Enhanced Oil Recovery Market expected to expand at a CAGR of 7.8% from 2022 to 2030.
Enhanced Oil Recovery Industry Overview The global enhanced oil recovery market size is expected to reach USD 76.78 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2022 to 2030. A growing number of aging wells witnessing declining production rates, coupled with rising government investment in research and development activities, is likely to drive the market for enhanced oil recovery (EOR) over the forecast period. Enhanced Oil Recovery Market Segmentation Grand View Research has segmented the global enhanced oil recovery market based on technology, application, and region: Based on the Technology Insights, the market is segmented into Thermal, CO2 Injection, Chemical and Others. The thermal segment occupied the largest revenue share of over 35.0% in 2021. The method entails the application of heat to the oil wells for lowering the oil viscosity and increasing its mobility r...