Enhanced Oil Recovery Market to Hit USD 25.07 Billion by 2032; Rising Energy Demand and Petroleum Products Fuels Market Growth

The global enhanced oil recovery market size was valued at USD 16.48 billion in 2024. The market is projected to witness growth from USD 17.41 billion in 2025 to USD 25.07 billion by 2032, exhibiting a CAGR of 5.35% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Enhanced Oil Recovery Market Size, Share & Industry Analysis, By Technology (Thermal Injection, Gas Injection, and Chemical Injection), By Application (Onshore and Offshore), and Regional Forecast, 2025-2032”.

The enhanced oil recovery market growth is driven by the increasing need to maximize extraction from mature oil fields and the rising global demand for energy. EOR techniques, including thermal injection, gas injection, and chemical injection, are employed to enhance the amount of crude oil that can be extracted from oil reservoirs.

The COVID-19 pandemic significantly affected the global economy, leading to disruption in supply chain and distribution. There was a temporary halt in requirement for oil and gas operations in multiple regions which led to low and poor oil production. The main factors that led to hamper of production were the inaccessibility of raw materials, unavailability of workers and machinery, along with import and export of market goods.

U.S. Geological Survey Claims Increased Production Capacity by Injecting Carbon Dioxide into Petroleum Reservoirs

In March 2020, a new assessment by the U.S. Geological Survey states that it could guarantee more oil & gas production by mixing carbon dioxide into petroleum reservoirs. As carbon dioxide injection is a common practice to form enhanced oil recovery as it improves the flow ability of crude oil.

Advanced Methods by Operators to Meet Increasing Oil & Gas Demand

Operators are embracing different advanced methods to meet the growing requisition of oil. Enhanced Oil Recovery (EOR) projects offer the ultimate recovery of oil from the reservoir, which increases the overall production. The rising consumption of oil across various industry vehicles, such as transportation, shipping, power, industrial-usage, and others amplified the want for petroleum products.

However, globally, enhanced oil recovery has primarily bank on the government incentives or strategy due to the expensive pricing of EOR technology, leading to enhanced oil recovery market share. The technique is quite inherently complex compared to conventional methods, which requires experienced and skilled professionals.

Various Tactics Adopted by Key Market Players to Enhance Position

The enhanced oil recovery market features several dominant players, such as Chevron, Oxy, BP, Husky Energy, and ConocoPhillips etc. These prominent players focus on technological advancements and strategic partnerships to strengthen their market positions. These companies are investing in R&D to improve EOR techniques and collaborating with government entities to implement projects aimed at improving oil production.

Key Players Profiled in the Report

• Chevron (U.S.)
• Oxy (U.S.)
• BP (U.K.)
• Husky Energy (Canada)
• ConocoPhillips (U.S.)
• China National Petroleum Corporation (China)
• China Petrochemical Corporation (China)
• Cairn Oil & Gas (India)
• Lukoil (Russia)
• Petrobras (Brazil)
• Ecopetrol (Colombia)
• Petroleum Development Oman (Oman)

Key Industry Development

• February 2025: Oil and Natural Gas Corporation Limited (ONGC) have signed an agreement with Power to improve and enhance the production of oil, in which BP will help as the Technical Services Provider (TSP) for the Mumbai High field, which is India’s biggest and most productive offshore oil mature field.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/enhanced-oil-recovery-market-100471

Further Report Findings

• By technology, thermal injection is the dominating segment in the market. The thermal injection method is the right fit for heavy crude oil as it raises the temperature of the oil and decreases its viscosity. Natural gas is primarily used to create thermal energy.
• North America is leading the market and its dominance is attributed to the extensive EOR adoption in the U.S. and supportive government incentives, such as tax credits for CO2 storage in EOR operations.
• In the Asia Pacific region, China and India are investing in enhanced oil recovery projects to boost domestic production and reduce reliance on imports, driven by exponential energy demand from industries such as electronics, automotive, and manufacturing.

Table of Segmentation