The global microbial enhanced oil recovery market is set to gain traction from the expansion of the oil and gas industry across the world. The industry is one of the crucial suppliers of raw materials for chemical products, such as plastics, pesticides, fertilizers, solvents, and pharmaceuticals. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Microbial Enhanced Oil Recovery Market Size, Share & Industry Analysis, By Site (Onshore, Offshore), By Mechanism (In-Situ Mechanism, Ex-Situ Mechanism, Others) and Regional Forecast, 2019-2026.” The report further states that the oil and gas industry is also responsible for the majority of primary energy generation. Therefore, the enhanced recovery process plays a significant role in maintaining a stable and reliable operation. Here, microbial enhanced oil recovery comes to the rescue.
This Report Answers the Following Questions:
- What are the most important microbial enhanced oil recovery market trends?
- What opportunities and challenges will the market face in the future?
- How will the market grow and what will be its estimated size?
- Which region is expected to dominate the market in the coming years?
- What are the obstacles that the market may face during the forthcoming period?
U.S. DOE Awards Funds for Innovation; Chevron Bags OGA Approval for Captain EOR Project
Reputed companies present in the market are striving persistently to gain the maximum microbial enhanced oil recovery market share in the forthcoming years by bagging approvals from the government agencies. Below are a couple of the key industry developments:
- November 2019: The U.S. Department of Energy (DOE) announced funding worth USD 15 million for 23 projects under its Advanced Research Projects Agency-Energy (ARPA-E). It would help in boosting the incorporation of artificial intelligence and machine learning into the product design processes and energy technology. As per the officials, this blend of AI and machine learning would enhance the productivity of the country’s scientists and engineers.
- December 2018: Chevron Corporation, a multinational energy corporation based in California, received approval from the U.K. Oil and Gas Authority (OGA) to carry on with its plans for an Enhanced Oil Recovery (EOR) project. The main aim of this project is to extend the life of the long-producing Captain field in the U.K. Central North Sea and unlock millions of extra barrels of oil in this area.
Fortune Business Insights™ lists out some of the most renowned companies operating in the microbial enhanced oil recovery market. They are as follows:
- Danish Technological Institute
- Environmental BioTechnologies, Inc.
- Microbial Energy Inc.
- Baker Hughes, a GE company
- Sentinel Biologics
- Titan Oil Recovery, Inc.
- Chevron Corporation
- Other key market players
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Microbial Enhanced Oil Recovery Market rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fuelling demand for energy and is expected to drive the Microbial Enhanced Oil Recovery Market.
- By Type
- By Application
- By Geography
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive the competition and maintain their stronghold.
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
North America to Dominate: Rising Shale Gas Exploration Will Favor Growth
In terms of region, the market is fragmented into the Middle East and Africa, Europe, Asia Pacific, North America, and Latin America. Amongst these, North America is projected to lead in terms of microbial enhanced oil recovery market revenue throughout the forecast period. This growth is attributable to the increasing shale gas exploration and extraction activities occurring in the U.S. Also, the pre-existing companies are inclining rapidly towards unique, economical, and frugal technologies to cut off the cost of extraction or fracking of this gas. Additionally, the U.S. government is conducting demonstration, as well as research and development activities through grants and funding. In the Middle East and Africa, the market would grow steadily on account of the increasing number of aging oil and gas production sites in both regions. Besides, these regions are the largest exporters of oil and gas globally.
Reasons to Purchase This Report:
- A detailed study of product launches of every marketing player, their market channels, tactics, and market growth.
- The report helps to understand the key product segments and their future scope up to Five Decades.
- The report allows readers and market players to understand market Size, Share, Trend, and Future Forecast.A
- The Report Provide Deep analysis with region-specific assessments and competition analysis on a global and regional scale.
Major Table of Content for Microbial Enhanced Oil Recovery Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Market Analysis, Insights and Forecast, 2015-2026
- North America Market Analysis, Insights and Forecast, 2015-2026
- Europe Market Analysis, Insights and Forecast, 2015-2026
- Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
- Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
- Latin America Market Analysis, Insights and Forecast, 2015-2026
- Competitive Landscape
- Company Profile
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