Enhanced Oil Recovery Market Size

Enhanced Oil Recovery Market Size

Enhanced Oil Recovery Market size was worth over USD 39 billion in 2016 and will grow over 20% by 2024.

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Declining production from existing fields coupled with growing number of mature wells will accelerate the adoption of enhanced oil recovery market. Surging demand for crude oil and petroleum products led by rapidly expanding industries and urban population will augment the industry landscape. As per the BP Statistical Review 2019, the global oil consumption grew by 1.4 million barrels per day, where China and the U.S. are the primary contributors toward the growth with 680,000 b/d and 500,000 b/d respectively.
 

Ongoing technical developments coupled with significant improvement in performance and operations will favor the adoption of advanced EOR methods. The ability to upscale the recovery factor from 5-15% to 35-75% along with declining technology cost will complement the industry landscape. Development of hybrid systems combining the surfactant or polymer and water flooding resulting in reduction of overall product cost coupled with introduction of microbial EOR techniques to reduce the environmental effect will stimulate the product adoption.