Enhanced Oil Recovery Market Size, Share, Value, Growth Overview 2030

Global Enhanced Oil Recovery Market was valued at around USD 40 Billion in 2022 and likely to reach over USD 75 Billion in 2030 growing at a CAGR of over 7.75%. during the forecast period. The report analyzes the global Enhanced Oil Recovery Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Enhanced Oil Recovery industry.

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Global Enhanced Oil Recovery Market: Overview

The enhanced oil recovery is a technique utilized to remove crude oil which cannot be extracted with the conventional methodologies from the oil reservoirs. It is also known as the tertiary recovery procedure as it is carried out after the primary oil recovery and secondary oil recovery.

The primary techniques used in the enhanced oil recovery include gas injection, microbial injection, chemical injection, and thermal injection. The thermal recovery technology is widely chosen technique for improving the extraction of oil. The thermal recovery is performed via a reserve heating and fire & steam flooding. Steam or heat is established into the well to decrease the oil viscosity. Thus, rising demand for the enhanced oil recovery around the globe is expected to augment the market growth in the coming period.

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Global Enhanced Oil Recovery Market: Growth Factors

The prominent factors responsible for fueling the global enhanced oil recovery market are the amplifying gap between the requirement of oil around the world and its production. Furthermore, the rising requirement of crude oil, elevated recovery rates, increasing numeral of mature oil wells, and encouraging government regulation and programs for producing a suitable infrastructure and enhanced technology for the production of oil are few other factors that are driving the growth of the market. However, environmental issues such as brine contamination and the dropping costs of crude oil may restraint the growth of the market for enhanced oil recovery.

Enhanced Oil Recovery Market : Report Scope

Global Enhanced Oil Recovery Market: Regional Analysis

North America is anticipated to lead the global market for enhanced oil recovery in the near future due to the existence of a huge digit of mature wells and an extensive generation of unconventional energy in this region. Asia Pacific region is also projected to grow at a significant rate in the market in the coming period. This growth of the market can be attributed to the fast industrialization and increasing oil & gas industry in this region.

Global Enhanced Oil Recovery Market: Competitive Players

The prominent players in the global enhanced oil recovery market include:

• ExxonMobil Corporation
• Cenovus Energy Inc
• Chevron Corporation
• BP Plc
• and Anadarko Petroleum Corporation.
• Petronas
• ConocoPhillips
• OAO Lukoil
• Statoil ASA
• Royal Dutch Shell Plc.

The global online election voting software market is segmented as:

By Application

• Offshore
• Onshore

By Technology

• Chemical,
• Thermal,
• Gas Injection
• And Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.