Market Research Future published a research report on “Global Microbial Enhanced Oil Recovery Market- Global industry Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Industry Insight
The depletion of energy resources and its demand due to rapid industrialization and development of towns and rural areas can drive the demand for approaches for gaining energy. Microbial enhanced oil recovery (MEOR) is a green approach for extracting residual oil from wells. The global Microbial Enhanced Oil Recovery Market report by Market Research Future (MRFR) provides an analysis of drivers, challenges, trends, and opportunities for the period of 2018 to 2023 (forecast period) and the impact of the COVID-19 pandemic on the industry.
Market Scope
The global Microbial Enhanced Oil Recovery Market is expected to expand at 20% CAGR during the forecast period.
Major drivers of the market are maturity of oil wells, surging demand for cleaner methods of oil extraction, recovering prices of crude oil, and an energy crunch in developing countries. The capacity of MEOR in optimizing oil production despite impermeability of rocks and reservoirs, high thickness of petroleum, and high capillary forces are likely to trigger its demand significantly over the forecast period. Strict regulations on the use of chemicals for oil extraction can work in favor of the market. This is exemplified by the use of the technique in close to 50% of oil rigs in Canada and the U.S.
However, its poor performance against chemicals can restrain market growth.
Competition Outlook
National Oilwell Varco, Inc., BP, Wintershall, Genome Prairie, Weatherford International, Halliburton, Glori Energy Inc., Titan Oil Recovery, RAM Biochemicals, Chemiphase, Occidental petroleum, and Synthetic Genomics are key players of the global microbial enhanced oil recovery market.
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Segmentation:
The global study of the microbial enhanced oil recovery market has included segments like application, bacteria injection, and well type. These segments help in getting data on dynamics that can help in forming strategies and influence the profit margin.
By bacteria injection, the global study of the microbial enhanced oil recovery market includes segments like microbial flooding, cyclic or huff & puff, and feeding existing bacteria. The microbial flooding segment has the chance to dominate the global market as its technological superiority is expected to create grounds for better proliferation across end user industries. The method also allows operations without any pause.
By application, the study of the global microbial enhanced oil recovery market includes segments like emulsification and de-emulsification, selective plugging, interfacial tension reduction, gas production, wettability alteration, and biodegradation. The interfacial tension reduction segment has the maximum market coverage. The market is getting more traction from this segment as both oil and water have high interfacial tension. This technology can be used to reduce that tension. It further acts in a positive way to reduce the viscosity of the oil.
By well types, the discussion on the microbial enhanced oil recovery market includes segments like onshore and offshore wells. The onshore well segment has a better share as it incurs a lower cost for research and tests in onshore than in offshore.
Regional Analysis:
The global market for microbial enhanced oil recovery is witnessing growth all across the world. In North America, Canada and the US are providing a strong premise for the market to grow. In Asia Pacific, China, India, and others are doing the same.
Table of Content:
- Development Trend of Analysis of Microbial Enhanced Oil Recovery Market
- Microbial Enhanced Oil Recovery Market Trend Analysis
- Microbial Enhanced Oil Recovery Market Size (Volume and Value) Forecast
- Marketing Channel
- Direct Marketing
- Indirect Marketing
- Microbial Enhanced Oil Recovery Customers
- Microbial Enhanced Oil Recovery Market Dynamics
- Microbial Enhanced Oil Recovery Market Trends
- Opportunities
- Microbial Enhanced Oil Recovery Market Drivers
- Challenges
- Influence Factors
- Methodology/Research Approach
- Research Programs/Design
- Market Size Estimation
- Data Source
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