“Microbial Enhanced Oil Recovery Market spending will reach US$ 730 million in 2020”, says Visiongain
30 September 2019
This latest report by business intelligence provider Visiongain assesses that Microbial Enhanced Oil Recovery Market spending will reach US$ 730 million in 2020 and is forecast to reach US$ 1830 million by 2030, at a CAGR of 10.8% over the forecast period. Microbial Enhanced Oil Recovery (MEOR) is a biological technology that consists of controlling feature or composition, or both, of microbial settings in oil reservoirs. MEOR's ultimate goal is to improve oil recovery in porous media while at the same time increasing economic profits. MEOR is a tertiary oil extraction technology that enables the complete regeneration of two-thirds of the frequently residual oil and thus increases the lives of productive oil reservoirs.
Leading Regional & National Analysis
Global Microbial Enhanced Recovery Market is expected to witness exponential growth over the forecast period due to high numbers of mature wells, increased oil demand, and increased expenditure on upstream players ' research and testing. The market share of microbial enhanced oil recovery is expected to dominate the region of North America and Europe. The oil fields in these areas have reached their maximum lives and need tertiary techniques to retrieve the unused oil in the stones.
The microbial EOR method, according to Titan, a significant oil business, has the ability to improve the oil achievement level by 84 times. In order to find the success rate of implementing the MEOR technique, the U.S. carried out various research and trail projects in the oil fields. Asia Pacific and the Middle East region are likely to follow market share as a result of the growing nations ' increasing demand for fuel. China and India are the world's biggest net crude oil importers.
Factors such as Aging oil and gas infrastructure, increasing offshore drilling activities, demand for alternative technologies are driving Growth in the Market
Aging oil and gas infrastructure, increasing offshore drilling activities, demand for alternative technologies, economic and environmental factors, CO2 emission reduction policies and rising demand for fuel are key factors driving the Microbial Enhanced Oil Recovery Market. Furthermore, the Microbial Enhanced Oil Recovery Market is motivated by statistics such as expanding the amount of productive plants worldwide, growing requirement for cheaper oil extraction technologies, and restoring crude oil prices. Asia Pacific is projected to lead to its tremendous growth in the coming years. Several oil companies across Malaysia, China, and India are using low-cost solution to implement the technology to boost their output.
It is anticipated that increased resistance and strict laws against chemical oil extraction will increase the growth in the market
According to a latest study by Oil & Gas UK, in UKCS and Norwegian Continental Shelf there are more than 1,800 old petroleum pools. As oil wells in Europe and the United States also adopt comparable trends, the worldwide microbial improved oil retrieval industry is probable to experience a solid one. In addition, there are many significant oil companies in the U.S. and Europe. It is also anticipated that increased resistance and strict laws against chemical oil extraction will increase the industry. Likewise, increasing innovation in the field such as cleaner oil extraction sources and price stability in the oil market are promising signs.
The global microbial enhanced oil recovery market, along with opportunities, also faces challenges. For many oil producers, corrosion is becoming a significant expense. Recently, the Administration of Energy Information has placed the complete expense of corrosion at approximately USD 1,372 billion. It is expected that the adoption of MEOR will lead to increased costs of corrosion.
Similarly, when different temperatures exist within different layers of an oil field, MEOR is not highly effective. Generally speaking, microorganisms only grow at temperatures below 82 ° C. 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.
Microbial enhanced oil recovery functions as a alternative to the barriers in optimizing oil manufacturing
Microbial enhanced oil recovery functions as a alternative to the barriers in optimizing oil manufacturing, including elevated petroleum viscosity, rock and reservoir impermeability, and elevated capillary forces retaining oil in wells. The method of microbial enhanced oil recovery utilizes enzymes and their by-products to increase the reservoir flexibility of oil. Microorganisms are injected into the oil well, which releases certain products, such as gas, acid, bio-surfactants, exo-polymers and others, capable of reducing the oil's viscosity and moving the oil to the surface.
Microbial enhanced oil recovery market is driven by facts such as increasing the number of mature wells worldwide
Microbial enhanced oil recovery market is driven by facts such as increasing the number of mature wells worldwide, increasing demand for cleaner oil extraction sources, and recovering crude oil prices. The biggest amount of productive reservoirs and the biggest amount of oil companies are found in North America and Europe. This results in increased implementation in the oil fields of microbial enhanced oil recovery method. In addition, there are strict regulations against the use of chemical substances in oil fields for oil recovery as they pose a threat to the land ecosystem. This leads to a rising market for the recovery of microbial oil. Recent researches suggests that at least 50% of oil rigs in North America especially in U.S. and Canada are suitable for microbial enhanced oil recovery. However, its poor performance of technique against the peer chemical techniques is restraining the market.
Among all applications, the major market share holder is the segment of interfacial tension reduction
Among these applications, the major market share holder is the segment of interfacial tension reduction. Oil and water have elevated interfacial tension that with the assistance of microbes can be lowered. This pushes the interface tension decrease section industry. The microbes can also reproduce well in elevated oil temperature, which helps to reduce oil viscosity. The microbial enhanced oil recovery market is classified as onshore and offshore wells based on well types. Onshore well segment is expected to capture market share due to lower onshore research and testing costs than offshore, coupled with an increasing number of mature onshore wells.
MEOR industry is expected to make enormous progress over the forecast period due to continuous developments in the end-use industry coupled with increasing demand for exploration and expenditure on production in the oil industry. Multinationals and well-established businesses are also anticipated to have elevated growth operations on the sector.
Glori Energy Inc.
Titan Oil Recovery
Royal Dutch Shell
- I. Du Pont De Nemours And Company
The comprehensive report offers market estimation and forecast for the period ranging 2020-2030 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of Microbial Enhanced Oil Recovery.
The Microbial Enhanced Oil Recovery Market Report 2020-2030 report will be of value to anyone who wants to better understand the Microbial Enhanced Oil Recovery market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the Microbial Enhanced Oil Recovery industry.
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