Press release
Wintershall and Halliburton are the leading producers of Global Microbial Enhanced Oil Recovery Market
Microbial enhanced oil recovery (MEOR) is an organic based technology consisting in manipulating function or structure, or both, of microbial environments existing in oil reservoirs. The eventual aim of MEOR is to become better in recovery of oil entrapped in porous media while increasing economic profits. It is a tertiary extraction technology allowing the partial recovery of the commonly residual two-thirds of oil, so rising the life of mature oil reservoirs. Also, MEOR is a multidisciplinary field incorporating, among microbiology, chemistry, fluid mechanics, geology, petroleum engineering, environmental engineering and chemical engineering. Over the preceding few decades, crude oil has been the main source of energy all over the world, used for manufacturing a host of products with plastics and many other chemicals.
The extraction of petroleum for an extended period has resulted in depleting their levels inside the wells. This factor has caused in the growth of several technologies to enhance the production of petroleum to cater to the growing global demand. Through the engineering point of view, MEOR is a system integrated by the microbes, nutrients, reservoir and protocol of well injection. The Microbial Enhanced Oil Recovery Market was worth around USD XXX billion in 2017 and anticipated to grow at a CAGR of XXX to attain USD XXX billion by 2023.
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Factors Driving the Growth of Global Microbial Enhanced Oil Recovery Market:
The Microbial enhanced oil recovery market is driven by the facts such as growing number of mature wells globally, increasing demand for cleaner sources for recovering prices of crude oil, and extracting of oil. This leads to increasing deployment of microbial improved oil recovery technique in the oil fields. Moreover, there are some strict regulations against the use of chemicals in the oil fields for recovery of oil as they pose danger to the ecosystem. The presence of other technologies as well as ultrasonic and plasma pulse technology (PPT) is anticipated to pose a high threat of substitution which is likely to hamper market growth. Nevertheless, by its poor performance of technique against the peer chemicals is restraining the market.
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Geographic Segmentation:
On the basis of Geography, Global Microbial Enhanced Oil Recovery Market has been primarily conquered by North America, followed by Europe. Some of the key players dominating the market, by their products and services include Occidental petroleum, Weatherford International RAM Biochemicals, Titan Oil Recovery, Synthetic Genomics, and BP. National Oilwell Varco, Inc., Wintershall, Halliburton, Genome Prairie, Chemiphase, Glori Energy Inc., and others.
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Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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Research Cosmos is a provider of standard and customized market research, business intelligence and consulting services across more than 100 domains in different industries of the world. We host the trending market reports of the world’s top-notch publishing companies, offering services to a wide range of customers from students to fortune 500 companies and discloses the hidden opportunities in every leading industry of the world.
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