Market Size of Enhanced Oil Recovery (EOR) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
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Enhanced Oil Recovery Market Analysis
The enhanced oil recovery (EOR) market is expected to register a CAGR of more than 2% during the forecast period, 2022-2027. The COVID-19 pandemic has severely affected the shale and heavy oil market, which accounts for a large usage of the EOR techniques. Factors such as the increasing number of maturing oil fields and improving technologies to introduce better oil recovery techniques are likely to drive the EOR market during the forecast period. However, the high volatility of crude oil prices is expected to restrain the market's growth in the coming years.
- Gas injection technique is expected to be the largest segment for the EOR market during the forecast period, with CO2 injection increasing globally, representing a major share of total oil production from EOR and its positive impact on environmental issues.
- The discovery of new oil and gas fields, particularly in new markets such as Africa and South America, is expected to create ample opportunities in the near future.
- Asia-Pacific is expected to witness significant growth due to the increasing investments in the upstream sector by several governments and aging oil and gas fields that demand enhanced oil recovery techniques.
