Microbial Enhanced Oil Recovery Market – Overview
The escalated level of demand witnessed in the oil and gas sector has given way to the development of new methods in microbial enhanced oil recovery. Market reports linked to the energy and power industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market is on track to attain a 20% CAGR in the course of the forecast period.
The need to optimize oil production is one of the key factors that are contributing to the development of the market. Moreover, the demand for maximum cost-effectiveness in the production of oil is projected to have a positive effect on the microbial enhanced oil recovery market in the forecast period. Also, the escalating demand for using cleaner sources for extracting oil and improving prices of crude oil is expected to impel the growth of the market in the forecast period.
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Segmental Analysis
The segmentation of the microbial enhanced oil recovery market is carried out on basis of application, bacteria injection, well type and region. On the basis of bacteria injection, the microbial enhanced oil recovery market is classified as microbial flooding, cyclic or huff & puff, and feeding existing bacteria. Based on application, the microbial enhanced oil recovery market is segmented into emulsification and de-emulsification, interfacial tension reduction, selective plugging, gas production, wettability alteration, and biodegradation. On the basis of well types, the microbial enhanced oil recovery market is segmented into offshore and onshore wells. The regions included in the microbial enhanced oil recovery market are North America, Europe, Asia Pacific and rest of the world. Detailed Regional Analysis
The regional assessment of the microbial enhanced oil recovery market consists of regions such as Europe, North America, Asia Pacific and rest of the world. The microbial enhanced recovery market is anticipated to observe exponential expansion through the forecast period owing to the elevated number of mature wells, increasing demand for oil, and rising expenditure on research and tests by upstream companies. The North American and European region is anticipated to control a considerable market share of the microbial enhanced oil recovery market. The oil fields in these regions have attained their peak and involve tertiary methods to improve the untapped oil in the rocks. The Asia Pacific and the Middle Eastern region are expected to follow the market share due to the mounting demand for fuel from the emergent nations. China and India are the biggest importers of crude oil in the world who are adding to the development of the market.
Competitive Analysis
The market competitors find themselves in a promising position with the capacity to handle the pace of change. The contestants are dynamically addressing the challenges to growth and are creating strategies that can have the best overall effect on the market's development. The competitive outlook for the market is projected to diversify extensively in the coming period. The developments in the market are likely to be fuelled by the rise in investments and product inventions. The market influencers are taking an interest in the making of strong value chains that can yield increased profits. The prospects for growth in the market have ample room for growth in the forecast period. The perceived propensity for the market’s growth has improved following the accessibility to positive aspects in the market.
The notable competitors in the microbial enhanced oil recovery market globally are Weatherford International (U.S.), Occidental Petroleum (U.S.), Synthetic Genomics (U.S.), Wintershall (Germany), Titan Oil Recovery (U.S.), RAM Biochemicals (U.S.), BP (UK). National Oilwell Varco, Inc. (U.S.), Halliburton (U.S.), Genome Prairie (Canada), Glori Energy Inc. (U.S.), and Chemiphase (UK) among others.
Industry Updates:
Jan 2019 The Department of Energy’s (DOE’s) Office of Fossil Energy has recently announced up to $88 million in federal support for cost-shared research and expansion projects enhancing technologies for oil and natural gas recovery in two distinct funding opportunity announcements (FOAs). One of the opportunities is for $44 million under Advanced Technologies for Enhanced Oil Recovery.
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