A new report from RnR Market Research has claimed that the microbial enhanced oil recovery market will grow at 17.37% CAGR until 2021.
The 'Global Microbial Enhanced Oil Recovery (MEOR) Market: Opportunities and Forecasts (2016 - 2021)' report speaks about the offshore and onshore allocation of the market share wherein rises in the offshore explorations in MEOR at Norway, Malaysia and US would drive the market in the offshore oil and gas industry.
Some of the the basic reasons behind increased demands for the microbial enhanced oil recovery market are: aging oil and gas infrastructure, rise in offshore drilling activities, the need for alternative technologies, economic and environmental factors, lower crude oil prices, CO2 reducing emission policies and a rise in demand for fuel.
China has the highest exporting capacity for natural gas as well as the world's largest net importer of petroleum and other liquids, in part this is because of China's rising oil consumption. This has made the Asia Pacific market, for MEOR, to grow during 2016 - 2021. Similarly, the MEOR market for the Middle East & Africa comprises of Oman, Kuwait, Saudi Arabia and Angola, as their most demanding nations for oil and gas owing to their high consumption demand for energy due to high industrial and manufacturing sector. North America has been able to maintain its high market for MEOR owing to its numerous MEOR field trials and projects especially in US and Canada.
Moreover, the percentage share of the onshore market is anticipated to decline but would still be higher than the offshore market until the year 2021. But stringent government regulations regarding oil and gas leaks, lower credibility and obstacles in production via MEOR is one of the biggest restraints faced by the industry. Aging oil and gas infrastructure, the need for alternative technologies, lower crude oil prices and rise in demand for fuel has surged the need for more exploration and production (E&P) activities that are further driving the market for MEOR. With the high demand for energy in the nations across the globe, there has been an increase in exploration activities leading to growth in the market for Microbial Enhanced Oil Recovery Market.
According to a recently published report 'Microbial Enhanced Oil Recovery Market: Opportunities and Forecasts (2016 - 2021)', the microbial enhanced oil recovery market is forecasted to grow at a CAGR of 17.37% during 2016 - 2021, on account of increased activities in exploration and production activities in the oil and gas sector along with rise in number MEOR projects and field trails in various nations across the globe.
Decline in crude oil prices have brought some major economic benefits for nations, which has re-structured the oil and gas industry and the market for MEOR. The North American market has been a dominating region during 2016 - 2021 because of an extensive MEOR project and field trials implementation followed by Europe, while Asia Pacific will have the highest CAGR along with the Middle East and Africa. The oil and gas industry in the North American market holds the highest share by region having a -1.26 % CAGR from 2011 - 2015, followed by the European market and the Middle East and African market, respectively. According to the research report, Global Microbial Enhanced Oil Recovery Market: Opportunities and Forecasts (2016 - 2021)", the market is projected to exhibit a CAGR of over approximately 17.37% during 2016 - 2021. On the basis of market segment, the market has been segmented into three categories namely by: metabolic product, application, location of application and regions. Few of the leading companies operating MEOR Market are Glori Energy Inc., DuPont, Titan Oil Recovery, Chemiphase, Genome prairie, ConcoPhilips, BP, Stat Oil, Royal Dutch Shell plc., Gulf Energy LLC.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/17102016/microbial-enhanced-oil-recovery-market-to-grow-at-1737-cagr/