Thermal EOR Market to Surpass USD 18.9 Billion by 2033 with 9.1% CAGR Driven by Heavy Oil Recovery Investments

The global Thermal EOR market was valued at approximately USD 8.7 billion in 2024 and is projected to reach nearly USD 18.9 billion by 2033, expanding at a CAGR of 9.1% during 2025–2033. Rising heavy oil production, increasing energy demand, and declining conventional oil reservoir productivity are significantly accelerating market growth.

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Thermal EOR Market Research Report 2033

As per our latest market intelligence, the Global Thermal EOR market size was valued at $6.5 billion in 2024, and is forecasted to hit $11.8 billion by 2033, growing at a CAGR of 7.1% during the forecast period.