Covid-19 Impact on Thermal Enhanced Oil Recovery Market:The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.
Thermal Enhanced Oil Recovery Market OverviewThe global Thermal Enhanced Oil Recovery Market was worth USD 39.60 billion in 2021 and is predicted to increase at a compound annual growth rate (CAGR) of 8.1% between 2023 and 2030.
Thermal Enhanced Oil Recovery is a method that includes the burning of natural gas to produce steam. It injects into the reservoir for heating heavy oils to change their viscosity and simplify the oil recovery process. Currently, solar energy is used to produce heat and the recovery process takes place.
Additionally, the increase in technological development and reduction of fossil fuels are some major reasons contributing to the growth of the thermally enhanced oil recovery market. In addition, an increase in the oil recovery from the oil field and inadequate availability of natural gas as well as the maturation of oilfield are some other key aspects positively affecting the growth of the market.
Steam injection and In-situ combustion are the most commonly used thermal injection method. Steam-assisted gravity drainage (SAGD), cyclic steam stimulation (CSS), and steam flooding are normally used steam injection methods. The steam injection method is mostly used on oil sands and countries like Indonesia, Canada and California used steam injection on their oil fields. The in-situ method is used for heavy oil sandstone reservoirs and countries such as Romania and Canada, have some projects using the In-situ combustion process.
On the other hand, rising demand for alternate or renewable energy sources and the lack of availability of low-price natural gas is hampering the growth of the thermal enhanced oil recovery market. Growing investment and R & D activities will be open new opportunities in the thermal enhanced oil recovery market over the forecast period.
Thermal Enhanced Oil Recovery Market Segment OverviewThe onshore segment is anticipated to grow at the fastest rate during the forecast period due to the increasing number of mature oil fields placed in North America, the Middle East & Africa. The onshore oilfields in these regions are mature and are on the limit of reduction containing a billion barrels of additional oil trapped and such an amount of oil can be recovered through EOR services. Hence increasing production on the onshore is fuelling the growth of the thermal enhanced oil recovery market.
Thermal Enhanced Oil Recovery Market Regional OverviewNorth America is expected to hold the largest share in the market due to the increased demand for oil production and the presence of matured well. Also, increase development in technologies along with the presence of well-developed infrastructure are expected to rise the growth of the thermal enhanced oil recovery market.
The Asia Pacific is expected to show satisfactory growth in the coming future due to the existence of developing economies such as India, China, and others. Moreover, the presence of many oil wells across the continent is also expected to promote the growth of the thermal enhanced oil recovery market.
Thermal Enhanced Oil Recovery Market Competitor overviewØ In September 2019, TechnipFMC opened a surface international facility in ICAD II. The investment was to assist ADNOC to boost its operations in Abu Dhabi. The new facility open a broad range of TechnipFMC portfolio with its high technology equipment in drilling, completion, production, and pressure control segments.
Ø In November 2018, BP announced its first offshore deployment LoSal improved oil recovery technology to its Clair Ridge project in the West of Shetland region, offshore of the UK. BP owns 28.6% of the interest in the Clair field.
Ø In September 2018, BASF and Letter One recently signed an agreement to join their respective oil and gas businesses in a joint venture, which will operate under the name Wintershall DEA.
Ø In August 2018, Baker Hughes Company was awarded a contract by Cairn Oil & Gas, Vedanta Limited to construct ~300 new wells and deploy a chemical EOR program aimed at increasing production from the Rajasthan area.
