Enhanced Oil Recovery Market | Size, Segmentation, Analysis , Growth , Trends And Forecast to 2027
Global Enhanced Oil Recovery Market was valued at US$ 16.82 Bn. in 2020. Global Enhanced Oil Recovery Market size is estimated to grow at a CAGR of 7.43%.
Enhanced Oil Recovery Market Overview:
The market report for Enhanced Oil Recovery provides a comprehensive analysis of the competition together with data on market share and company profiles for the top international rivals. The study's scope covers a thorough analysis of the Enhanced Oil Recovery Market as well as the variables affecting regional variances in the sector's growth.
Market Scope:
Extensive primary research was conducted to collect data and verify key figures once market engineering, which involved market statistics calculations, market size estimates, market projections, market breakdown, and data triangulation, was finished. Top-down, bottom-up, and other data triangulation approaches were frequently used throughout the market engineering process to conduct market estimates and forecasting for the overall market segments and sub-segments described in this study. All data gathered during the market engineering process is subjected to extensive qualitative and quantitative analysis in order to give crucial information throughout the study.
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Drivers:
Organizations are working to increase production from mature fields in response to the expanding demand for oil and gas. Over 70% of all oil and gas extraction worldwide, according to a Halliburton study, occurs in mature fields. Due to their emphasis on maximising recovery and extending the life of mature fields through the use of EOR technologies, these sectors and companies consistently outperform production levels, which is anticipated to boost the growth of the enhanced oil recovery market over the course of the forecast period.
Segmentation:
Based on the Technology, the Enhanced Oil Recovery Market is segmented into Thermal Gas, Chemical, and Others. The Submarine segment held the largest market share, accounting for 46.2% in 2020. Gas injection provides benefits such as lower oil viscosity and increased reservoir pressure for oil production. During the forecast period, demand for gas injection-based EOR techniques is expected to increase due to a growing focus on unconventional gas production across the globe.
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Key Players:
Both primary and secondary research are carried out to determine the market's leaders and forecast market revenue. The in-depth interviewees for the main study included CEOs, marketing executives, and seasoned front-line workers, to name just a few notable thought leaders and subject matter experts. In-depth interviews with significant thought leaders and business experts, including CEOs, marketing executives, and seasoned front-line personnel, were done as part of the primary research.
Reviewing the annual and financial reports of the major manufacturers was done as part of the secondary study. To compute percentage splits, market shares, growth rates, and global market breakdowns, secondary data is used. The outcomes of these calculations are then contrasted with original information. The following companies dominate the Enhanced Oil Recovery market:
• Halliburton Energy Services
• Royal Dutch Shell plc
• Schlumberger Limited
• TechnipFMC plc
• National Aluminium Company Limited
• Praxair Technology, Inc.
• Cenovus Energy Inc.
• ExxonMobil Corporation
• Petronas
• Statoil ASA
• BP Plc
• ConocoPhillips
• Chevron Corporation
• Anadarko Petroleum Corporation
• Nalco Company
• China Petroleum & Chemical Corporation
• Lukoil Oil Company
Regional Analysis:
The specific market driving forces and changes in market legislation affecting present and future market trends are also included in the regional market research report for Enhanced Oil Recovery. In order to assess the potential market as a whole and identify profitable patterns to build a stronger foundation, current and upcoming trends are researched. The current environment and expected trends form the foundation of the regional market's evaluation.
COVID-19 Impact Analysis on Enhanced Oil Recovery Market:
The growth of end-user industries using Enhanced Oil Recovery declined between January 2020 and May 2020 as a result of a halt in operations. These nations included China, the United States, the United Kingdom, Spain, France, Italy, and Spain. As a result, both the market for Enhanced Oil Recovery manufacturers and the earnings of businesses involved in these industries saw a dramatic fall. The market's growth in 2020 was impacted by this. End-user business demand for Enhanced Oil Recovery has been significantly reduced as a result of lockdowns and an increase in COVID-19 incidents globally.
Key Questions Answered in the Enhanced Oil Recovery Market Report are:
- What market sector represented the most percentage of Enhanced Oil Recovery in 2021?
- To what extent is the marketplace competitive?
- What are the main elements impacting the development of the Enhanced Oil Recovery market?
- Which region commands the largest market share in Enhanced Oil Recovery?
- What is the expected CAGR for the market from 2022 to 2029?
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