The Global Thermal Enhanced Oil Recovery Market size is estimated to be USD 19.02 billion in 2019 and is predicted to reach USD 40.87 billion by 2030 with a CAGR of 7.2% from 2020-2030.
Thermal Enhanced Oil Recovery is process which involves burning of natural gas to produce steam and inject into the reservoir for heating heavy oils to change its viscosity and simplify the oil recovery process. Now-a-days solar energy is used by the concentrating the sun rays with the help of mirror to produce heat and carry out the recovery process.
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Top Companies: Suncor, Imperial Oil, ConocoPhillips, China National Offshore Oil Corporation (CNOOC), Cenovus, Equinor ASA, Royal Dutch Shell plc, PDVSA, Chevron Corporation, Occidental, Husky Energy, Sinopec, BP plc and others.
Market Dynamics and Trends
The rapidly growing population led to the increased demand of oil and fuel for various purposes such as automobile, machinery and others. Furthermore, increase in technological development and presence of technological advanced and depletion of fossil fuels are expected to promote the growth of thermal enhanced oil recovery market.
The other factors include maturation of oilfields, increase in the oil recovery from the oil fields and limited availability of natural gas are expected to drive the market growth. However, increased demand alternate or renewable energy sources are expected to hinder the growth of thermal enhanced oil recovery market. On the contrary, increase in the investments and R&D activities are also expected to create lucrative opportunities in the thermal enhanced oil recovery market over the forecast period.
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Market Segmentations and Scope of the Study:
The global thermal enhanced oil recovery market share is analyzed on the basis of technology, application and geography. On the basis of technology, the market is segmented into Oil Sands, Heavy Oil, Steam Injection (Cyclic Steam Stimulation (CSS), Steam Flooding), Steam-Assisted Gravity Drainage (SAGD) and other. On the basis of application, the market is divided into onshore and offshore. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to accounts for the major market share owing to the increased demand of oil production and presence of matured well. Furthermore, increase the technological advancement coupled with presence of developed infrastructure are expected to fuel the growth of thermal enhanced oil recovery market.
Asia Pacific is expected to show rapid growth with gradual increase in market share owing to the presence of developing economies such as India, China and others. Furthermore, presence of large population with presence several oil wells across the continent are also expected to promote the growth of thermal enhanced oil recovery market.
KEY MARKET SEGMENTS:
- Global Thermal Enhanced Oil Recovery market – By Technology
- Oil Sands
- Heavy Oil
- Steam Injection (Cyclic Steam Stimulation (CSS), Steam Flooding)
- Steam-Assisted Gravity Drainage (SAGD)
- Other
- Global Thermal Enhanced Oil Recovery market – By Application
- Onshore
- Offshore
- Global Thermal Enhanced Oil Recovery market –By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- RoW
- UAE
- Saudi Arabia
- South Africa
- Brazil
- Rest of RoW
- North America
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