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The enhanced oil recovery market has promising growth potential due to growing shale activities. It is difficult to extract oil & gas from shale reservoirs due to its highly impermeable nature. According to the IEA, shale production from the US alone is expected to increase by 100 million barrels per day. Shale development in other countries such as China and Argentina are also likely to boost the well production activities in these countries, which is expected to drive the enhanced oil recovery market in North America, Latin America, and Asia Pacific.
The enhanced oil recovery market, by technology, is segmented into thermal EOR, Chemical EOR, Gas EOR, and others. The gas EOR segment of the enhanced oil recovery market is expected to grow at the highest CAGR during the forecast period, as there is an increasing demand for carbon-capturing technologies and the declining cost of carbon capturing and sequestration. The need to enhance production from mature reservoirs is expected to drive the market for this segment during the forecast period.
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The enhanced oil recovery market, by application, is categorized into onshore and offshore. The South American offshore segment is expected to provide many opportunities for enhanced oil recovery market in the future, owing to huge drilling activities in offshore Brazil and Venezuela gas production activities. Growth is driven majorly by the increasing production of heavy oil and redevelopment of mature oilfields. Furthermore, the investments to deepwater offshore areas are expected to offer lucrative opportunities for the enhanced oil recovery manufacturers during the forecast period.
North America is estimated to be the fastest-growing market for enhanced oil recovery during the forecast period. The region has been segmented, by country, into the US, Canada, and Mexico. The increasing shale oil & gas production in the North America region is driving the enhanced oil recovery market in this region. In the US, according to the EIA, by 2040, tight oil production and shale gas production is expected to reach 7.08 million BPD and 79 billion cubic feet per day, respectively. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields, along with rising production rates of oil sands in Canada. Increasing exploration and productivities activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American enhanced oil recovery market.
Company Usability Profiles:
Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Royal Dutch Shell Plc (Netherlands), BP Plc(UK), BASF SE(Germany), Linde Plc (Ireland), Air Liquide (France), TechnipFMC(UK), ChampionX(US), Suncor Energy Inc.(Canada), Secure Energy Services (Canada), Exterran Corporation(US), Clariant(Switzerland), Croda International(UK), RCS Group of Companies(Canada), Ultimate EOR Services(US), Titan Oil Recovery(US), XYTEL Corporation(US), Premier Energy(US), Chevron Phillips Chemical Company(US), Audubon Companies (US), Kappa Oil Services(France), Core Laboratories(Netherlands), and Clean Energy Systems(US).
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Report Objectives:
- To define and describe the global enhanced oil recovery market by technology, application, and region.
- To provide detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).
- To strategically analyze the global enhanced oil recovery market with respect to individual growth trends, future expansions, and the contribution of each segment to the market.
- The impact of the COVID-19 pandemic on the enhanced oil recovery market has been analyzed for the estimation of the market size.
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders.
- To forecast the growth of the global enhanced oil recovery market with respect to the main regions (North America, Asia Pacific, Europe, South America, and the Middle East & Africa).
- To profile and rank key players and comprehensively analyze their market share.
- To analyze competitive developments such as contracts & agreements, expansions & investments, and mergers & acquisitions in the enhanced oil recovery market.
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