Thermal Enhanced Oil Recovery Market by Technology, by Application - Global Opportunity Analysis and Industry Forecast, 2020 - 2030

Market Definition:

The Global Thermal Enhanced Oil Recovery Market size was valued at USD 19.50 billion in 2019 and is predicted to reach USD 24.15 billion by 2030 with a CAGR of 2.9% from 2020-2030. Thermal Enhanced Oil Recovery is a process that involves burning of natural gas to produce steam, which is then injected into the reservoir for heating heavy oils and thereby change its viscosity. This in turn simplifies the overall oil recovery process. Now-a-days solar energy is also used by the concentrating the sun rays with the help of mirrors to produce heat and carry out the recovery process.

Market Dynamics and Trends:

The rapidly growing population has led to the increased demand of oil and fuel for various purposes including automobile, machinery and others. Moreover, technological development and depleting levels of fossil fuels are expected to promote the growth of thermal enhanced oil recovery market. Other factors including maturity of oilfields, increasing amount of oil recovery from the oil fields and limited availability of natural gas are expected to further drive the market growth. However, fluctuation in oil prices and environmental impacts are expected to hinder the growth of thermal enhanced oil recovery market. On the contrary, increase in the investments and R&D activities are also expected to create lucrative opportunities in the thermal enhanced oil recovery market over the forecast period.

Market Segmentations and Scope of the Study:

The global thermal enhanced oil recovery market share is segmented on the basis of technology, application and geography. On the basis of technology, the market is segmented into Oil Sands, Heavy Oil, Steam Injection (Cyclic Steam Stimulation (CSS), Steam Flooding), Steam-Assisted Gravity Drainage (SAGD) and other. On the basis of application, the market is divided into onshore and offshore. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America is expected to account for the major market share owing to the increasing demand of oil and presence of matured wells. Moreover, technological advancements coupled with presence of developed infrastructures are expected to fuel the growth of thermal enhanced oil recovery market. However, Asia Pacific is expected to show rapid growth with gradual increase in market share owing to the presence of developing economies such as India, China and others. Moreover, presence of large population and several oil wells across the region are also expected to promote the growth of thermal enhanced oil recovery market.

Competitive Landscape:

The thermal enhanced oil recovery market is highly competitive and consists of various market players. Some of the major market players include Suncor, Imperial Oil, ConocoPhillips, China National Offshore Oil Corporation (CNOOC), Cenovus, Equinor ASA, Royal Dutch Shell plc., PDVSA, Chevron Corporation, Occidental, Husky Energy, Sinopec, BP plc and Petroliam Nasional Berhad (Petronas) among others. There have been various developments taking place in the market and are further expected to take place in the near future which will promote the overall market growth. For instance, in October 2019, Mitsubishi Hitachi Power Systems (MHPS) announced that Suncor Energy placed an order for two M501JAC advanced class gas turbines and two heat recovery steam generators (HRSG) for a future cogeneration facility at the company's Oil Sands Base Plant facility near Fort McMurray, Alberta. The new technology will replace three aging coke-fired boilers and will provide reliable steam generation required for Suncor’s extraction and upgrading operations for bitumen recovery. The cogeneration units are expected to result in a significant reduction in atmospheric emissions, including greenhouse gas (GHG) emissions.

KEY MARKET SEGMENTS:

Global Thermal Enhanced Oil Recovery market - By Technology

• Oil Sands
• Heavy Oil
• Steam Injection (Cyclic Steam Stimulation (CSS), Steam Flooding)
• Steam-Assisted Gravity Drainage (SAGD)
• Other

Global Thermal Enhanced Oil Recovery market - By Application

• Onshore
• Offshore

Global Thermal Enhanced Oil Recovery market -By Geography

• North America
• US
• Canada
• Asia-Pacific
• Indonesia
• Russia
• China
• Rest of World
• Kuwait
• Oman
• China
• Russia
• Bahrain
• Saudi Arabia
• Remaining Countries