Enhanced Oil Recovery Market Size, Share, Growth Analysis, By Technology(Thermal, CO2 Injection, Chemical and others), By Application(Onshore And Offshore), By Region - Industry Forecast 2024-2031

North America region dominated the market of Global Enhanced Oil Recovery in 2021 and accounted for a revenue share of approximately 35% globally. The expansion of the regional market is mostly due to the United States. The country has a number of mature fields and unconventional oil and gas resources, which necessitate the use of cutting-edge extraction methods to increase output from already-existing wells. Leading Canadian exploration firms for oil and gas are also using Enhanced oil recovery technology to effectively recover oil from fields.

Asia Pacific region is expected to register the fastest growth rate during the forecast period. Asia-Pacific is second to North America in terms of the amount of revenue of the global Enhanced oil recovery market. China holds the greatest share in the region. The demand for oil and gas in the Asia Pacific is expected to expand because to rising demand from major economies like China and India and greater use of Enhanced oil recovery in old wells to achieve production goals. China's electronics, automotive, and industrial industries are what are fueling the market's explosive need for oil. The Chinese national oil corporations are pursuing a number of initiatives to boost local production and lessen their reliance on international oil imports. Similar to this, India and Southeast Asian nations are carrying out Enhanced oil recovery projects to raise local output, which expands the Asia Pacific market.