Global Market Study on Carbon Dioxide Enhanced Oil Recovery (CO2 EOR) by Source, Application, and Region: Industry Projections Through 2035
Overview:
The carbon dioxide enhanced oil recovery (CO2 EOR) market is poised for substantial growth between 2025 and 2035. In 2025, the market is anticipated to reach a size of USD 5.02 billion, driven by increasing demand for enhanced oil recovery techniques. The implementation of CO2 EOR is gaining traction as a viable method to extend the lifespan of mature oil fields and to improve overall oil production efficiency.
The revenue forecast for 2035 indicates a market value of USD 8.13 billion, reflecting a compound annual growth rate (CAGR) of 4.2% from 2025 to 2035. This growth is attributed to the increasing adoption of CO2 EOR technologies and supportive regulatory frameworks that encourage carbon capture and storage.
The base year for estimation is 2024, with historical data spanning from 2018 to 2023 providing a comprehensive understanding of market trends and dynamics. The forecast period from 2025 to 2035 offers insights into the future trajectory of the market, enabling stakeholders to make informed decisions.
Quantitative analysis includes revenue in USD million/billion and CAGR from 2025 to 2035, providing a clear perspective on market performance and growth potential. The report coverage encompasses revenue forecasts, company market share analysis, competitive landscape assessments, growth factors identification, and emerging trends.
The market is segmented by application, source, and region, offering a detailed analysis of the key drivers and opportunities across different segments. Regional scope includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA), with country-level analysis for the U.S., Canada, Mexico, U.K., Germany, Italy, Poland, China, India, Japan, Australia, South Korea, Brazil, UAE, KSA, and South Africa.
Key companies analyzed in the report are Schlumberger Limited, Halliburton Company, Baker Hughes Company, National Oilwell Varco (NOV), Weatherford International, Expro International Group, ExxonMobil Corporation, and Chevron Corporation. Customization options are available, including free report customization (up to 8 analysts working days) with purchase and changes to country, regional, and segment scope.
Year On Year Growth Chart
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| Report Attribute | Details |
|---|---|
| Market Size in 2025 | USD 5.02 billion |
| Revenue Forecast for 2035 | USD 8.13 billion |
| Growth Rate (CAGR) | 4.2% from 2025 to 2035 |
| Base Year for Estimation | 2024 |
| Historical Data | 2018 – 2023 |
| Forecast Period | 2025 – 2035 |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2025 to 2035 |
| Report Coverage | Revenue forecast, company market share, competitive landscape, growth factors, and trends |
| Covered Segments | Application, Source, and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, MEA |
| Country Scope | U.S., Canada, Mexico, U.K., Germany, Italy, Poland, China, India, Japan, Australia, South Korea, Brazil, UAE, KSA, South Africa |
| Key Companies Analyzed | Schlumberger Limited; Halliburton Company; Baker Hughes Company; National Oilwell Varco (NOV); Weatherford International; Expro International Group; ExxonMobil Corporation; Chevron Corporation |
| Customization Options | Free report customization (up to 8 analysts working days) with purchase. Changes to country, regional, and segment scope |
| Pricing and Purchase Options | Customizable purchase options for tailored research needs |
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Key Companies Market Share
Report Coverage & Deliverables
- Market Trends And Dynamics
- Competitve Benchmarking
- Historical data and forecasts
- Value/Volume analysis
- Company revenue shares and key strategies
- Regional opportunities
This is an indicative segmentation. Please request a sample report to see detail segmentation of this market.
Detailed Market Segmentation
- By Application
- Enhanced Oil Recovery in Mature Fields
- New Field Development
- By CO2 Source
- Naturally Occurring CO2 Reservoirs
- Industrial Sources
- Power Plants
- Cement Production
- Refineries
- Chemical Plants
- By Region
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, Norway)
- Asia-Pacific (China, Australia, Indonesia)
- Latin America (Brazil, Venezuela)
- Middle East & Africa (MEA) (Saudi Arabia, UAE, Qatar)
Table of Content
- Executive Summary
- Market Overview
- Key Industry Trends
- Market Drivers and Restraints
- Regulatory Landscape
- CO2 EOR Market Analysis, By Application
- Mature Fields CO2 EOR Market Analysis
- New Field Development CO2 EOR Market Analysis
- CO2 EOR Market Analysis, By Source
- Naturally Occurring CO2 Reservoirs Market Analysis
- Industrial Sources CO2 EOR Market Analysis
- Power Plants CO2 EOR Market Analysis
- Cement Production CO2 EOR Market Analysis
- Regional Market Analysis
- North America CO2 EOR Market Analysis
- Europe CO2 EOR Market Analysis
- Asia Pacific CO2 EOR Market Analysis
- Latin America CO2 EOR Market Analysis
- Middle East & Africa CO2 EOR Market Analysis
- Competitive Landscape
- Key Company Profiles
- Market Forecast and Projections
- Research Methodology