U.S. Enhanced Oil Recovery Market Size & Outlook, 2019-2027
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U.S. enhanced oil recovery market highlights
- The U.S. enhanced oil recovery market generated a revenue of USD 14,252.4 million in 2019 and is expected to reach USD 19,361.3 million by 2027.
- The U.S. market is expected to grow at a CAGR of 3.9% from 2020 to 2027.
- In terms of segment, co2 injection 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 14,252.4 million |
| Market revenue in 2027 | USD 19,361.3 million |
| Growth rate | 3.9% (CAGR from 2019 to 2027) |
| Largest segment | Co2 injection |
| 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, U.S. accounted for 30.7% 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.
Co2 injection was the largest segment with a revenue share of 45.34% in 2019. Horizon Databook has segmented the U.S. enhanced oil recovery market based on thermal, co2 injection, chemical covering the revenue growth of each sub-segment from 2016 to 2027.
The EOR market in the U.S. is expected to be dominated by the gas injection technology over the forecast period. The trends of the EOR market in the states suggest significant growth in the CO2-EOR projects in the coming years.
It is estimated that the carbon dioxide (CO2) utilization for the EOR activities to grow by 2.5 bcfd (billion cubic feet per day) by 2020. Moreover, the various CO2-EOR projects which are likely to become online between 2017 to 2020 are expected to be the key source for the market growth over the predicted period.
For instance, the oil production in the Permian Basin by using CO2-EOR technology is expected to grow from 199,000 barrels per day in 2014 to 323,000 barrels per day by 2020. Similar trends are likely to be observed in the Gulf Coast where the production is expected to grow from 47,000 barrels per day to 152,000 barrels per day by 2020.drive the growth of EOR activities.
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Enhanced Oil Recovery Market Scope
Enhanced Oil Recovery Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| ExxonMobil | View profile | 10001+ | Irving, Texas, United States, North America | https://corporate.exxonmobil.com |
| Cenovus Energy | View profile | 1001-5000 | Calgary, Alberta, Canada, North America | http://www.cenovus.com |
| LUKOIL | View profile | 10001+ | Moscow, Moscow City, Russian Federation, Europe | http://www.lukoil.com/# |
| Equinor ASA | View profile | 24467 | Forusbeen 50, Stavanger, Norway, N-4035 | https://www.equinor.com |
| BP PLC | View profile | 87800 | 1 St James's Square, London, United Kingdom, SW1Y 4PD | https://www.bp.com |
| Petroleo Brasileiro SA Petrobras ADR | View profile | 40213 | Avenida Republica do Chile, 65, Rio de Janeiro, RJ, Brazil, 20031-912 | https://www.petrobras.com.br |
| TotalEnergies SE | View profile | 100000 | 2, Place Jean Millier, La Defense 6, Courbevoie, France, 92400 | https://www.totalenergies.com |
| Chevron Corp | View profile | 45600 | 6001 Bollinger Canyon Road, San Ramon, CA, United States, 94583-2324 | https://www.chevron.com |
U.S. enhanced oil recovery market size, by technology, 2016-2027 (US$M)
U.S. Enhanced Oil Recovery Market Outlook Share, 2019 & 2027 (US$M)
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