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Enhanced Oil Recovery Market: Introduction

According to the research report, the global market for enhanced oil recovery stood at US$ 48.6 Bn in 2020. Progressing at a CAGR of 4.7% between 2021 and 2031, the market is projected to reach value of US$ 80.5 Bn by the end of the forecast period. Thermal, gas, and chemical are the key technologies used in enhanced oil recovery, states the market report.

The business landscape prevalent in the global enhanced oil recovery market (EOR) is highly competitive, states a new research report by Transparency Market Research (TMR). With the constant entry of new players and the augmenting competition between local and international vendors, customers can expect an array of new products with technological innovation over the next few years. Cenovus Energy Inc., Chevron Corporation, BP Plc, Anadarko Petroleum Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, and Statoil ASA are some of the leading players operating in this market, notes the research study.

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