Microbial Enhanced Oil Recovery Market Estimated to Experience a Hike in Growth by 2026
The Global Microbial Enhanced Oil Recovery Market: Overview
The global microbial enhanced oil recovery market is on a steady growth trajectory. It is predicted to witness robust growth during 2018-2026. The market is boosted by several factors including increasing imports from maturing oil wells in UK, increased spending on R&D in Asia leading innovation, increased in imports from major Asian economies including India and China.
The microbial enhanced oil recovery (MEOR) is a bio-technology. It leads to structural or functional changes in microbial environments in order to boost productivity. These microbial environments exist within oil reservoirs. Often unchecked naturally, these environments block or restrain the movement of oil trapped within porous media.
Transparency Market Research offers a comprehensive analysis of the global microbial enhanced oil recovery market for the forecast period (2018-2026). The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market. The report offers both qualitative and quantitative examination on the global market for microbial enhanced oil recovery market.
Global Microbial Enhanced Oil Recovery Market: Key Trends
As per a recent report by Oil & Gas UK, there are over 1,800 mature oil wells in UKCS and Norwegian Continental Shelf. The global microbial enhanced oil recovery market is likely to witness a robust as oil wells in Europe and US also follow similar patterns. Furthermore, many major oil companies are located in US and Europe. Increasing opposition and stringent regulations against chemical extraction of oil is also expected to boost the market. Similarly, rising innovation in the field such as cleaner sources of extracting oil and price stability in the oil market are also promising signs.
Along with opportunities, the global microbial enhanced oil recovery market also faces challenges. Corrosion is becoming a major cost for many oil makers. Recently, the Energy Information Adminstration put the total cost related to corrosion to about US 1.372 billion. Adoption of MEOR is expected to lead to an increase in corrosion costs.
Similarly, MEOR is not highly effective when there is are different temperatures within different layers of an oil field. Microorganism generally only grow at temperatures below 82 degree Celsius. As temperature is much higher at depths, the MEOR technique is not as effective at these temperatures. These are expected to be constraining factors for the global microbial enhanced oil recovery market.
Global Market: Regional Outlook
Demand for oil is up all across the globe. However, countries like US, China, India and Saudi Arabia are providing an ideal business environments. Low set-up costs and minimum legal regulations have led to several oilfields across these countries. The oilfields in the US are also boosted 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 see innovations in increasing the activity of microbes and nutrients to maximize profits. Europe follows a close second position in the global microbial enhanced oil recovery market. Asia Pacific is predicted to witness the fastest growing share due to various oil-focussed initiatives by the regional governments. For example, India signed a collaboration agreement with Titan Oil Recovery Inc recently. The solution would provide advanced organic oil recovery (OOR) solutions to the Indian oil production industry.
Global Market: Competitive Dynamics
Some of the major players in Global Market include National Energy Services Reunited Corp., Micro-Bac International Inc., RAM Biochemical, Inc., Titan Oil Recovery, Inc., Chemiphase Ltd.