The "Enhanced Oil Recovery Market - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The enhanced oil recovery market is projected to reach USD 59.4 billion by 2025 from an estimated USD 43.3 billion in 2020, at a CAGR of 6.5% during the forecast period.
Rising production from the existing oil & gas reserves as well as depleting reserves has driven the enhanced oil recovery market growth. Furthermore, shale developments and rising drilling activities are driving the market. However, declining oil demand from Europe due to the transition towards renewables is likely to hamper the growth of the enhanced oil recovery market.
"The gas EOR, by technology, is expected to be the fastest-growing market from 2020 to 2025."
The gas EOR segment is categorized as CO2 and others(Nitrogen and Natural gas).In 2018, horizontal wells accounted for about 70% of the wells drilled globally. This is majorly due to the growth is attributed to the increasing availability of low-cost natural CO2 from fields and reservoirs, and the declining cost of carbon capturing and sequestration. North America is expected to hold the largest horizontal well type market, with continuous shale developments in the US.
"The onshore segment, by application, is expected to be the largest market from 2020 to 2025."
The onshore segment is expected to grow at the fastest rate during the forecast period. Enhanced oil recovery methods such as thermal EOR, chemical EOR, gas EOR are most prominently used in onshore oil wells. The companies have been exploring the onshore locations for oil & gas production owing to the fact that offshore has huge untapped reserves. Owing to the onshore oil recovery market is a larger number of mature oil fields are located onshore, and the scope for enhanced oil recovery is higher in onshore oilfields, and the cost, risk, and complexity associated with it are low.
"North America: The largest and the third fastest-growing region in the enhanced oil recovery market."
North America is expected to dominate the global enhanced oil recovery market between 2020 and 2025. Moreover, the continuous shale activities in the region are driving the demand for enhanced oil recovery operations. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a significant presence in North America. This creates more opportunities for oilfield service providers to capture long-term contracts.
The enhanced oil recovery market is dominated by a few major players that have an extensive regional presence. The leading players in the enhanced oil recovery market are Schlumberger (US), Baker Hughes Company (US), Royal Dutch Shell Plc (Netherlands), and BP Plc (UK).
Increasing Production from Maturing Oilfields Growing Shale Activities Rising Primary Energy Consumption from Asia-Pacific
Increasing Adoption of Renewable Energy in Europe Strict Government Regulations on E&P Activities
Focus on Heavy Oil Production New Offshore Oilfield Discoveries
Impact of Covid-19 on Oil and Gas Production Activities
Supply Chain Overview
Key Influencers Consulting Companies Manufacturers Service Providers Oilfield Operators
Impact of Crude Oil Price
Case Study Analysis
Improved Mobility Control in Co2 Enhanced Recovery Using Spi Gels
Air Liquide BASF Se BP plc Baker Hughes Company Championx Clariant Croda International plc Exterran Corporation Halliburton Linde plc Premier Energy RCS Group of Companies Royal Dutch Shell plc Schlumberger Secure Energy Services Suncor Energy Inc. Technipfmc Titan Oil Recovery Inc. Ultimate EOR Services Xytel Corporation
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SOURCE: Research and Markets
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