Enhanced Oil Recovery (EOR) Market Size (2024 - 2029)

Enhanced Oil Recovery (EOR) Market Size Summary

The enhanced oil recovery (EOR) market is poised for growth, driven by the increasing number of maturing oil fields and advancements in recovery technologies. Despite challenges posed by the COVID-19 pandemic, which impacted the shale and heavy oil sectors, the market is expected to expand, albeit with some constraints due to the volatility of crude oil prices. The gas injection technique, particularly CO2 injection, is anticipated to dominate the market, offering benefits such as reduced oil viscosity and increased reservoir pressure. This method is gaining traction globally, supported by legislative measures in the United States aimed at promoting carbon capture and sequestration collaborations between the oil and gas industry and other sectors. The discovery of new oil and gas fields, especially in regions like Africa and South America, presents further opportunities for market expansion.

Asia-Pacific is expected to experience significant growth in the EOR market, driven by rising demand for oil and gas in countries like China and India. The region's mature fields require EOR techniques to meet production targets, with substantial investments from state-run companies and government initiatives. China leads in the chemical injection segment, while India is ramping up its EOR projects to enhance production and reduce crude oil imports. The market is moderately fragmented, with key players such as Chevron, Halliburton, Schlumberger, TotalEnergies, and Baker Hughes actively participating. Collaborative efforts and technological advancements, such as those seen in Sinopec's carbon capture project and partnerships in Russia, are expected to further bolster the market's growth trajectory.