USD 55.88 billion
Enhanced Oil Recovery Market Size, Share, and Growth Analysis
Enhanced Oil Recovery Market By Technology (Thermal, CO2 Injection), By Application (Onshore, Offshore), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG10D2021 |
Region:
Global |
Published Date: March, 2025
Pages:
178
|Tables:
61
|Figures:
77
Format -
Enhanced Oil Recovery Market Insights
Global Enhanced Oil Recovery Market size was valued at USD 55.88 billion in 2023 and is poised to grow from USD 59.07 billion in 2024 to USD 92.03 billion by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).
Enhanced oil recovery is a sophisticated method of extracting oil from a reservoir. Three main processes make up oil recovery: primary recovery, secondary recovery, and tertiary recovery. Tertiary recovery, commonly referred to as oil recovery, is used when none of these two techniques can recover the oil. A particular site's oil output may rise by 75% using the enhanced oil recovery method, which is seen to be a very effective technique.
Enhanced oil recovery modifies the chemical makeup of hydrocarbons to extract oil from the surface whereas main and secondary techniques include artificial lift devices, gas injection, and water injection. Gas injection, microbiological injection, and thermal injection are a few methods utilized in enhanced oil recovery.
When compared to conventional oil extraction techniques, enhanced oil recovery (EOR) technology increases oil production from mature and old oil fields by almost 10 to 20%. Mature wells are those oil reservoirs whose production has peaked and begun to drop because of their low permeability or the presence of heavy oil. According to technical terms, EOR enhances the reservoir's permeability so that hydrocarbons may readily flow down the routes and into the targeted producing well.
The depletion of conventional light oil and gas assets presents a chance for the extensive commercial exploration of heavy oil deposits. The countries of Canada, Venezuela, Mexico, China, and Colombia all have sizable heavy oil deposits. Canada and Venezuela are important producers of heavy oil on a worldwide scale. As a result, the market for improved oil recovery benefits from production operations that increase oil output.
US Enhanced Oil Recovery Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Onshore
Fastest Growth
Onshore
Growth Rate
5.7% CAGR
Global Enhanced Oil Recovery Market ($ Bn)
Country Share for North America Region (%)
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Enhanced Oil Recovery Market Segments Analysis
Global Enhanced Oil Recovery Market is segmented by Technology, Application and region. Based on Technology, the market is segmented into Thermal, CO2 Injection, Chemical and Others. Based on Application, the market is segmented into Onshore and Offshore. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Enhanced Oil Recovery Market Analysis by Technology
The thermal segment accounted for the highest market share of approximately 35.1% during 2021. The process involves applying heat to the oil wells to reduce oil viscosity and raise mobility ratio. It is typically used in shallow wells with materials that have a high degree of viscosity, including heavy oil and tar sand. A number of nations, including the United States, Canada, Oman, and Russia, are using this technology.
CO2 injection segment is expected to hold a substantial growth rate during the forecast period. In order to recover the crude oil, CO2 injection method injects CO2 into the rock pores. CO2 is a favoured choice for Enhanced oil recovery applications because it is miscible with crude oil and is relatively less expensive than other similar miscible fluids utilised for these purposes. Additionally, this technique offers very substantial environmental advantages, which will fuel market demand for CO2 injection technology during the course of the projection period.
Enhanced Oil Recovery Market Analysis by Application
The onshore segment held the largest market share and revenue share of over 90% in 2021 and is expected to grow at a high CAGR during the forecast period. This can be attributed to the substantial number of onshore exploration and production projects that are underway globally. Future expansion of the onshore application category will be caused by onshore oil fields' lower conventional extraction costs as compared to offshore oilfields.
As production levels decline in Saudi Arabia, Russia, and China, Enhanced oil recovery techniques are being used in conventional onshore basins. During the projected period, these variables are anticipated to have a beneficial impact on the segment's growth.
The onshore segment's high CAGR during the forecast period is because North America, the Middle East, and Africa are home to a greater number of mature oil fields. These locations have mature onshore oil fields that are nearly depleting yet still have billions of barrels of trapped oil left in them. Through EOR services, such a quantity of oil may be recovered. As a result, the market for improved oil recovery is being driven by rising onshore production operations.
Global Enhanced Oil Recovery Market Size By Application
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Enhanced Oil Recovery Market Regional Insights
North America region dominated the market of Global Enhanced Oil Recovery in 2021 and accounted for a revenue share of approximately 35% globally. The expansion of the regional market is mostly due to the United States. The country has a number of mature fields and unconventional oil and gas resources, which necessitate the use of cutting-edge extraction methods to increase output from already-existing wells. Leading Canadian exploration firms for oil and gas are also using Enhanced oil recovery technology to effectively recover oil from fields.
Asia Pacific region is expected to register the fastest growth rate during the forecast period. Asia-Pacific is second to North America in terms of the amount of revenue of the global Enhanced oil recovery market. China holds the greatest share in the region. The demand for oil and gas in the Asia Pacific is expected to expand because to rising demand from major economies like China and India and greater use of Enhanced oil recovery in old wells to achieve production goals. China's electronics, automotive, and industrial industries are what are fueling the market's explosive need for oil. The Chinese national oil corporations are pursuing a number of initiatives to boost local production and lessen their reliance on international oil imports. Similar to this, India and Southeast Asian nations are carrying out Enhanced oil recovery projects to raise local output, which expands the Asia Pacific market.
