NEW YORK, Nov. 17, 2021 /PRNewswire/ -- The "Microbial Enhanced Oil Recovery Market - Competitive Analysis, Drivers, Challenges, and Five Force Analysis" report has been added to Technavio's offering. The microbial enhanced oil recovery market is expected to increase by USD 126.79 million, at a CAGR of 7.17% from 2020 to 2025 as per the latest market report by Technavio.
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The market is driven by factors such as the advantages of MeOR, increasing consumption of oil and natural gas, and the growing number of mature hydrocarbon assets will offer immense growth. However, uncertainties associated with low crude oil prices is hindering the market growth.
Some of the companies covered in this report are BP Plc, Chemiphase Ltd., DuPont de Nemours Inc., Environmental BioTechnologies Inc., Equinor ASA, Micro-Bac International Inc., ONGC TERI Biotech Ltd., Qyrin Petroleum Technology, RAM Biochemicals Inc., and Titan Oil Recovery Inc. etc.
The report includes the competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
- By Application, the market is classified into Onshore and Offshore. The microbial enhanced oil recovery market share growth by the onshore segment will be significant.
- By Geography, the market is classified as North America, Europe, APAC, MEA, and South America. North America will have the largest share of the market.
34% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for microbial enhanced oil recovery market in North America. The rising number of mature oilfields in the Gulf of Mexico will facilitate the microbial enhanced oil recovery market growth in North America over the forecast period.
Crude Oil Market -The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market's growth momentum will decelerate at a CAGR of 2.73%. Download a free sample now!
Biofuels Market -The biofuels market has the potential to grow by USD 23.21 bn during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 3%. Download a free sample now!
Microbial Enhanced Oil Recovery Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 7.17%
Market growth 2021-2025
USD 126.79 million
YoY growth (%)
North America, Europe, APAC, MEA, and South America
Performing market contribution
North America at 34%
Key consumer countries
US, Canada, Norway, Canada, and Russian Federation
Leading companies, competitive strategies, consumer engagement scope
BP Plc, Chemiphase Ltd., DuPont de Nemours Inc., Environmental BioTechnologies Inc., Equinor ASA, Micro-Bac International Inc., ONGC TERI Biotech Ltd., Qyrin Petroleum Technology, RAM Biochemicals Inc., and Titan Oil Recovery Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period
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