Rapid increase in industrialization & urbanization, decline in production for the existing oil fields, and growing number of matured oil wells have led to the growth in applications of microbial enhanced oil recovery techniques. Studies have revealed that residual oil amounts to about 67% of the total oil reserves. This residual oil is recovered by MEOR techniques and oil industries have started implementing these methods for the extraction of crude oil. The MEOR technology being exceptionally cost-effective has also led to its high acceptance across the globe. Up to 50% of the residual oil can be extracted by this exceptionally low operating cost technology.
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However, MEOR is not highly effective when there is difference in temperatures within different layers of an oil field. Microorganisms generally grow at temperatures below 82 degree Celsius. Since temperature is much higher at depths, the MEOR technique is not as effective at these temperatures and this may act as a restraining factor for the MEOR market.
The demand for oil is increasing all over the world. The North America region has the largest share of the market, followed by Europe. The Asia-Pacific region is also expected to grow at a steady rate in future due to various initiatives taken by the governments in this region focusing on the recovery of crude oil.
Companies covered in the market report are National Energy Services Reunited Corp., Micro-Bac International Inc., RAM Biochemical Inc., Titan Oil Recovery Inc., Chemiphase Ltd, Equinor ASA, Microbial Energy INC, Qyrin Petroleum Technology, DuPont de Nemours Inc.
COVID-19 scenario analysis:
- The outbreak of the novel coronavirus all over the world has affected the microbial enhanced oil recovery market to a great extent.
- Nationwide lockdowns in several countries have halted transportation. This resulted in a steep decline in the demand for fuel in vehicles as well as industries. This has severely affected the oilfields and the MEOR market globally.
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Key benefits of the report:
- This study presents the analytical depiction of the global microbial enhanced oil recovery market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global microbial enhanced oil recovery market share.
- The current market is quantitatively analyzed from 2021 to 2029 to highlight the global microbial enhanced oil recovery market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
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