The Global Microbial Enhanced Oil Recovery Market: Overview
The global microbial enhanced oil recovery market is on a steady growth trajectory. It is predicted to witness robust growth during 2018-2026. The market is boosted by several factors including increasing imports from maturing oil wells in UK, increased spending on R&D in Asia leading innovation, increased in imports from major Asian economies including India and China.
The microbial enhanced oil recovery (MEOR) is a bio-technology. It leads to structural or functional changes in microbial environments in order to boost productivity. These microbial environments exist within oil reservoirs. Often unchecked naturally, these environments block or restrain the movement of oil trapped within porous media.
Transparency Market Research offers a comprehensive analysis of the global microbial enhanced oil recovery market for the forecast period (2018-2026). The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market. The report offers both qualitative and quantitative examination on the global market for microbial enhanced oil recovery market.
Global Microbial Enhanced Oil Recovery Market: Key Trends
As per a recent report by Oil & Gas UK, there are over 1,800 mature oil wells in UKCS and Norwegian Continental Shelf. The global microbial enhanced oil recovery market is likely to witness a robust as oil wells in Europe and US also follow similar patterns. Furthermore, many major oil companies are located in US and Europe. Increasing opposition and stringent regulations against chemical extraction of oil is also expected to boost the market. Similarly, rising innovation in the field such as cleaner sources of extracting oil and price stability in the oil market are also promising signs.
Along with opportunities, the global microbial enhanced oil recovery market also faces challenges. Corrosion is becoming a major cost for many oil makers. Recently, the Energy Information Adminstration put the total cost related to corrosion to about US 1.372 billion. Adoption of MEOR is expected to lead to an increase in corrosion costs.
Similarly, MEOR is not highly effective when there is are different temperatures within different layers of an oil field. Microorganism generally only grow at temperatures below 82 degree Celsius. 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.
Global Market: Regional Outlook
Demand for oil is up all across the globe. However, countries like US, China, India and Saudi Arabia are providing an ideal business environments. Low set-up costs and minimum legal regulations have led to several oilfields across these countries. The oilfields in the US are also boosted by innovation in technology.
Thanks to its innovation, North American microbial enhanced oil recovery market has bagged the largest share of the global market. The market continues to see innovations in increasing the activity of microbes and nutrients to maximize profits. Europe follows a close second position in the global microbial enhanced oil recovery market. Asia Pacific is predicted to witness the fastest growing share due to various oil-focussed initiatives by the regional governments. For example, India signed a collaboration agreement with Titan Oil Recovery Inc recently. The solution would provide advanced organic oil recovery (OOR) solutions to the Indian oil production industry.
Global Market: Competitive Dynamics
Some of the major players in Global Market include National Energy Services Reunited Corp., Micro-Bac International Inc., RAM Biochemical, Inc., Titan Oil Recovery, Inc., Chemiphase Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.