Gas Injected Enhanced Oil Recovery Market Overview
As per MRFR analysis, the Gas Injected Enhanced Oil Recovery Market Size was estimated at 12.24 (USD Billion) in 2022. The Gas Injected Enhanced Oil Recovery Market Industry is expected to grow from 13.01(USD Billion) in 2023 to 22.5 (USD Billion) by 2032. The Gas Injected Enhanced Oil Recovery Market CAGR (growth rate) is expected to be around 6.27% during the forecast period (2024 - 2032).
Key Gas Injected Enhanced Oil Recovery Market Trends Highlighted
The Global Gas Injected Enhanced Oil Recovery Market has been expanding rapidly with increasing demand for enhanced oil recovery methods due to the depletion of conventional oil reserves. The implementation of stringent environmental regulations has accelerated the adoption of gas injection as an eco-friendly alternative to traditional recovery techniques. Rising crude oil prices have also driven the market's growth as operators seek cost-effective methods to increase production. Technological advancements and research and development in gas injection technologies are fuelling innovation and enhancing the efficiency of oil recovery. The market is projected to continue its upward trajectory in the coming years, offering significant opportunities for market players and investors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Injected Enhanced Oil Recovery Market Drivers
Rising Demand for Enhanced Oil Recovery Techniques
The global gas injected enhanced oil recovery market is primarily driven by the increasing demand for enhanced oil recovery (EOR) techniques to improve oil production from aging oil fields. As conventional oil production methods become less efficient, EOR techniques such as gas injection offer a cost-effective and environmentally friendly way to extract additional oil from existing reservoirs. Gas injection, particularly carbon dioxide (CO2) and natural gas is gaining popularity due to its ability to reduce reservoir pressure, improve oil viscosity, and increase oil recovery rates. The growing adoption of gas injection EOR techniques is expected to drive significant growth in the gas injected enhanced oil recovery market over the coming years.
Government Initiatives and Regulations
Government initiatives and regulations play a crucial role in promoting the adoption of gas injected enhanced oil recovery techniques. Governments worldwide are implementing policies and regulations to encourage the use of EOR methods to increase domestic oil production and reduce reliance on imports. For instance, the United States Department of Energy (DOE) provides financial incentives and technical assistance to companies investing in EOR projects. Similarly, the European Union has set targets for reducing greenhouse gas emissions, which is driving the adoption of carbon capture and storage (CCS) technologies in conjunction with gas injection EOR. Government support and regulations are expected to continue driving the growth of the gas injected enhanced oil recovery market.
Technological Advancements and Innovation
Technological advancements and innovation are constantly improving the efficiency and cost-effectiveness of gas injected enhanced oil recovery techniques. Research and development efforts are focused on developing new gas injection methods, optimizing existing technologies, and improving reservoir modeling and simulation techniques. For instance, the development of miscible gas injection methods, such as hydrocarbon gas injection and CO2-EOR, has significantly improved oil recovery rates. Additionally, advancements in horizontal drilling and multi-stage fracturing techniques have enabled operators to access previously unrecoverable oil reserves. Ongoing technological innovations are expected to continue driving the growth of the gas injected enhanced oil recovery market.
Gas Injected Enhanced Oil Recovery Market Segment Insights:
Gas Injected Enhanced Oil Recovery Market Application Insights
Application Segment Insights and Overview The Global Gas Injected Enhanced Oil Recovery Market is segmented into various applications, including Carbon Dioxide Injection, Nitrogen Injection, Natural Gas Injection, Hydrocarbon Injection, and Other Applications. Among these, Carbon Dioxide Injection holds a significant market share, owing to its ability to improve oil recovery rates and reduce greenhouse gas emissions. The increasing adoption of Carbon Capture and Storage (CCS) technologies is further driving the growth of this segment. Nitrogen Injection is another important application, with its growing adoption in miscible and immiscible flooding techniques.
