Enhanced Oil Recovery Market To Reach $62.17 Billion By 2030

Enhanced Oil Recovery Market Growth & Trends

The global enhanced oil recovery market size is expected to reach USD 62.17 billion in 2030 and is projected to grow at a CAGR of 2.9% from 2025 to 2030. A growing number of aging wells witnessing declining production rates, coupled with rising government investment in research and development activities, is likely to drive the market for enhanced oil recovery (EOR) over the forecast period.

Increasing technological advancements are enabling E&P companies to revive old wells and thus attain optimum production. This trend is estimated to positively influence the EOR industry landscape. The increasing number of mature wells and significant investment in R&D activities for new technology development by various market players to improve the oil recovery process are expected to fuel the growth of the industry.

Industry participants enter into several strategic collaborations, mergers & acquisitions, and joint ventures in order to expand their foothold across various regional markets and develop economic technologies. The technologies used in EOR are mostly in-housed by the companies. To further reduce the overall operational costs, market players procure raw materials such as nitrogen, carbon dioxide, polymer, and others from small-scale regional players.

The COVID-19 pandemic has severely disrupted the oil and gas market with drastically plummeting oil prices resulting in delayed drilling projects. The demand for crude oil is anticipated to drop further due to reduced industrial activity and transport due to COVID-19. These factors are expected to negatively affect the growth of the market in the near future.

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Enhanced Oil Recovery Market Report Highlights

• Thermal held the market with the largest revenue share of 39.1% in 2024. Thermal technology lowers the oil viscosity and increases its mobility ratio, thereby enhancing the oil recovery process

• The rise in environmental concerns regarding carbon emissions has resulted in an enhanced demand for the carbon capture and storage (CCS) market, which has emerged as a viable solution to limit carbon emissions.

• The Offshore application segment occupied the largest revenue share in 2024 owing to the significant presence of onshore exploration and production projects across the world, along with lower conventional extraction costs for onshore oilfields

• North America accounted for the largest revenue share in 2024 owing to the presence of a large number of existing and new EOR projects under operation across the region in countries such as the U.S. and Canada

Enhanced Oil Recovery Market Segmentation

Grand View Research has segmented the global enhanced oil recovery market based on technology, application, and region:

Enhanced Oil Recovery Technology Outlook (Volume, Million bbl; Revenue, USD Million, 2018 - 2030)

• Thermal

• CO2 Injection

• Chemical

• Others

Enhanced Oil Recovery Application Outlook (Volume, Million bbl; Revenue, USD Million, 2018 - 2030)

• Onshore

• Offshore

Enhanced Oil Recovery Regional Outlook (Volume, Million bbl, Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Italy

  • Spain

  • France

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players in Enhanced Oil Recovery Market

• BP plc

• Cenovus Energy, Inc.

• Chevron Corporation     

• Equinor ASA

• ExxonMobil Corporation

• LUKOIL

• Petróleo Brasileiro S.A.

• Total SA