According to the new research report available at MarketStudyReport.com under the title ‘Global Enhanced Oil Recovery (EOR) Market: World Market Review By Method (Thermal, Gas Injection, Chemical), Application (Offshore, Onshore), By Region, By Country (2019 Edition): Forecast to 2024 - By Region (Americas, Europe, APAC, MEA), By Country (US, Canada, Mexico, Brazil, Russia, China, Indonesia, Qatar, Kuwait, Algeria, Nigeria)’, the worldwide enhanced oil recovery market is expected to expand substantially by the year 2024.
 

Growing demand of enhanced oil recovery is mainly due to factors such as increase in number of mature and ageing wells, rise in deep water drilling activities, and growing number of offshore projects. Furthermore, rising economy of underdeveloped nations, along with increase in demand of energy globally, coupled with durability and performance of product will propel the growth of enhanced oil recovery market.
 

The report cites that the other factors influencing the enhanced oil recovery market are instability in the prices of natural gas and crude oils, rising concern to reduce greenhouse emissions, changing customer preferences, and overall strength of the economy.
 

According to the report, enhanced oil recovery market was worth US $11.60 billion in 2018 and is projected to expand significantly by the year 2024. The research also offers details about volume & value patterns and revenue shares for each segment, alongside the competitive landscape and market dynamics.
 

Enhanced oil recovery market is studied on the basis of method, application spectrum, and regional landscape. Speaking of method employed, the market is categorized as chemical, thermal, and gas injection. While considering the application spectrum, the market is segmented as offshore and onshore.
 

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Based on the regional landscape, the global enhanced oil recovery market is divided geographies, namely, Latin America, Europe, North America, Asia Pacific, and Middle East & Africa. While the countries studied for the market are United States, Indonesia, China, Canada, Mexico, Russia, Brazil, Algeria, Kuwait, Nigeria, and Qatar.
 

The prominent companies operating in enhanced oil recovery market include Baker Hughes, Inc., BP, Chevron Corporation, Schlumberger, ExxonMobil, Halliburton, ConocoPhillips, Royal Dutch Shell, Lukoil, and BASF.