Thermal Enhanced Oil Recovery Market, Key Players· Anadarko Petroleum Corporation
· BP Plc
· Cenovus Energy Inc
· Chevron Corporation
· ConocoPhillips
· ExxonMobil Corporation
· OAO Lukoil
· Petronas
· Royal Dutch Shell Plc
· Statoil ASA
· TechnipFMC
· BASF
· Baker Hughes Company
· Suncor
· Imperial Oil
· China National Offshore Oil Corporation
· Equinor ASA
· PDVSA
· Occidental
· Husky Energy
· Sinopec
· Petroliam Nasional Berhad (Petronas)
Thermal Enhanced Oil Recovery Market SegmentationThermal Enhanced Oil Recovery Market, By Technology
· Oil Sands
· Heavy Oil
· Steam Injection (Cyclic Steam Stimulation (CSS), Steam Flooding)
· Steam-Assisted Gravity Drainage (SAGD)
· Other
Thermal Enhanced Oil RecoveryMarket, By Application
· Onshore
· Offshore
Thermal Enhanced Oil Recovery market, By Region:
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
List of Figures
Figure 1: Global Thermal Enhanced Oil Recovery Market Revenue Breakdown (USD Billion, %) by Region, 2023-2030
Figure 2: Global Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 1, 2023-2030
Figure 3: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 4: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 5: Global Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 2, 2023-2030
Figure 6: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 7: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 8: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 9: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 10: Global Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 3, 2023-2030
Figure 11: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 12: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 13: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 14: Global Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 15: Global Thermal Enhanced Oil Recovery Market Value (USD Billion), by Region, 2023-2030
Figure 16: North America Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 1, 2023-2030
Figure 17: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 18: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 19: North America Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 2, 2023-2030
Figure 20: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 21: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 22: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 23: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 24: North America Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 3, 2023-2030
Figure 25: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 26: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 27: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 28: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 29: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by U.S., 2021-2030
Figure 30: North America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Canada, 2021-2030
Figure 31: Latin America Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 1, 2023-2030
Figure 32: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 33: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 34: Latin America Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 2, 2023-2030
Figure 35: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 36: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 37: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 38: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 39: Latin America Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 3, 2023-2030
Figure 40: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 41: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 42: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 43: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 44: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Brazil, 2021-2030
Figure 45: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Mexico, 2021-2030
Figure 46: Latin America Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Rest of Latin America, 2021-2030
Figure 47: Europe Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 1, 2023-2030
Figure 48: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 49: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 50: Europe Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 2, 2023-2030
Figure 51: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 52: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 53: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 54: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 55: Europe Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 3, 2023-2030
Figure 56: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 57: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 58: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 59: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 60: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by U.K., 2021-2030
Figure 61: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Germany, 2021-2030
Figure 62: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by France, 2021-2030
Figure 63: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Italy, 2021-2030
Figure 64: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Spain, 2021-2030
Figure 65: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Russia, 2021-2030
Figure 66: Europe Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Rest of Europe, 2021-2030
Figure 67: Asia Pacific Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 1, 2023-2030
Figure 68: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 69: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 70: Asia Pacific Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 2, 2023-2030
Figure 71: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 72: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 73: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 74: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 75: Asia Pacific Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 3, 2023-2030
Figure 76: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 77: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 78: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 79: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 80: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by China, 2021-2030
Figure 81: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by India, 2021-2030
Figure 82: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Japan, 2021-2030
Figure 83: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Australia, 2021-2030
Figure 84: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Southeast Asia, 2021-2030
Figure 85: Asia Pacific Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Rest of Asia Pacific, 2021-2030
Figure 86: Middle East & Africa Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 1, 2023-2030
Figure 87: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 88: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 89: Middle East & Africa Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 2, 2023-2030
Figure 90: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 91: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 92: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 93: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 94: Middle East & Africa Thermal Enhanced Oil Recovery Market Value Share (%), By Segment 3, 2023-2030
Figure 95: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 1, 2021-2030
Figure 96: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 2, 2021-2030
Figure 97: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Sub-Segment 3, 2021-2030
Figure 98: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Others, 2021-2030
Figure 99: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by GCC, 2021-2030
Figure 100: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by South Africa, 2021-2030
Figure 101: Middle East & Africa Thermal Enhanced Oil Recovery Market Forecast (USD Billion), by Rest of Middle East & Africa, 2021-2030
List of Tables
Table 1: Global Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 1, 2021-2030
Table 2: Global Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 2, 2021-2030
Table 3: Global Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 3, 2021-2030
Table 4: Global Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Region, 2021-2030
Table 5: North America Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 1, 2021-2030
Table 6: North America Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 2, 2021-2030
Table 7: North America Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 3, 2021-2030
Table 8: North America Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Country, 2021-2030
Table 9: Europe Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 1, 2021-2030
Table 10: Europe Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 2, 2021-2030
Table 11: Europe Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 3, 2021-2030
Table 12: Europe Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Country, 2021-2030
Table 13: Latin America Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 1, 2021-2030
Table 14: Latin America Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 2, 2021-2030
Table 15: Latin America Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 3, 2021-2030
Table 16: Latin America Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Country, 2021-2030
Table 17: Asia Pacific Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 1, 2021-2030
Table 18: Asia Pacific Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 2, 2021-2030
Table 19: Asia Pacific Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 3, 2021-2030
Table 20: Asia Pacific Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Country, 2021-2030
Table 21: Middle East & Africa Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 1, 2021-2030
Table 22: Middle East & Africa Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 2, 2021-2030
Table 23: Middle East & Africa Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Segment 3, 2021-2030
Table 24: Middle East & Africa Thermal Enhanced Oil Recovery Market Revenue (USD Billion) Forecast, by Country, 2021-2030
Research Process
Data Library Research are conducted by industry experts who offer insight on
industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager
and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Primary Research
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary Research
Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size Estimation
Both, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
