According to a new market research report published by sheer analytics and insights, “The Global Enhanced Oil Recovery Market will grow at 9.1% CAGR from 2020 to 2030, as per the latest market research report titled Global Enhanced Oil Recovery Market (By Technology- Thermal EOR, Steam, Steam, In-Situ Combustion, Others ( Hot Water And Solar), Chemical EOR, Polymer, Surfactant, Alkaline Surfactant Polymer, Gas EOR, CO2, Other Gas (Nitrogen and Natural Gas), and Others (microbial, seismic, simultaneous water alternating gas, and water alternating gas). By Applications- Onshore and Offshore. By Geography-North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global industry analysis, size, share, growth, trends, and forecast, 2020-2030.
Enhanced Oil Recovery is a technique utilized to remove the crude oil that cannot be extracted with the conventional methodologies from the oil reservoirs. However, the process is known as the tertiary recovery method as it is carried out after primary and secondary oil recovery. The increasing number of mature oil wells, elevate recovery rates, rising requirement of oil, encouraging government regulations and programs, advanced technology, huge investment, and other factors are boosting the market growth of the global enhanced oil recovery market during the forecast period.
Moreover, the current pandemic of the COVID-19 effect on the Enhanced Oil Recovery market. The growth rate graph changed slightly due to the pandemic situation. But it is expected that, after the pandemic of COVID-19, the market growth will reach a high position in the growth rate graph. Apart from that, the increasing oil recovery industry across the world is anticipated to offer significant opportunities for market growth in the next forecast period of 2020 to 2030.
Geographically, The Enhanced Oil Recovery Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
The report covers a detailed outlook of the company, and it includes the market share and company or industry profiles of key players operating in the global market. Key players in the report include Halliburton, BP p.l.c., Chevron Phillips Chemical Company LLC, China Petroleum & Chemical Corporation, ConocoPhillips Company, Equinor ASA, Exxon Mobil Corporation, Nalco Champion (Ecolab Inc.), Petrobras, PJSC Lukoil, Royal Dutch Shell plc, TechnipFMC, Croda International, RCS Group of Companies, and Ultimate EOR Services among others.
The Global Enhanced Oil Recovery Market Has Been Segmented into:
Global Enhanced Oil Recovery Market: By Technology
Global Enhanced Oil Recovery Market: By Applications
Global Enhanced Oil Recovery Market: By Region