October 24, 2019
According to the new research report available at MareketStudyReport.com under the title ‘Global Microbial Enhanced Oil Recovery (MEOR) Market (Value, Volume): World Market Review By Metabolic Products, Application, Well Type, By Region, By Country (2019 Edition):Opportunities and Forecast (2019-2024) - By Region (N. America, L. America, APAC, Europe, MEA), By Country (US, Canada, Mexico, Venezuela, Russia, China, Australia, Oman, Kuwait, Saudi Arabia, Angola)’, the worldwide microbial enhanced oil recovery market is predicted to expand significantly by the year 2024.
Microbial enhanced oil recovery (MEOR) is a process that involves the use of microorganisms and their metabolites to decrease the residual oil saturation of reservoirs mainly by reducing the surface tension of oil and altering its wettability.
Depleting oil & gas fields, maturing plant infrastructure, and ever-increasing demand for fuel are the major factors driving the MEOR market. Expanding offshore drilling activities, need for technological advancement, coupled with rising concerns regarding carbon dioxide and green house gas emissions, and strict government regulations are propelling the growth of microbial enhanced oil recovery market.
As per the report, microbial enhanced oil recovery market was worth US $195 million in 2018, with a worldwide production volume of 2620.83 thousand tons of oil equivalent and is presumed to grow exponentially by the year 2024. The research also provides a comprehensive insight about the segmental growth, alongside risks, challenges, drivers, and opportunities impacting the industry growth.
Considering the application spectrum, the MEOR market is segmented as interfacial tension reduction, selective plugging & wettability alteration, emulsification & de-emulsification, biodegradation and gas production.
In terms of metabolic product type, microbial enhanced oil recovery market is categorized as bio-surfactants, biomass formation, organic acids, bio-polymers, bio-gases, bio-solvents, hydrocarbon metabolism, and bio-emulsifiers. While based on well type, the market is fragmented as onshore and offshore.
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Speaking of regional landscape, the global MEOR market is divided into five main regions which are Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Moreover, Asia Pacific region is expected to dominate the MEOR market over the forecast period, owing to China which is presumed to be the largest importer for petroleum and have high exporting capacity for natural gas.
The prominent companies operating in microbial enhanced oil recovery market include Titan Oil Recovery, Inc., Equinor, Chemiphase, Gulf Energy LLC, Genome Prairie, BP Plc, DuPont, Royal Dutch Shell Plc., ConocoPhillips, and Glori Energy, Inc.
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