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Global Enhanced Oil Recovery Market: By Technology: Thermal, Gas Injection, Chemical; By Chemical Outlook: Surfactants, Polymers, Alkaline Chemicals, Alkali-Surfactant-Polymer Formulations, Others; By Application; Regional Analysis; Historical Market and Forecast (2018-2028); Competitive Landscape; Industry Events and Developments
Global Enhanced Oil Recovery Market Outlook
The global enhanced oil recovery market size reached USD 60.1 billion in 2020 and is expected to grow over the 2023-2028 forecast period at a CAGR of 7.2%. Factors expected to drive the growth of the market are the increase in the number of aged wells, coupled with the growing demand for oil.
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Market Segmentation
Enhanced recovery of oil, also known as tertiary recovery, is the removal of crude oil from an oil field that cannot otherwise be extracted. Enhanced oil recovery can extract 30% to 60% or more of the oil of a reservoir, compared to 20% to 40%.
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The enhanced oil recovery market can be segmented into technology, chemical outlook, and application.
The industry can be broadly categorised based on its technology into:
- Thermal
- Gas Injection
- Chemical
- Others
The industry can be divided based on its chemical outlook as:
- Surfactants
- Polymers
- Alkaline Chemicals
- Alkali-Surfactant-Polymer (ASP) Formulations
- Foamers
- Others
On the basis of application, the industry can be divided as:
- Onshore
- Offshore
The EMR report looks into the regional enhanced oil recovery markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific regions.
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Market Analysis
Enhanced oil recovery is a method of chemical, thermal, or physical mobilization of immobile residual oil. Tertiary recovery is needed for the production of liquid hydrocarbons using different methods like reservoir re-pressurizing techniques or artificial airlifts, which during the forecast period will increase the market growth. Companies are trying to improve infrastructure and technology to extract oil from reservoirs as demand for oil is anticipated to accelerate in the years ahead. Because of the challenge of processing crude from onshore sources, companies have also begun extracting oil from offshore sources, which will have a positive impact on the industry growth. As crude oil prices fluctuate dramatically, it is difficult for oilfield service companies to maintain cash flows and overall profitability, which may hinder the growth of the market. Nevertheless, companies are investing heavily in R&D activities to develop better assets, produce oil as quickly as possible, and prepare a better strategy for the recovery of the market.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global enhanced oil recovery market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Halliburton Energy Services, Inc
- Royal Dutch Shell plc
- Schlumberger Limited
- Chevron Phillips Chemical Company LLC
- TechnipFMC plc
- National Aluminium Company Limited
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Technology, Chemical Outlook, Application, Region |
| Breakup by Technology | Thermal, Gas Injection, Chemical, Other |
| Breakup by Chemical Outlook | Surfactants, Polymers, Alkaline Chemicals, Alkali-Surfactant-Polymer (ASP) Formulations, Foamers, Others |
| Breakup by Application | Onshore, Offshore |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Halliburton Energy Services, Inc, Royal Dutch Shell plc, Schlumberger Limited, Chevron Phillips Chemical Company LLC, TechnipFMC plc, National Aluminium Company Limited, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Enhanced Oil Recovery Market Analysis
8.1 Key Industry Highlights
8.2 Global Enhanced Oil Recovery Historical Market (2018-2022)
8.3 Global Enhanced Oil Recovery Market Forecast (2023-2028)
8.4 Global Enhanced Oil Recovery Market by Technology
8.4.1 Thermal
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Gas Injection
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Chemical
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Others
8.5 Global Enhanced Oil Recovery Market by Chemical Outlook
8.5.1 Surfactants
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Polymers
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Alkaline Chemicals
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Alkali-Surfactant-Polymer (ASP) Formulations
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Foamers
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
8.5.6 Others
8.6 Global Enhanced Oil Recovery Market by Application
8.6.1 Onshore
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Off-Shore
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.7 Global Enhanced Oil Recovery Market by Region
8.7.1 Market Share
8.7.1.1 North America
8.7.1.2 Europe
8.7.1.3 Asia Pacific
8.7.1.4 Latin America
8.7.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Halliburton Energy Services, Inc
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Royal Dutch Shell plc
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Schlumberger Limited
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Chevron Phillips Chemical Company LLC
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 TechnipFMC plc
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 National Aluminium Company Limited
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Enhanced Oil Recovery Market: Key Industry Highlights, 2018 and 2028
2. Global Enhanced Oil Recovery Historical Market: Breakup by Technology (USD Billion), 2018-2022
3. Global Enhanced Oil Recovery Market Forecast: Breakup by Technology (USD Billion), 2023-2028
4. Global Enhanced Oil Recovery Historical Market: Breakup by Chemical Outlook (USD Billion), 2018-2022
5. Global Enhanced Oil Recovery Market Forecast: Breakup by Chemical Outlook (USD Billion), 2023-2028
6. Global Enhanced Oil Recovery Historical Market: Breakup by Application (USD Billion), 2018-2022
7. Global Enhanced Oil Recovery Market Forecast: Breakup by Application (USD Billion), 2023-2028
8. Global Enhanced Oil Recovery Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Enhanced Oil Recovery Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Enhanced Oil Recovery Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Enhanced Oil Recovery Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Enhanced Oil Recovery Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Enhanced Oil Recovery Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Enhanced Oil Recovery Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Enhanced Oil Recovery Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Enhanced Oil Recovery Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Enhanced Oil Recovery Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Enhanced Oil Recovery Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Enhanced Oil Recovery Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Enhanced Oil Recovery Market Structure
Key Questions Answered in the Report
In 2020, the market attained a value of nearly USD 60.1 billion.
The market is projected to grow at a CAGR of 7.2% between 2023 and 2028.
The major drivers of the industry such as growing demand for energy, rapid industrialisation and urbanisation, shift towards oil recovery from offshore sources, growing demand for crude oil for downstream applications, increased focus on developing aged wells, and growing technological advancements are expected to aid the market growth.
The key market trends guiding the growth of the market include the growing investment by the government and private organisations in research and development activities and the development of efficient method for oil extraction.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Thermal, gas injection, and chemical technologies, among others are the major segments available in the industry.
The major chemical outlook segments in the industry are surfactants, polymers, alkaline chemicals, alkali-surfactant-polymer (ASP) formulations, and foamers, among others.
Onshore and offshore segments are the significant applications of enhanced oil recovery.
The major players in the industry are Halliburton Energy Services, Inc., Royal Dutch Shell plc, Schlumberger Limited, Chevron Phillips Chemical Company LLC, TechnipFMC plc, and National Aluminium Company Limited, among others.
Analyst Review
The global enhanced oil recovery market attained a value of USD 60.1 billion in 2020 driven by the growing energy demand. Aided by the growing investment towards research and development activities and increased focus on developing aged wells, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 7.2%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its technology, the enhanced oil recovery industry can be segmented into thermal, gas injection, and chemical technologies, among others. On the basis of chemical outlook, the industry is categorised into surfactants, polymers, alkaline chemicals, alkali-surfactant-polymer (ASP) formulations, and foamers, among others. On the basis of application, the industry is bifurcated into onshore and offshore segments. The major regional markets for enhanced oil recovery are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Halliburton Energy Services, Inc., Royal Dutch Shell plc, Schlumberger Limited, Chevron Phillips Chemical Company LLC, TechnipFMC plc, and National Aluminium Company Limited, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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