Market Overview:
The global CO2 EOR market is expected to grow from USD 2.02 billion in 2018 to USD 3.92 billion by 2030, at a CAGR of 7.5% from 2018 to 2030. The growth of the global CO2 EOR market can be attributed to the increasing demand for oil and gas across the globe and rising investments in CO2-EOR projects. Based on type, the industrial CO2 segment is projected to lead the global CO2 EOR market during the forecast period. The growth of this segment can be attributed to factors such as growing demand for oil & gas and rising investments in industrial carbon capture projects worldwide. Based on application, onshore segment is projected to lead the global CO2 EOR market duringthe forecast period owingto high adoption rates of this technologyin North Americaand Europe regions .
Product Definition:
CO2 Enhanced Oil Recovery is the process of using carbon dioxide to increase the amount of oil that can be extracted from an oil field. Carbon dioxide is injected into the ground, where it dissolves in the oil and helps it to flow more freely. This process can increase production by 10-30 percent.
Industrial CO2:
Industrial carbon dioxide is a gas, which is widely used in EOR (Evaluation of Recovery) process. The major factor that propels the growth of industrial CO2 in the market include low cost and high purity. Also, it has a wide scope for application as an oxidizing agent and as a refrigerant owing to its temperature range from -44°C to 0°C.
Natural CO2:
Natural CO2 is a colorless and non-toxic gas, which is produced by plants as they photosynthesis the sun's energy. It exists in two forms - Aqueous and Gas. Natural CO2 is used for EOR (Exsudation of Rock) process in Carbon Dioxide EOR market to remove impurities from the formation fluids such as water, oil & gas, etc., before oil & gas can be extracted.
Application Insights:
Onshore application dominated the global market in 2017, accounting for over 75% of the total revenue share. The growth can be attributed to increasing onshore oil & gas production particularly in North America and Middle East & Africa. Furthermore, rapid industrialization coupled with rising disposable income is expected to drive demand for EOR techniques over the forecast period.
Offshore application is projected to witness significant growth from 2018 to 2030 owing to ongoing developments in deepwater exploration activities across various regions including Latin America, Asia Pacific and West Africa. In addition, technological advancements coupled with growing demand for crude oil are anticipated fuel product demand over the forecast period.
The Asia Pacific region accounted for a significant market share of around 15% in terms of revenue generation in 2017 due to factors such as increasing offshore rig count along with growing investments by foreign companies especially from China and India which are amongst top five countries globally regarding offshore drilling activities respectively.
Regional Analysis:
North America dominated the global market in terms of revenue with a share of over 40.0% in 2017. This is attributed to the presence of major EOR service providers such as Halliburton, Schlumberger and TechnipFMC that are actively involved in CO2 EOR projects across North America. The U.S.
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to increasing government initiatives for developing clean energy resources along with growing awareness regarding climate change issues among end-users of natural gas including industries.
Growth Factors:
- Increasing demand for oil and gas due to population growth and industrialization in developing countries
- Rising crude oil prices, which make CO2-EOR more economically attractive
- Government policies that incentivize CO2-EOR, such as tax credits or royalty reductions
- Advancements in CO2 capture and storage technology that make the process more efficient and environmentally friendly
- Growing interest in carbon capture and utilization (CCU) as a way to reduce greenhouse gas emissions
Scope Of The Report
Report Attributes
Report Details
Report Title
CO2 EOR Market Research Report
By Type
Industrial CO2, Natural CO2
By Application
Onshore, Offshore
By Companies
Chevron, ConocoPhillips, ExxonMobil, Hess, Kinder Morgan, Occidental Petroleum, Whiting Petroleum, Denbury, NRG Energy, Husky Energy, Linc Energy, Elk Petroleum, Saudi Aramco
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
181
Number of Tables & Figures
127
Customization Available
Yes, the report can be customized as per your need.
Global CO2 EOR Market Report Segments:
The global CO2 EOR market is segmented on the basis of:
Types
Industrial CO2, Natural CO2
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Onshore, Offshore
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Chevron
- ConocoPhillips
- ExxonMobil
- Hess
- Kinder Morgan
- Occidental Petroleum
- Whiting Petroleum
- Denbury
- NRG Energy
- Husky Energy
- Linc Energy
- Elk Petroleum
- Saudi Aramco
Highlights of The CO2 EOR Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Industrial CO2
- Natural CO2
- By Application:
- Onshore
- Offshore
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the CO2 EOR Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
CO2 EOR is an acronym for Carbon Dioxide Enrichment of Oil. It is a process where CO2 is injected into an oil field to increase the production of oil.
Some of the major players in the co2 eor market are Chevron, ConocoPhillips, ExxonMobil, Hess, Kinder Morgan, Occidental Petroleum, Whiting Petroleum, Denbury, NRG Energy, Husky Energy, Linc Energy, Elk Petroleum, Saudi Aramco.
The co2 eor market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 CO2 EOR Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 CO2 EOR Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 CO2 EOR Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the CO2 EOR Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global CO2 EOR Market Size & Forecast, 2020-2028
4.5.1 CO2 EOR Market Size and Y-o-Y Growth
4.5.2 CO2 EOR Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Industrial CO2
5.2.2 Natural CO2
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Onshore
6.2.2 Offshore
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global CO2 EOR Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 CO2 EOR Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Industrial CO2
9.6.2 Natural CO2
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Onshore
9.10.2 Offshore
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Industrial CO2
10.6.2 Natural CO2
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Onshore
10.10.2 Offshore
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Industrial CO2
11.6.2 Natural CO2
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Onshore
11.10.2 Offshore
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Industrial CO2
12.6.2 Natural CO2
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Onshore
12.10.2 Offshore
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Industrial CO2
13.6.2 Natural CO2
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Onshore
13.10.2 Offshore
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 CO2 EOR Market: Competitive Dashboard
14.2 Global CO2 EOR Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Chevron
14.3.2 ConocoPhillips
14.3.3 ExxonMobil
14.3.4 Hess
14.3.5 Kinder Morgan
14.3.6 Occidental Petroleum
14.3.7 Whiting Petroleum
14.3.8 Denbury
14.3.9 NRG Energy
14.3.10 Husky Energy
14.3.11 Linc Energy
14.3.12 Elk Petroleum
14.3.13 Saudi Aramco
