Microbial Enhanced Oil Recovery Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Microbial Enhanced Oil Recovery Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Report Digest
Microbial Enhanced Oil Recovery Market: Overview
The microbial enhanced oil recovery market has been estimated to grow at a significant speed in the years to come. The growth in the global market is possible with the advantages of microbial enhanced oil recovery methods. Various primary, as well as secondary methods for oil recovery, come with the ability to extract oil only up to one-fourth. On the flip side, tertiary oil recovery methods, such as MeOR have been employed in order to recover the oil that is remaining. Thus, based on these abilities, the global market is predicted to grow at a substantial speed in the following years.
The microbial enhanced oil recovery solutions are injected into the adjacent wells that are followed by water injection in order to stimulate the biological solution in zones that are oil-saturated. Along with this, these methods are also helpful to increase the production of oil and effective operation of oil fields across the globe. These techniques are comparatively cheaper than other techniques for oil recovery. In addition to this, low-energy input is required for microbes in order to produce MeOR agents.
Microbial Enhanced Oil Recovery Market: Key Trends
The advantages of MeOR are notably driving the microbial enhanced oil recovery market growth, although factors such as uncertainties associated with low crude oil prices may impede the market growth. Thus, owing to these factors, the global market is predicted to grow at a substantial speed in the forthcoming years.
There has been an increase in the availability of easy oil declining. This factor further leads to an increased demand for the techniques from the microbial enhanced oil recovery market for the recovery of crude oils from oil wells. Furthermore, the growing consumption of oil and natural gas across the globe is also serving as the driving factor for market growth.
The oil companies around the world require drilling of the greenfield oil wells in the novel as well as existing oilfields in order to increase the production of oil to meet the rising fuel demand. Further, growing urbanization and industrialization are also creating growth avenues in the microbial enhanced oil recovery market.
Microbial Enhanced Oil Recovery Market: Competitive Dynamics and Key Developments
The nature of the microbial enhanced oil recovery market has been highly fragmented. Some key market players are taking initiatives to bring growth opportunities with an increased concentration of different strategies. These market growth strategies include expansion of the product or service distribution network, novel product launching, mergers and acquisitions, portfolio diversion, product upgrades, and expansion of the footprints of the organization across the world. Further, these key players are also investing a handsome amount in diverse R & D activities for technological advancements in the market services.
The key players in the microbial enhanced oil recovery market are:
- BP Plc
- Equinor ASA
- Environmental BioTechnologies Inc.
- DuPont de Nemours Inc.
- Titan Oil Recovery Inc.
- Micro-Bac International Inc.
- Chemiphase Ltd.
- Qyrin Petroleum Technology
- ONGC TERI Biotech Ltd.
- RAM Biochemicals Inc.
Microbial Enhanced Oil Recovery Market: Regional Assessment
The microbial enhanced oil recovery market has been divided into South America, North America, Asia Pacific, Europe, and the Middle East & Africa. North America among other market regions has been estimated to grow at a noteworthy speed in the forthcoming years. The growth in this regional market is possible with the noticeable contribution of its countries, such as Canada and the US in creating a significant portion in the revenue. Thus, based on this factor, the regional market is predicted to grow at a significant speed.
The Middle East & Africa, Asia Pacific, and South America are also some important regions where the microbial enhanced oil recovery market is anticipated to grow significantly. The growth in these regions is possible with the growing number of mature oilfields across the Gulf of Mexico.
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