alkaline Chemicals
• Alkali-Surfactant-Polymer (ASP) Formulations
• Foamers
• Others
Market Breakup by Application
• Onshore
• Off-Shore
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global enhanced oil recovery market. Some of the major players explored in the report by Expert Market Research are as follows:
• Halliburton Energy Services, Inc
• Royal Dutch Shell plc
• Schlumberger Limited
• Chevron Phillips Chemical Company LLC
• TechnipFMC plc
• National Aluminium Company Limited
• Others
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