Microbial Enhanced Oil Recovery Market Size, Strategies and Opportunities Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the microbial enhanced oil recovery market is expected to be valued at USD 1,343.3 million in 2022 and is poised to grow at a significant CAGR of 11.9% over 2022-2028. The primary drivers of the expansion of the global microbial enhanced oil recovery market include the increasing number of mature wells, the increasing demand for full utilization of oil and gas reserves to maximize profit, and the increasing demands for energy fuels and crude oil.

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Thermal EOR Segment to Dominate the Microbial Enhanced Oil Recovery Market:
Based on technology, the global microbial enhanced oil recovery market is segmented into thermal EOR, chemical EOR, gas EOR, and others. The thermal EOR segment is expected to account for a larger revenue share in the global microbial enhanced oil recovery market, with a value share worldwide. Thermal EOR involves the injection of steam to lower the viscosity and improve its ability to flow through the reservoir. It is mainly used in heavy oil reservoirs to recover heavy crude oil. Increasing demand for heavy oil production is boosting the growth of the thermal EOR segment. Hence, this segment will drive the global market growth at a faster pace in the forecasted years.

North America Microbial Enhanced Oil Recovery Market:
North America is expected to increase in the global microbial enhanced oil recovery market over the forecast period. North America is expanding as a result of the increasing offshore oil exploration and extraction activities, the high adoption rate of innovative technology, and government initiatives and support. The Middle East and African region held considerable market share during the estimated period owing to the increasing number of new wells and mature wells.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global microbial enhanced oil recovery market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region .

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The microbial enhanced oil recovery market is segmented based on product type, component, type, set-up systems, application, end-user, and geography.
Based on the sites, the market is segmented into the following:
• Onshore
• Offshore

Based on the technology, the market is segmented into the following:
• Thermal EOR
• Chemical EOR
• Gas EOR
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the microbial enhanced oil recovery market report are Halliburton, Schlumberger, Baker Hughes Company, Titan Oil Recovery, XYTEL Corporation, Premier Energy, Chevron Phillips Chemical Company, Audubon Companies, Core Laboratories, Secure Energy Services, Clariant, Croda International, and Ultimate EOR Services.

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This release was published on openPR.