(MENAFN- America News Hour) Research Nester published a report titled“microbial enhanced oil recovery (meor) market : Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global microbial enhanced oil recovery (MEOR) market in terms of market segmentation by bacterial injection, type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The
global microbial enhanced oil recovery (MEOR) market
is estimated to occupy a hefty amount of revenue by growing at a CAGR of ~20% during the forecast period, i.e., 2022 – 2031, ascribing to the growing number of mature wells, and increasing demand for cleaner sources for extracting oil. Along with this, rapidly escalating urbanization and industrialization around the world, and gradual recovery of crude oil prices are also expected to accelerate the growth of the market in the forthcoming years.
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The market is segmented by bacterial injection, type and application. Based on bacterial injection, the microbial flooding segment is anticipated to acquire the largest share during the forecast period on the back of high utilization of microbial flooding to increase recovery and prolong life span of oil wells. Additionally, by application, the onshore segment is projected to grab the largest share over the forecast period attributing to the large number of mature onshore oilfields located in the Middle East and North America regions.
Geographically, the global microbial enhanced oil recovery (MEOR) market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period attributing to the high usage of MEOR to discover unconventional resources in the Atlantic Ocean, and continuous development in shake reserves in the region. Moreover, the market in Asia Pacific is assessed to witness modest growth in the future owing to the rising government initiatives for recovery of crude oil in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Number of Mature Wells Across the Globe to Accelerate Market Growth
Since the last few years, companies are emphasizing on increasing the number of mature oil wells as mature fields account for most the oil and gas produced around the world. This is resulting in growing focus of companies on increasing recovery and extending life of mature fields by MEOR techniques, which in turn is predicted to drive market growth in the near future.
However, growing adoption of renewable sources of energy is expected to operate as key restraint to the growth of the global microbial enhanced oil recovery (MEOR) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global microbial enhanced oil recovery (MEOR) market which includes company profiling of DuPont De Nemours Inc., BP Plc, Chemiphase Ltd., Environmental BioTechnologies Inc., Equinor ASA, Micro-Bac International Inc., ONGC TERI Biotech Ltd., RAM Biochemicals Inc., Titan Oil Recovery Inc., Qyrin Petroleum Technology, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global microbial enhanced oil recovery (MEOR) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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