Global Microbial Enhanced Oil Recovery (MEOR) Market is Forecasted to grow at a CAGR of 17.37% during 2016-2021
Date: 13 October 2016
Aging Oil and Gas Infrastructure, Rise in offshore drilling activities, Need for alternative technologies, Economic & Environmental Factors, Lower Crude Oil Prices, CO2 Reducing Emission Policies & Rise in Demand for Fuel, are the basic reasons behind increased demands for the Microbial Enhanced Oil Recovery Market.
Asia Pacific is expected to experience the highest growth owing to increase in field MEOR project trials in China, Australia, Malaysia and India. Demand in Asia will be diverse with MEOR field trials and projects in Daqing oil plant development block in northeastern China; Shengli, Jilin, Dagang, Liaohe, Henan, Changqing, Xinjiang, etc. along with trials done in Bokor (Malaysia) the only known offshore field MEOR trials in Asia Pacific. Middle East & Africa, South America are other economies rising with field trials and projects have been done on Argentina, Peru, Trinidad & Tobago, Venezuela, Mexico, MEOR Angola, Oman, Kuwait, Saudi Arabia, etc. while the matured markets like North America and Europe will see slow growth in the forecasted period in United States, Canada, Russia, etc. Rise in Capital Intensive developments in unconventional sources, and increase in offshore exploration in Norway, USA and Malaysia have further propelled the demand for oil and natural thereby accelerating the market for EOR markets which eventually led to the increment of the Microbial Enhanced oil Recovery Market. Additionally, the governments has been stringent with policies over reducing CO2 emissions in order to protect the environment are actually driving the market for CO2-Microbial Enhance Oil Recovery Market until 2021.
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 Microbial Enhanced Oil Recovery. North American market has been a dominating region during 2016-2021E because of an extensive MEOR project & field trials implementation followed by Europe while Asia Pacific will have the highest CAGR along with Middle East & Africa. The oil and gas industry in North American market holds the highest share by region having a -1.26 % CAGR from 2011-2015 followed by European Market and Middle East & African Market, respectively.
China has high exporting capacity for Natural Gas as well as is world's largest net importer of petroleum and other liquids, in part because of China's rising oil consumption. This has made Asia Pacific market for MEOR to grow during 2016-2021. Similarly MEOR Market for Middle East & Africa comprises of Oman, Kuwait, Saudi Arabia, 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 & projects especially in United States and Canada.
The report speaks about the offshore and onshore allocation of the market share wherein rise in the offshore explorations in MEOR at Norway, Malaysia and United States would drive the market in the offshore oil and gas industry. Moreover, the percentage share of the onshore market is anticipated to decline but would still be higher than offshore market until the year 2021. But stringent government regulations regarding oil & gas leaks, lower credibility and obstacles in production via MEOR is one of the biggest restraints faced by this industry. Aging Oil and Gas Infrastructure, Need for alternative technologies, Lower Crude Oil Prices & Rise in Demand for Fuel has surged the need for more Exploration & Production (E&P) activities that is further driving the market for Microbial Enhanced Oil Recovery. 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.
In terms of segmentation, market is categorized By Metabolic Products (Biomass Formation, Bio-Surfactants, Bio-Polymers, Bio-Solvents, Organic Acids, Bio- Gases, Bio-emulsifiers, and Hydrocarbon Metabolism), By Applications (Interfacial tension reduction, Emulsification and de-emulsification, Selective plugging & Wettability alteration, Gas production, Biodegradation) and By Location of Application (Offshore & Onshore). North America, South & Central America, Asia Pacific, Europe and Middle East & Africa are being covered in the Regional segmentation.
The report Global Microbial Enhanced Oil Recovery (MEOR) Market: Opportunities and Forecasts (2016-2021)
has analysed the potential of Microbial Enhanced Oil Recovery Market and provides statistics and information on market size, shares and growth factors. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities in the Global Microbial Enhanced Oil Recovery Market. Additionally, the report also highlights market entry strategies for various companies across the globe.