Impact of COVID-19 on the Global Microbial Enhanced Oil Recovery Market
The outbreak of the COVID-19 pandemic has substantially impacted the global microbial enhanced oil recovery market, owing to the lockdowns imposed in the majority of the countries worldwide from Q1 of 2020. The rising preference for the use of microbial enhanced oil recovery services from the oil & gas industry is expected to stimulate market growth over the anticipated timeframe. Future investments in the oil & gas sector in emerging countries are expected to provide growth opportunities to the service providers in the microbial enhanced oil recovery market. The demand for microbial enhanced oil recovery services has been hindered temporarily in recent months owing to the COVID-19 crisis and the consecutive shutting down of businesses globally. However, the requirement for microbial enhanced oil recovery services is expected to recover in the coming months and grow significantly in the long term.
Projected Change in The Global Demand For Oil Due To Covid-19 In 2020
Government organizations in several countries are focused on implementing policies for relief against the COVID-19 pandemic, which is expected to provide support to various industries, including the microbial enhanced oil recovery industry over the projected timeframe. The growing demand for advanced and energy-efficient products and technologies across industries has positively influenced the microbial enhanced oil recovery market. According to the MRF analysis, the global microbial enhanced oil recovery market is expected to witness sluggish growth in the coming year, which is likely to affect the demand for microbial enhanced oil recovery services worldwide. Industry participants are likely to improve and enhance their service offerings to strengthen their foothold in the recovering market scenario over the forecast timeframe. According to the MRFR analysis, the market is expected to recover in Q1 of 2021.
Source: Secondary Sources
Source: Primary Experts, Secondary Sources, and MRFR Analysis