Published on : Nov 15, 2016
ALBANY, NY, Nov 15, 2016: The report is titled “Global Microbial Enhanced Oil Recovery (MEOR) Market: Opportunities and Forecasts (2016-2021) By Metabolic Products (Biomass Formation, Bio-Surfactants, Bio-Polymers, Bio-Solvents, Organic Acids, Bio- Gases, Bio-emulsifiers, Hydrocarbon Metabolism), By Applications (Interfacial Tension Reduction, Emulsification and De-Emulsification, Selective Plugging & Wettability Alteration, Gas production, Biodegradation):By Location of Application (Offshore & Onshore), By Region (North America, South & Central America, APAC, Europe, and Middle East & Africa).
The report presents an in-depth analysis of the growth trajectory of the global microbial enhanced oil recovery (MEOR) market along with the prevalent trends. It further evaluates the factors that are likely to aid or inhibit the growth of the market during the forecast period. The study also projects the volume and revenue growth of the market. An analysis of all the segments of the global microbial enhanced oil recovery market has been provided in the research report.
According to the report, the primary reasons behind the rising demand for microbial enhanced oil recovery are significant growth in offshore drilling activities and outdated oil and gas infrastructure across the world. The growing requirement for alternative technologies and the implementation of CO2 emission reduction policies are expected to bode well for the market growth. Other factors supporting the growth of the market include economic growth, environmental concerns, decreasing crude oil prices, and mounting demand for fuel.
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The report states that the global microbial enhanced oil recovery market is projected to exhibit a 17.37% CAGR from 2016 to 2021 owing to the extensive rise in oil and gas exploration and production activities in the United State and Malaysia. Although the share of the onshore oil and gas market is expected to decline, it will still remain higher than the share accounted by the offshore market until 2021. However, obstacles to oil and gas production through MEOR, low credibility, and strict regulations regarding leaks of oil and gas are anticipated to impact the market adversely.
Owing to intensive oil and gas exploration and drilling activities, North America is expected to dominate the MEOR market during the forecast period despite exhibiting a -1.26% CAGR. The demand for microbial enhanced oil recovery is expected to be high in China as it is one of the leading exporters of natural gas and one of the prime importers of petroleum owing to the growing oil consumption in the country. This has resulted in a more lucrative Asia Pacific market for microbial enhanced oil recovery. Similarly, the demand for MEOR is projected to intensify in countries of the Middle East and Africa region, such as Angola, Saudi Arabia, Kuwait, and Oman.
The leading companies mentioned in the report are Chemiphase, Genome Prairie, Gulf Energy LLC, Glori Energy Inc., Titan Oil Recovery Inc., DuPont, ConocoPhillips, BP p.l.c, Royal Dutch Shell plc., and StatOil.
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