Natural Gas Injection, which involves injecting natural gas into reservoirs to reduce viscosity and enhance oil flow, is also witnessing significant market growth. Hydrocarbon Injection, including the use of propane and butane, is gaining traction due to its effectiveness in enhancing oil recovery in heavy oil reservoirs. Other Applications, such as the injection of chemicals and surfactants, are also contributing to the market growth. These applications involve injecting specific chemicals or surfactants into reservoirs to alter fluid properties, reduce surface tension, and improve oil mobility. The increasing focus on maximizing oil recovery and improving reservoir performance is propelling the growth of the Gas Injected Enhanced Oil Recovery Market across various applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Injected Enhanced Oil Recovery Market Gas Injected Enhanced Oil Recovery Method Insights
The Gas Injected Enhanced Oil Recovery Method segment plays a crucial role in the global Gas Injected Enhanced Oil Recovery Market, contributing significantly to its revenue growth. Continuous Gas Injection, Water Alternating Gas Injection, Huff and Puff Gas Injection, and Other Gas Injected Enhanced Oil Recovery Methods are the key techniques used in this segment. Continuous Gas Injection method involves continuous injection of gas into the reservoir, maintaining reservoir pressure and improving oil recovery. Water Alternating Gas Injection method alternates the injection of gas and water into the reservoir, enhancing sweep efficiency and oil displacement. Huff and Puff Gas Injection method involves injecting gas into the reservoir for a period, followed by a production period, maximizing oil recovery from individual wells. Other Gas Injected Enhanced Oil Recovery Methods include immiscible and miscible gas injection techniques, catering to specific reservoir characteristics and fluid properties. The Global Gas Injected Enhanced Oil Recovery Market segmentation provides insights into the market dynamics, allowing stakeholders to make informed decisions and capitalize on growth opportunities.
Gas Injected Enhanced Oil Recovery Market End User Insights
The Global Gas Injected Enhanced Oil Recovery Market segmentation by End User comprises Oil and Gas Companies, Service Providers, Research and Development Institutions, and Other End Users. Among these segments, Oil and Gas Companies hold the largest market share due to their significant investments in enhanced oil recovery techniques to increase production from existing oil fields. Service Providers play a crucial role in offering specialized services such as reservoir characterization, EOR implementation, and field management, driving the market growth.Research and Development Institutions contribute to the advancement of Gas Injected Enhanced Oil Recovery techniques through innovation and technological development. Other End Users include independent producers and contractors involved in oil and gas exploration and production activities.
Gas Injected Enhanced Oil Recovery Market Deployment Strategy Insights
The deployment strategy segment in the Global Gas Injected Enhanced Oil Recovery Market is bifurcated into on-shore and off-shore. The on-shore segment accounted for a larger revenue share in 2023, owing to the higher feasibility and cost-effectiveness of implementing gas injected enhanced oil recovery techniques in on-shore oil fields. However, the off-shore segment is anticipated to exhibit a higher CAGR during the forecast period due to the growing focus on deep-water and ultra-deep-water oil exploration and production activities. In 2023, the on-shore segment held a revenue share of 62.5%, while the off-shore segment accounted for 37.5% of the Global Gas Injected Enhanced Oil Recovery Market revenue. By 2032, it is projected that the on-shore segment will generate a revenue of 14.6 Billion USD, while the off-shore segment is expected to reach a valuation of 7.9 Billion USD.
Gas Injected Enhanced Oil Recovery Market Reservoir Depth Insights
The Global Gas Injected Enhanced Oil Recovery Market is segmented by reservoir depth into shallow reservoirs, medium depth reservoirs, and deep reservoirs. Among these, the shallow reservoirs segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. This is primarily due to the higher success rate of gas injection in shallow reservoirs and the lower cost of implementation compared to deeper reservoirs. The medium depth reservoirs segment is expected to witness significant growth during the forecast period, owing to the increasing focus on developing unconventional oil and gas resources. The deep reservoirs segment, while having the lowest market share, is expected to grow steadily as technological advancements make it more feasible to extract oil and gas from these challenging environments. The Global Gas Injected Enhanced Oil Recovery Market revenue for shallow reservoirs is projected to reach USD 6.8 billion by 2032, growing at a CAGR of 6.4%. The medium depth reservoirs segment is expected to reach USD 8.2 billion by 2032, growing at a CAGR of 6.5%. The deep reservoirs segment is expected to reach USD 7.5 billion by 2032, growing at a CAGR of 6.3%.
