How Big Is the Enhanced Oil Recovery Market | Demands & Forecast 2031

Q: What is driving the enhanced oil recovery market growth?

Key drivers include aging oil wells, rising global energy demand, and the push to optimize existing hydrocarbon assets without new drilling.

Q: Which companies are leading the Enhanced Oil Recovery Market?

Leading companies include Baker Hughes Company, Petroleum Development Oman (PDO), Schlumberger Limited, Royal Dutch Shell, and Occidental Petroleum Corporation.

Q: Which countries are investing heavily in EOR technologies?

The United States, China, Oman, and Canada are among the top nations actively funding and deploying EOR techniques.

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Code: MTA6385

Publication Date: Jul 2025

How Big Is the Enhanced Oil Recovery Market?

According to 6Wresearch internal database and industry insights, the Global Enhanced Oil Recovery Market was valued at approximately USD 40 billion in 2024 and is projected to expand at a compound annual growth rate (CAGR) of around 7% during the forecast period (2025-2031). By 2031, the market size is expected to surpass USD 65 billion.

This transformative growth is being propelled by declining conventional oil production, technological improvements in tertiary recovery techniques, and substantial investments by national oil companies (NOCs) in boosting well productivity through COâ‚‚ and thermal injection methods.

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Major Growth Factors of the Enhanced Oil Recovery Market

Growing global energy demand amid maturing oil fields
Technological innovations in polymer and chemical injection methods
Robust government backing and tax incentives for maximizing oil recovery
High success rates in COâ‚‚-based EOR projects
Augmented exploration in offshore and deepwater reserves
Outpouring crude oil prices encouraging investment in advanced extraction technologies

Enhanced Oil Recovery Market Trends

Enhanced Oil Recovery Market is growing with a growing shift towards environmentally friendly EOR techniques such as microbial and chemical-based methods. Incorporation of AI and IoT for real-time reservoir monitoring is enabling smarter EOR operations. Moreover, cross-sector collaboration between oilfield service providers and tech companies is driving cost-effectiveness in large-scale deployment, especially in unconventional reservoirs.

Emerging Developments in the Enhanced Oil Recovery Market

Enhanced Oil Recovery Market has undergone several developments which includes the commercialization of nanotechnology-assisted EOR, deployment of carbon capture and storage (CCS)-enabled COâ‚‚ EOR projects in the Middle East and North America, and the advent of bio-based surfactants for chemical EOR. Digital twin modeling is also becoming increasingly popular in optimizing EOR operations and forecasting reservoir behavior under complex conditions.