July 14, 2020
As per the report titled ’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 , By Country (available with Market Study Report LLC, global microbial enhanced oil recovery (MEOR) market was worth USD 195 million in 2018, accounting for 2620.83 thousand tonnes oil eq., and is poised to record substantial gains through 2024.
Outdated oil and gas infrastructure, increasing offshore drilling activities, surging demand for alternative technologies, economic & environmental factors, decreasing crude oil prices, stringent CO2 emission policies, and burgeoning demand for fuel are driving the growth of global microbial enhanced oil recovery (MEOR) market.
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Based on metabolic product, global MEOR market is segmented into biomass formation, bio polymers, bio-surfactants, organic acids, bio-solvents, bio-emulsifiers, biogases, and hydrocarbon metabolism. Whereas, the application spectrum of the market is classified into interfacial tension reduction, selective plugging & wettability alteration, emulsification and de-emulsification, biodegradation, and gas production. Further, the market, in terms of well type, is bifurcated into offshore and onshore.
Speaking of the regional landscape, APAC microbial enhanced oil recovery market is anticipated to grow substantially over 2019-2024 as China exhibits high exporting capacity and is also the net largest importer of oil and other liquids.
Meanwhile, MEA microbial enhanced oil recovery market is witnessing constant expansion due to high energy consumption demand from increasing industrial and manufacturing sectors in Oman, Saudi Arabia, Kuwait, and Angola.
Parallelly, North America microbial enhanced oil recovery market is also slated to grow significantly in the forthcoming years, owing to a myriad of MOER field trials and projects in U.S. and Canada.
Major companies operating in microbial enhanced oil recovery (MEOR) market are Equinor, BP Plc, Gulf Energy LLC, Glori Energy Inc., Royal Dutch Shell Plc, DuPont de Nemours, Inc., ConocoPhillips, Chemiphase Ltd., Genome Prairie Inc., and Titan Oil Recovery Inc. among others.