Gas Injected Enhanced Oil Recovery Market Regional Insights
The Global Gas Injected Enhanced Oil Recovery Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the presence of a large number of oil and gas fields in the region. Europe is expected to be the second largest market, followed by APAC. The APAC region is expected to witness significant growth in the coming years, due to the increasing demand for oil and gas in the region. The growth of the market is attributed to the increasing demand for oil and gas, the rising adoption of enhanced oil recovery techniques, and the favorable government policies in various countries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Injected Enhanced Oil Recovery Market Key Players And Competitive Insights:
Major players in the Gas Injected Enhanced Oil Recovery Market are focusing on developing new technologies to improve the efficiency of gas injection methods. They are also investing in research and development to find new ways to use gas injection to enhance oil recovery. Leading Gas Injected Enhanced Oil Recovery Market players are also forming partnerships and collaborations with other companies in the oil and gas industry to share knowledge and resources. The Gas Injected Enhanced Oil Recovery Market industry is expected to witness significant growth in the coming years, driven by the increasing demand for oil and gas and the need to find new ways to extract oil from existing reservoirs. One of the leading players in the Gas Injected Enhanced Oil Recovery Market is Schlumberger. The company offers a wide range of gas injection services, including nitrogen injection, carbon dioxide injection, and hydrocarbon gas injection. Schlumberger also provides consulting and engineering services to help oil and gas companies design and implement gas injection projects.
Another major player in the Gas Injected Enhanced Oil Recovery Market is Halliburton. The company offers a variety of gas injection services, including foam injection, surfactant injection, and polymer injection. Halliburton also provides drilling and completion services to help oil and gas companies drill and complete wells for gas injection projects. Baker Hughes is another major player in the Gas Injected Enhanced Oil Recovery Market. The company offers a range of gas injection services, including water alternating gas injection, miscible gas injection, and immiscible gas injection. Baker Hughes also provides reservoir engineering and simulation services to help oil and gas companies optimize the design and operation of gas injection projects. These are just a few of the leading players in the Gas Injected Enhanced Oil Recovery Market. The market is highly competitive, and companies are constantly innovating to develop new technologies and services to meet the needs of oil and gas companies.
Key Companies in the Gas Injected Enhanced Oil Recovery Market Include:
Gas Injected Enhanced Oil Recovery Market Industry Developments
The global Gas Injected EOR market is projected to witness significant growth in the coming years due to rising demand for enhanced oil recovery techniques and government initiatives to increase oil production. The market is expected to reach a valuation of USD 22.5 billion by 2032, expanding at a CAGR of 6.27% from 2024 to 2032. This growth is attributed to the increasing adoption of gas injection methods, such as carbon dioxide (CO2) and nitrogen injection, to improve oil recovery rates and reduce production costs. Additionally, technological advancements in gas injection systems and the availability of cost-effective solutions are driving market expansion. Recent developments include the deployment of advanced injection technologies, such as smart wells and real-time monitoring systems, to optimize gas injection processes and enhance recovery efficiency.
Gas Injected Enhanced Oil Recovery Market Segmentation Insights
Gas Injected Enhanced Oil Recovery Market Application Outlook
- Carbon Dioxide Injection
- Nitrogen Injection
- Natural Gas Injection
- Hydrocarbon Injection
- Other Applications
Gas Injected Enhanced Oil Recovery Method Outlook
- Continuous Gas Injection
- Water Alternating Gas Injection
- Huff and Puff Gas Injection
- Other Gas Injected Enhanced Oil Recovery Methods
Gas Injected Enhanced Oil Recovery Market End User Outlook
- Oil and Gas Companies
- Service Providers
- Research and Development Institutions
- Other End Users
Gas Injected Enhanced Oil Recovery Market Deployment Strategy Outlook
Gas Injected Enhanced Oil Recovery Market Reservoir Depth Outlook
- Shallow Reservoirs
- Medium Depth Reservoirs
- Deep Reservoirs
Gas Injected Enhanced Oil Recovery Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
12.24 (USD Billion) |
| Market Size 2023 |
13.01 (USD Billion) |
| Market Size 2032 |
22.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.27% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Weatherford International, Petrofac, NOV, Tenaris, Baker Hughes, Halliburton, JFE Steel, Mitsui Co, Schlumberger, Marubeni, ITOCHU, Vallourec, Sumitomo Corporation, Aker Solutions, TechnipFMC |
| Segments Covered |
Application, Gas Injected Enhanced Oil Recovery Method, End User, Deployment Strategy, Reservoir Depth, Regional |
| Key Market Opportunities |
Increasing global oil demand Technological advancements Growing environmental concerns Government incentives Favorable economic climate |
| Key Market Dynamics |
Rising oil demand Technological advancements Increasing exploration activities Environmental concerns Government initiatives |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
