Canada Enhanced Oil Recovery Market Size & Outlook
Canada enhanced oil recovery market, 2016-2027 (US$M)
Related Markets
Canada enhanced oil recovery market highlights
- The Canada enhanced oil recovery market generated a revenue of USD 3,390.1 million in 2019 and is expected to reach USD 4,392.0 million by 2027.
- The Canada market is expected to grow at a CAGR of 3.3% from 2020 to 2027.
- In terms of segment, thermal was the largest revenue generating technology in 2019.
- CO2 Injection is the most lucrative technology segment registering the fastest growth during the forecast period.
Enhanced oil recovery market data book summary
| Market revenue in 2019 | USD 3,390.1 million |
| Market revenue in 2027 | USD 4,392.0 million |
| Growth rate | 3.3% (CAGR from 2019 to 2027) |
| Largest segment | Thermal |
| Fastest growing segment | CO2 Injection |
| Historical data | 2016 - 2018 |
| Base year | 2019 |
| Forecast period | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thermal, CO2 Injection, Chemical |
| Key market players worldwide | BP PLC, Cenovus Energy, Chevron Corp, Equinor ASA, ExxonMobil, LUKOIL, Petroleo Brasileiro SA Petrobras ADR, TotalEnergies SE |
Other key industry trends
- In terms of revenue, Canada accounted for 7.3% of the global enhanced oil recovery market in 2019.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In North America, U.S. enhanced oil recovery market is projected to lead the regional market in terms of revenue in 2027.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 19,361.3 million by 2027.
Thermal was the largest segment with a revenue share of 59.52% in 2019. Horizon Databook has segmented the Canada enhanced oil recovery market based on thermal, co2 injection, chemical covering the revenue growth of each sub-segment from 2016 to 2027.
In 2016, Canada was among the largest consumers of oilfield services & related equipment owing to increasing E&P activities in the region. At present, E&P operations are actively being carried out in major oilfields such as Athabasca, Hibernia, Pembina, Wabasca, and Hamburg.
These operations are projected to play a key role in the growth of oil & gas industry across the region over the forecast period. Huge reserves of unconventional hydrocarbon in the form of oil sands, tight oil, and shale gas coupled with high investments from multinational oil & gas players, such as ExxonMobil, Cenovus, Imperial Oil, Shell, Husky Energy, and Suncor Energy, are expected to steer oilfield services in the country over the forecast period.
Anticipated developments in Atlantic Canada offshore oilfields by the end of 2020 are expected to create significant opportunities for future investments in the country over the next eight years.
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Enhanced Oil Recovery Market Scope
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Canada enhanced oil recovery market size, by technology, 2016-2027 (US$M)
Canada Enhanced Oil Recovery Market Outlook Share, 2019 & 2027 (US$M)
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