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The enhanced oil recovery market size is forecast to increase by USD 23.81 billion at a CAGR of 8.51% between 2023 and 2028. The market is experiencing significant growth due to the exploration of unconventional resources and increasing Research and Development (R&D) investments. One of the primary drivers is the application of advanced technologies, such as CO2 injection, in the Permian Basin, which has led to the extraction of crude oil from reservoirs previously considered uneconomical. However, challenges persist, including environmental risks associated with EOR technologies, particularly carbon emissions. The thermal segment, which utilizes heat to improve oil viscosity and mobility ratio, is a key focus area. Additionally, the use of shallow wells for EOR is gaining popularity due to lower operational costs and reduced environmental impact.
Government funding for R&D in EOR technologies is expected to continue, providing further impetus to market growth. Despite these opportunities, the industry must address the challenges of carbon emissions and environmental risks to ensure sustainable growth.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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