Global Enhanced Oil Recovery Market By Region
- Largest
- Fastest
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Enhanced Oil Recovery Market Dynamics
Enhanced Oil Recovery Market Driver
- The market is expanding because to rising output from oilfields that are reaching maturity. Due to the rising demand for oil and gas, the corporations are keen to boost output from the established fields. By utilising EOR technology, the firms are presently concentrating on boosting recovery and prolonging the life of mature fields, exceeding production levels. This element will fuel the market for increased oil recovery.
- The demand for petroleum products has expanded as a result of the exponential growth in the use of oil across several industry sectors, including transportation, shipping, electricity, manufacturing, and others. Operators are adopting a variety of cutting-edge techniques to fulfil the rising demand for oil. EOR allows for the maximum oil recovery from the reservoir, increasing overall output. Additionally, by eliminating the digging of a new well, which is expected to boost the market, it optimises the production cost.
- National oil corporations are resurrecting plans to boost domestic oil output by spending money on cutting-edge technology. As a result, the government's support for increased domestic oil production and national oil corporations' expanding investment will boost the size of the Enhanced oil recovery market.
Enhanced Oil Recovery Market Restraint
- Due to the high expense of technology, enhanced oil recovery has typically relied on government subsidies or creative investment tactics. Compared to traditional procedures, the process is fundamentally difficult. Enhanced oil recovery deployment calls for highly qualified personnel, gradual implementation and integration of R&D, commitment, and risk-bearing ability, which poses a hurdle to the market's expansion.
- Over the projected period, declining crude oil prices are anticipated to have a negative effect on the oil and gas sector and might impede market expansion. The market's expansion is anticipated to be hampered by the cutbacks in planned capital investment and the deployment of cost-cutting measures by oil companies worldwide.
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Enhanced Oil Recovery Market Competitive Landscape
Global Enhanced Oil Recovery Market is moderately fragmented and competitive due to the presence of major players. To maintain a competitive edge and increase their market position leading companies are increasingly focusing on implementing tactics such as adopting new technology, product developments, mergers and acquisitions, joint venture, alliances, and partnerships. Key players include Halliburton Company, Chevron Corporation, Schlumberger Limited, Baker Hughes Company and TotalEnergies SE. In order to attract operators, businesses are investing heavily in research into ways to achieve more efficiency with lower expenses. Along with this, rising worries about environmental harm brought on by exponential drilling operations are probably going to present lucrative prospects for new market entrants.
Top Players in Enhanced Oil Recovery Market
- Halliburton (US)
- Schlumberger (US)
- Baker Hughes Company (US)
- Chevron Corporation (US)
- Royal Dutch Shell Plc (Netherlands)
- BP Plc (UK)
- TotalEnergies SE (France)
- ExxonMobil Corporation (US)
- ConocoPhillips (US)
- Occidental Petroleum Corporation (US)
- Statoil ASA (Norway)
- Petrobras (Brazil)
- China National Petroleum Corporation (China)
- Sinopec (China)
- Linde Plc (Ireland)
- Air Liquide (France)
- TechnipFMC (UK)
- ChampionX (US)
- BASF SE (Germany)
- Repsol S.A. (Spain)
Enhanced Oil Recovery Market Recent Developments
- In March 2024, Ithaca Energy announced a deal for a potential merger with Italian oil and gas firm Eni covering the majority of its UK upstream assets. Ithaca said the exclusivity agreement covers a “potential transformational combination” with substantially all of ENI’s UK upstream assets, including the recently acquired Neptune Energy assets.
- In January 2024, BP launched biggest ever survey of Azerbaijan oil field. The seismic survey aimed at maximizing production from Azerbaijan's main ACG oil field will take five years to complete.
- In January 2024, Petrobras PBR, the leading Brazilian state-run oil company, announced its intention to acquire the Jaspe oil block, located in the Campos Basin, by exercising its preferential rights. The block is estimated to contain significant oil reserves, which will help Petrobras increase its production capacity.
Enhanced Oil Recovery Key Market Trends
- The use of nanotechnology has provided answers to some of the difficulties plaguing the oil and gas sector, including hydraulic fracturing, EOR, flow assurance challenges, and problems with petroleum exploration, drilling, and completion. Due to their propensity to interact with the amphiphilic and macromolecular components of chemical EOR, nanoparticles have lately found use in this field. They react with polymers, surfactants, and foams, respectively, to produce polymeric nanofluids, nanosurfactants, and nano-stabilized foam. Numerous laboratory tests have demonstrated the effectiveness of recovering trapped oil from reservoirs using nanofluids (a combination of nanoparticles and aqueous solution). In order to improve their fluid property and increase their efficiency for EOR application objectives, nanoparticles are either utilised as nanodispersions (nanoparticle in aqueous water, alcohols, or brine) or as nanofluids (nanoparticle in chemical base fluids, such as surfactant or polymer).
Enhanced Oil Recovery Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Enhanced Oil Recovery Market analysis, in the near future, the market for improved oil recovery is anticipated to be driven by the rising demand for crude oil. The research and development of new technologies is being heavily funded by businesses currently operating in the market. To improve oil recovery, non-thermal methods like hydraulic fracturing are being developed. Companies are utilising a range of novel techniques for CO2 storage and injection as well as other gases in the machinery to increase oil output. To increase the waterflooding method's sweep efficiency, many viscosity-improving and high molecular weight polymers are also included.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 55.88 billion |
| Market size value in 2032 | USD 92.03 billion |
| Growth Rate | 5.7% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Enhanced Oil Recovery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Enhanced Oil Recovery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Enhanced Oil Recovery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Enhanced Oil Recovery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Enhanced Oil Recovery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Enhanced Oil Recovery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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