Enhanced Oil Recovery Market: Introduction
According to the research report, the global market for enhanced oil recovery stood at US$ 48.6 Bn in 2020. Progressing at a CAGR of 4.7% between 2021 and 2031, the market is projected to reach value of US$ 80.5 Bn by the end of the forecast period. Thermal, gas, and chemical are the key technologies used in enhanced oil recovery, states the market report.
The business landscape prevalent in the global enhanced oil recovery market (EOR) is highly competitive, states a new research report by Transparency Market Research (TMR). With the constant entry of new players and the augmenting competition between local and international vendors, customers can expect an array of new products with technological innovation over the next few years.
Cenovus Energy Inc., Chevron Corporation, BP Plc, Anadarko Petroleum Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, and Statoil ASA are some of the leading players operating in this market, notes the research study.
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North America to Continue to Dominate Global Enhanced Oil Recovery Market
The report also offers a regional analysis of the global market for enhanced oil recovery. According to this, Asia Pacific, Europe, North America, Latin America, and Middle East & Africa are the geographical segments of the worldwide market for enhanced oil recovery.
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With a share of nearly 39%, North America led the global market in 2020. Researchers expect this regional market to remain on the top over the next few years. The Middle East & Africa segment, which stood second in 2020, is also predicted to retain its position in the near future, reports the market study.
Increase in Application of EOR in Various Areas to Support Growth
The global market for enhanced oil recovery is expected to report significant growth in the near future. The substantial rise in demand for oil, especially in Asia Pacific, is supporting the growth of this market. Increasing depletion in oil reserves is also boosting the market. However, various challenges related to enhanced oil recovery, such as high cost incurred in the procedure and technical and operational issues, are likely to hamper the market in the next few years.
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Nonetheless, considerable rise in oil production with the help of EOR in the Middle East and rise in usage of the solar EOR procedure is expected to neutralize the impact of these restraints over the next few years.
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