Microbial Enhanced Oil Recovery Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Oct 2021
  • Pages: 120
  • SKU: IRTNTR40536
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The microbial enhanced oil recovery market share is expected to increase by USD 126.79 million from 2021 to 2025, and the market’s growth momentum will accelerate at a CAGR of 7.17%.

This microbial enhanced oil recovery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (onshore and offshore) and geography (North America, Europe, APAC, MEA, and South America). The microbial enhanced oil recovery market report also offers information on several market vendors, including BP Plc, Chemiphase Ltd., DuPont de Nemours Inc., Environmental BioTechnologies Inc., Equinor ASA, Micro-Bac International Inc., ONGC TERI Biotech Ltd., Qyrin Petroleum Technology, RAM Biochemicals Inc., and Titan Oil Recovery Inc. among others.

What will the Microbial Enhanced Oil Recovery Market Size be in 2021?

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Microbial Enhanced Oil Recovery Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The advantages of MeOR are notably driving the microbial enhanced oil recovery market growth, although factors such as uncertainties associated with low crude oil prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the microbial enhanced oil recovery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • One of the key factors driving growth in the microbial enhanced oil recovery market is the advantages of MeOR.
  • Primary and secondary oil recovery methods can extract only up to one-fourth of the OOIP; thus, tertiary oil recovery methods like MeOR, are employed to recover the remaining oil in place.
  • The MeOR solution is injected into adjacent wells, followed by the injection of water to drive the biological solution into oil-saturated zones.
  • MeOR brings an increase in the total oil produced and efficient operation of the oil field, the technique is cheaper than other enhanced oil recovery techniques and has a low-energy input requirement for microbes to produce MeOR agents.
  • With the availability of easy oil declining, the requirement for enhanced oil recovery techniques becomes crucial to increase crude oil recovery from oil wells.
  • The increasing consumption of oil and natural gas is another major factor supporting the microbial enhanced oil recovery market share growth.
  • The reduction in crude oil prices is resulting in increased fuel consumption.
  • The oil companies need to drill greenfield oil wells in new and existing oilfields while increasing the production from existing mature oilfields, to meet the increasing demand for fuel.
  • Rising industrialization and urbanization have been attributed to the increased demand for crude oil in developing economies such as China and India.
  • The increase in mobility services availed through mobile applications is likely to increase the demand for fuel, which, in turn, will require increased production from oil and gas companies.

This microbial enhanced oil recovery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Microbial Enhanced Oil Recovery Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • BP Plc
  • Chemiphase Ltd.
  • DuPont de Nemours Inc.
  • Environmental BioTechnologies Inc.
  • Equinor ASA
  • Micro-Bac International Inc.
  • ONGC TERI Biotech Ltd.
  • Qyrin Petroleum Technology
  • RAM Biochemicals Inc.
  • Titan Oil Recovery Inc.

 

This statistical study of the microbial enhanced oil recovery market encompasses successful business strategies deployed by the key vendors. The microbial enhanced oil recovery market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The microbial enhanced oil recovery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Microbial Enhanced Oil Recovery Market?

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34% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for microbial enhanced oil recovery market in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South American regions.

The rising number of mature oilfields in the Gulf of Mexico will facilitate the microbial enhanced oil recovery market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Microbial Enhanced Oil Recovery Market?

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The microbial enhanced oil recovery market share growth by the onshore segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the microbial enhanced oil recovery market size and actionable market insights on post COVID-19 impact on each segment.

 

Microbial Enhanced Oil Recovery Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 7.17%

Market growth 2021-2025

$ 126.79 million

Market structure

Fragmented

YoY growth (%)

6.24

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 34%

Key consumer countries

US, Canada, Norway, Canada, and Russian Federation

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Companies profiled

BP Plc, Chemiphase Ltd., DuPont de Nemours Inc., Environmental BioTechnologies Inc., Equinor ASA, Micro-Bac International Inc., ONGC TERI Biotech Ltd., Qyrin Petroleum Technology, RAM Biochemicals Inc., and Titan Oil Recovery Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Factors Covered in this Microbial Enhanced Oil Recovery Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive microbial enhanced oil recovery market growth during the next five years
  • Precise estimation of the microbial enhanced oil recovery market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the microbial enhanced oil recovery industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of microbial enhanced oil recovery market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The microbial enhanced oil recovery market growth will increase by $156.70 million during 2019-2024.
The microbial enhanced oil recovery market is expected to grow at a CAGR of 7.78% during 2019-2024.
Technavio has segmented the microbial enhanced oil recovery market by application (Onshore and Offshore) ,distribution channel (Offline and Online) , and geographic (North America, Europe, APAC, and South America).
Chemiphase Ltd., DuPont de Nemours Inc., Environmental BioTechnologies Inc., Equinor ASA, Micro-Bac International Inc., Microbial Energy Inc., ONGC TERI Biotech Ltd., Qyrin Petroleum Technology, RAM Biochemicals Inc., Titan Oil Recovery Inc. are a few of the key vendors in the microbial enhanced oil recovery market.
North America will register the highest growth rate of 40.36% among the other regions. Therefore, the microbial enhanced oil recovery market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the microbial enhanced oil recovery market growth are:
  • Advantages of microbial enhanced oil recovery
  • Growing adoption of closed one-piece ostomy bags
The microbial enhanced oil recovery market vendors should focus on grabbing business opportunities from the onshore segment as it accounted for the largest market share in the base year.
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