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.
As COVID-19 breakthrough and its fears are blowing up, Market Research Future finds in its study that the global microbial enhanced oil recovery market 2020 might see a bright future and expand at a CAGR of around ~20% during the forecast period 2018 – 2023. Despite the long-term impact of COVID-19 Impact Microbial Enhanced Oil Recovery Market would reach towering valuation by 2023.
The global microbial enhanced oil recovery market is on a steady growth trajectory and is predicted to witness robust growth in support of several factors such as mounting imports from maturing oil wells in UK, surged spending on R&D in Asia leading innovation, augment in imports from major Asian economies such as India and China. The microbial enhanced oil recovery (MEOR) is a bio-technology that leads to structural or functional changes in microbial environments to boost productivity. These microbial environments exist within oil reservoirs.
As per a recent report by Oil & Gas UK, there are above 1,800 mature oil wells in UKCS and Norwegian Continental Shelf. The global microbial enhanced oil recovery market is probable to witness a robust as oil wells in Europe whereas US also follow similar patterns. Furthermore, many major oil companies are located in US and Europe and some increasing opposition and stringent regulations against chemical extraction of oil have been expected to boost the market in the tough times of coronavirus pandemic.
Similarly, more factors such as rising innovation in the field such as cleaner sources of extracting oil and price stability in the oil market are also showing promising signs that would lead the market to go through growth process besides lockdown. More on opportunities, the global microbial enhanced oil recovery market is ready to observe profitable version in future. Corrosion is becoming a foremost cost for many oil makers. Recently, the Energy Information Administration put the total cost related to corrosion to about US 1.372 billion. Thus, adoption of microbial enhanced oil recovery is likely to lead to an increase in corrosion costs.
Some of the major players in Global Market include Weatherford International (U.S.), RAM Biochemicals (U.S.), Synthetic Genomics (U.S.), Occidental petroleum (U.S), National Oilwell Varco, Inc. (U.S.), Wintershall (Germany), Halliburton (U.S.), Glori Energy Inc. (U.S.), Genome Prairie (Canada), and Chemiphase (UK) are among others.
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Microbial enhanced oil recovery market is further segmented over the segments such as bacteria injection, application, and well type.
In terms of bacteria injection segment, the market has included microbial flooding, cyclic or huff & puff, and feeding existing bacteria. Among these, microbial flooding segment is likely to govern the market share as the technique provides the advantage of continuing production without any pause and water is flooded along with the bacteria.
In terms of the application segment, the market has included interfacial tension reduction, emulsification and de-emulsification, selective plugging, gas production, wettability alteration, and biodegradation. Amongst these applications, interfacial tension reduction segment is the leading market shareholder.
In terms of well types segment, the microbial enhanced oil recovery market has included onshore and offshore wells. The onshore well segment might capture the market share owing to the lower cost of research and tests in onshore than in offshore coupled with the growing number of mature wells, onshore.
Demand for oil is up worldwide. However, countries such as the US, India, China, and Saudi Arabia are offering a perfect business environment. Low set-up costs and least legal regulations have led to several oilfields across these countries. The oilfields in the US are also augmented by innovation in technology.
Thanks to its innovation, North American microbial enhanced oil recovery market has bagged the largest share of the global market. The market continues to observe innovations in raising the activity of microbes and nutrients to maximize profits.
Europe follows a close second position in the global microbial enhanced oil recovery market. The Asia Pacific is predicted to witness the fastest growing share owing to various oil-focussed initiatives by the regional governments. For instance, India signed a collaboration agreement with Titan Oil Recovery Inc freshly. The solution would provide advanced organic oil recovery (OOR) solutions to the Indian oil production industry.
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