(Entertainment-NewsWire.com, January 10, 2018 ) 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.
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.
According to recently published Publisher report "Microbial Enhanced Oil Recovery Market: Opportunities and Forecasts (2016-2021)", Microbial Enhanced Oil Recovery Market is forecasted to grow at a CAGR of 17.37% during 2016 - 2021F, on account of increased activities in exploration and production activities in the oil and gas sector along with rise in number MEOR projects and field trails in various nations across the globe.
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.
According to Publisher research report, Global Microbial Enhanced Oil Recovery Market: Opportunities and Forecasts (2016-2021)", Microbial Enhanced Oil Recovery Market is projected to exhibit a CAGR of over ~17.37% during 2016E - 2021F. On the basis of market segment, the market has been segmented into three categories namely - By Metabolic Product, By Application, By Location of Application and By Regions. Few of the leading companies operating Microbial Enhanced Oil Recovery Market are Glori Energy Inc., DuPont, Titan Oil Recovery, Chemiphase, Genome prairie, ConcoPhilips, BP, Stat Oil, Shell, Gulf Energy LLC.