Thermal Enhanced Oil Recovery Market by Technology (Oil Sands, Heavy Oil, Steam Injection (Cyclic Steam Stimulation (CSS), Steam Flooding), Steam-Assisted Gravity Drainage (SAGD) and Other), by Application (Onshore and offshore)- Global Opportunity Analysis and Industry Forecast, 2020 – 2030

The Global Thermal Enhanced Oil Recovery Market size is estimated to be USD 19.02 billion in 2019 and is predicted to reach USD 40.87 billion by 2030 with a CAGR of 7.2% from 2020-2030. Thermal Enhanced Oil Recovery is process which involves burning of natural gas to produce steam and inject into the reservoir for heating heavy oils to change its viscosity and simplify the oil recovery process. Now-a-days solar energy is used by the concentrating the sun rays with the help of mirror to produce heat and carry out the recovery process.

Market Dynamics and Trends

The rapidly growing population led to the increased demand of oil and fuel for various purposes such as automobile, machinery and others. Furthermore, increase in technological development and presence of technological advanced and depletion of fossil fuels are expected to promote the growth of thermal enhanced oil recovery market.

The other factors include maturation of oilfields, increase in the oil recovery from the oil fields and limited availability of natural gas are expected to drive the market growth. However, increased demand alternate or renewable energy sources 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 analyzed 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 accounts for the major market share owing to the increased demand of oil production and presence of matured well. Furthermore, increase the technological advancement coupled with presence of developed infrastructure are expected to fuel the growth of thermal enhanced oil recovery market.

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. Furthermore,    presence of large population with presence several oil wells across the continent are also expected to promote the growth of thermal enhanced oil recovery market.

Competitive Landscape

The thermal enhanced oil recovery market, which is highly competitive, 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, and Occidental

In the recent past there have been various developments taken place in the market which are further expected to takes place in near future and 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 BENEFITS

• The thermal enhanced oil recovery market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a deep dive analysis of the thermal enhanced oil recovery market trend including the current and future trends for depicting the prevalent investment pockets in the market.
• The information related to key drivers, restraints and opportunities and their impact on the thermal enhanced oil recovery market is provided in the report.
• The competitive analysis of the market players along with their market share in the global thermal enhanced oil recovery market.
• The SWOT analysis and Porters Five Forces model is elaborated in the study.
• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

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

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Italy

    • Germany

    • Spain

    • Netherlands

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Taiwan

    • Vietnam

    • Rest of Asia Pacific

  • RoW

    • Latin America

    • Middle East 

    • Africa