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Enhanced Oil Recovery Market 2021 | Trends, growth demand, opportunities and forecast for 2027
Posted on May 17, 2021 03:18
“Major players in the enhanced oil recovery market include Chevron, Total, ExxonMobil, Petrobras, ConocoPhillips, Equinor, Husky Energy, Cenovus Energy, PDVSA Petroleos de Venezuela S.A., Imperial Oil, Gazprom, China National Petroleum Corporation”
The global size is projected to reach $ 20.06 billion by 2027, exhibiting a 7.5% CAGR during the forecast period. The growing need for advanced oil recovery technologies worldwide is expected to be the main growth driver for this market, according to the new Fortune Business Insights ™ report, entitled ” Enhanced oil recovery market size, share and industry analysis, by technology Injection, Gas Injection and Chemical Injection), By Application (Onshore and Offshore) and Regional Forecast, 2020-2027 ”. Enhanced oil recovery (EOR), or tertiary recovery, is a technique implemented to increase oil production at a well site. The EOR mechanism is used to recover the oil that the primary and secondary extraction methods were unable to recover. According to the US Department of Energy (DoE), EOR technology can lead to an increase in oil production between 30% and 60% of a reservoir’s original oil capacity. The technology has three main categories, namely, thermal recovery, gas injection and chemical injection. Of these, the gas injection technique, involving pushing CO2 into wells, has been found to be particularly successful, especially in North America, and is scheduled to lead trends in the oil recovery market in the coming years.
The growing awareness of green energy sources worldwide is transforming the energy and energy industry. The green energy trend is emerging due to the increase in environmental pollution from traditional energy resources. Governments are playing a significant role in conducting clean energy awareness programs. Fortune Business Insights, in a report entitled “Market size for improved oil recovery, share and global trend by method, application and geographic forecast by 2026,” published the information above.
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Fortune Business Insights provides a detailed assessment of the global market, analyzing the factors that drive the market. In addition, he also discusses some of the economic trends that are prevalent in the energy and energy sector. These trends are analyzed in the report to see an overall impact on the global market.
The EOR market report states that the market value was $ 15.77 billion in 2019. Other highlights in the report include:
- Targeted analysis of the impact of the COVID-19 outbreak on the market;
- In-depth study of the factors and trends that shape the market;
- Comprehensive assessment of the regional dynamics that influence the market; and
- Creation of profiles and thorough research on the main market participants and their strategies.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 brought the world to a standstill. We understand that this health crisis has had an unprecedented impact on companies in all sectors. However, this will also pass. The growing support from governments and various companies can help in the fight against this highly contagious disease. There are some sectors that are experiencing difficulties and some are thriving. Overall, almost all sectors are expected to be affected by the pandemic.
We are making continuous efforts to help your company sustain and grow during the COVID-19 pandemics. Based on our experience and knowledge, we will offer an impact analysis of the coronavirus outbreak in all sectors to help you prepare for the future.
Click here for the short- and long-term impact of COVID-19 on this market.
Overview of the main players:
Some of the main players operating in the global Enhanced Oil Recovery market include;
- Conoco Phillips
- Husky Energy
- Cenovirus energy
- Imperial oil
- China National Petroleum Corporation
- China Petroleum and Chemical Corporation (Sinopec)
- Western Oil
The increasing instability in crude oil prices is expected to have a positive impact on the growth of the Advanced Oil Recovery Market. The increase in privatization and the easing of FDI standards are factors that enable the market to grow. In addition, governments are investing heavily in energy projects, which in turn can fuel demand for energy and power plants around the world.
The increasing use of smart grids and smart meters is likely to help improve the management of energy services. Better infrastructure facilities are also expected to encourage market growth.
Increasing spending on oil and gas worldwide is another factor that is likely to boost the Advanced Oil Recovery Market. Increased investments in energy efficiency projects supported by governments can also stimulate market growth. The penetration of renewable sources is increasing, fueling the demand for energy, which is expected to boost the Advanced Oil Recovery Market.
Overview of the key segment:
- By Method
- By application
- By geography
The information used is derived from several primary and secondary sources. It also sheds light on some of the main players operating in the market. The report studies the profiles of these leading companies and their market share. It provides insights into some of the strategies adopted by these companies to survive the competition and maintain their stronghold.
- North America (USA and Canada)
- Europe (United Kingdom, Germany, France, Italy, Spain, Russia and rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and rest of the Middle East and Africa)
Increased collaboration between state entities to stimulate the market
According to the improved oil recovery market study, state entities are coming together to explore possible paths for the use of EOR technology. This has the potential to prepare the market for an increase in demand that is expected to occur as soon as the world tide on the COVID-19 outbreak, although demand is unlikely to return to pre-pandemic levels anytime soon.
- July 2019: The United States Department of Energy’s Office of Fossil Energy has announced that it has selected five projects that will receive $ 39.9 million in federal funding. This financing will be directed towards R&D in advancing EOR technology in conventional and unconventional reservoirs.
- July 2019: Indian Oil Corporation Limited (IOCL) and Oil and Natural Gas Corporation Limited (ONGC) signed a MoU for the implementation of CO2-based EOR at the Koyali refinery operated by IOCL. The two companies aim to reduce India’s carbon footprint and increase domestic production simultaneously.
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Main table of contents for the advanced oil recovery market:
- Scope of Research
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Executive summary
- Market Dynamics
- Market drivers
- Market restrictions
- Market opportunities
- Key insights
- Main emerging trends – for major countries
- Latest Technological Advancement
- Regulatory Scenario
- Industry SWOT analysis
- Porters’ Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oil and Gas Industry
- Measures taken by the government to overcome the impact
- Major developments in the industry in response to COVID-19
- Potential opportunities and challenges due to the outbreak
- Global improved oil recovery market analysis (billions of dollars), insights and predictions, 2016-2027
- Key findings / summary
- Market analysis, insights and forecasts – by technology
- Thermal Injection
- Gas injection
- Chemical Injection
- Market analysis, insights and forecasts – by application
- Market analysis, perceptions and forecasts – by region
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Acquire full report for exclusive enhanced oil recovery market growth forecast –
Fortune Business Insights ™ offers specialized business analysis and accurate data, helping organizations of all sizes to make timely decisions. We adapt innovative solutions to our customers, helping them to face different challenges to their business. Our goal is to empower our customers with holistic market intelligence, giving a granular view of the market in which they operate.
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