According to the research report titled ‘Global Enhanced Oil Recovery Market Size study, by Technology (Thermal, Chemical, Gas), By Application (Onshore, Offshore) and Regional Forecasts 2021-2027’, available with the MarketStudyReport, global enhanced oil recovery market had generated revenues worth USD 43.3 billion in 2020 and is expected to register 6.5% CAGR during the study period, subsequently accounting for USD 67.29 billion in valuation by the year 2027.
 

Mounting oil production and the widespread usage of gas injection techniques are key factors propelling the expansion of global enhanced oil recovery market. Growing focus on heavy oil production is also aiding towards the market remuneration.
 

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Notably, enhanced oil recovery is used to measure oil extraction from its bed. The degree of loss of an oil bed can also be referred to as oil recovery. On the contrary, the rising adoption of renewable energy sources is expected to stifle the overall market growth over the forecast period.
 

By technology type, worldwide enhanced oil recovery market is fragmented into gas, chemical, and thermal segments. By application, this marketplace is bifurcated into offshore and onshore.
 

The regional classification of this industry landscape includes Europe (Germany, France, Italy, Spain, the U.K.), North America (the U.S, Canada), Asia-Pacific (India, China, Japan, Australia, South Korea), Latin America (Brazil, Mexico), and the rest of the world.
 

Among these, North America is expected to capture majority market share by 2027, primarily because of easy availability of untapped resources in the Gulf of Mexico.
 

Asia-Pacific enhanced oil recovery industry size is also deemed to witness considerable growth during the study period. Factors such as aging oil and gas fields and increased government investments towards the improving the upstream space would create lucrative growth prospects for the market contenders in Asia-Pacific.
 

Speaking of which, the prominent players profiled in the global enhanced oil recovery market report are TechnipFMC plc, Air Liquide S.A., Linde plc, BASF SE, BP plc, Royal Dutch Shell plc, Baker Hughes Co., Schlumberger Ltd., Halliburton Co., and ChampionX.