Market Overview

The Global Enhanced Oil Recovery Market was valued at USD 51,387.7 million in 2023 and is expected to reach USD 85,046.5 million by 2031 while growing at a CAGR of 6.5% during the forecast period (2024-2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global enhanced oil recovery market growth. Enhanced Oil Recovery (EOR), or tertiary recovery, utilizes advanced techniques to extract more crude oil from reservoirs beyond primary and secondary methods. These techniques enhance oil displacement within the reservoir, improving the recovery factor—the economically extractable percentage of original oil in place.

Increasing global demand for energy, especially oil, along with ongoing advancements in Enhanced Oil Recovery (EOR) technologies, propels the growth of the EOR market. However, obstacles like high initial capital costs and economic sensitivity to oil prices may impede market expansion.

Furthermore, the global enhanced oil recovery industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Technology Analysis

The Global Enhanced Oil Recovery Market is segmented among Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, and Other Technologies, based on Technology. In 2023, Thermal Injection accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Segmentation – By Location of Deployment Analysis

The Global Enhanced Oil Recovery Market is segmented among Onshore, and Offshore, based on Location of Deployment. In 2023, Onshore accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Enhanced Oil Recovery Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, North America dominated the market with the highest market share, while Asia Pacific is expected to grow with the highest CAGR during the forecast period (2024 – 2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are Baker Hughes Company, BP PLC, Chevron Corporation, Exxon Mobil Corp., Halliburton Company, Praxair Technology Inc., Shell PLC, Schlumberger Limited, TotalEnergies SE, and Weatherford International PLC.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Enhanced Oil Recovery Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Enhanced Oil Recovery Industry Analysis

• PEST Analysis

• Porter's Five Force Analysis

• Recent Deals Analysis

5. Global Enhanced Oil Recovery Market Segmentation, By Technology  

• Global Enhanced Oil Recovery Market Share Analysis, By Technology  

• Global Enhanced Oil Recovery Market Growth Analysis, By Technology

• Global Enhanced Oil Recovery Market Trends, By Technology  

o Gas Injection

o Thermal Injection

o Chemical Injection

o Microbial Injection

o Other Technologies

6. Global Enhanced Oil Recovery Market Segmentation, By Location of Deployment

• Global Enhanced Oil Recovery Market Share Analysis, By Location of Deployment

• Global Enhanced Oil Recovery Market Growth Analysis, By Location of Deployment

• Global Enhanced Oil Recovery Market Trends, By Location of Deployment

o Onshore

o Offshore

7. Global Enhanced Oil Recovery Market Segmentation, By Region

• Global Enhanced Oil Recovery Market Share Analysis, By Region

• Global Enhanced Oil Recovery Market Growth Analysis, By Region

• Global Enhanced Oil Recovery Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

8. Competitive Landscape

• Baker Hughes Company*

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• BP PLC

• Chevron Corporation

• Exxon Mobil Corp.

• Halliburton Company

• Praxair Technology Inc.

• Shell PLC

• Schlumberger Limited

• TotalEnergies SE

• Weatherford International PLC

 *Similar analysis will be provided for each company listed above.