New York, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global microbial enhanced oil recovery (MEOR) market size is projected to expand at ~20% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 200 million by the end of 2035, up from a revenue of ~USD 1oo million in the year 2022.The main factor driving the growth of the market is the rapid growth of the global oil and gas industry. The oil and gas industry plays a crucial role in energy management, but is also a major supplier of raw materials for chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and others. Therefore, Microbial Enhanced Oil Recovery (MEOR) plays a crucial role to ensure reliable and stable operation of the oil and gas industry. Therefore, with the intense growth of the oil and gas industry, the utilization rate of microbial oil recovery (MEOR) is also expected to increase, which in turn is expected to contribute to the expansion of the market growth over the forecast period.
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The latest reports suggest that the global oil and gas industry revenue will reach US$5 trillion in 2022.That number is projected to grow to nearly $10 trillion by 2025, at a 10% growth rate. With the recent escalation in demand for energy sources such as oil and petroleum, the demand for crude oil is also increasing. Therefore, drilling processes have also increased, however, even after oil production processes have been carried out, large amounts of valuable oil remain trapped in the reservoir.
Microbial Enhanced Oil Recovery (MEOR) Market: Key Takeaways
- Market in North America to propel highest growth
- The onshore segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Demand for Crude Oil across the Globe to Boost Market Growth
Crude oil has steadily increased due to its use in various end-use industries such as transportation, automotive, energy, petrochemical, plastics, and many others. As crude oil is produced through drilling processes, the increasing demand for crude oil is expected to increase the use of microbial oil recovery (MEOR) for optimal results in the drilling process. According to the latest available data, global daily crude oil demand has increased from 90 million barrels per day in 2020 to 100 million barrels per day in 2022. This value is expected to keep increasing and reach 105 barrels per day in 2026.
Recently, governments of various nations have focused on increasing the number of oil exploration and production activities in order to increase global demand for oil and oil products cover. With the increase in the number of oil exploration projects, the demand for microbially enhanced oil recovery (MEOR) is expected to increase as well, which in turn will contribute to the expansion of the global microbially enhanced oil recovery (MEOR) market. ) during the analysis period. For example, world oil production is estimated at about 90 million barrels per day worldwide and is projected to increase to about 150 million barrels per day by 2033.
Microbial Enhanced Oil Recovery (MEOR) Market: Regional Overview
The MEOR market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding consumption of petroleum to Drive the Market Growth in North America Region
The microbial enhanced oil recovery (MEOR) market in North America region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the large consumption of petroleum, petroleum products, and oilfield chemicals. The process to recover these products requires drilling, which in turn creates the need for Microbial Enhanced Oil Recovery (MEOR) to recover these products.
According to the US Energy Information Administration, an average of about 19.89 million barrels of oil per day were consumed in the United States in the year 2021, or about 7 million barrels of oil in total.26 billion barrels of oil. Likewise, the high energy demand of the US population is another factor driving market growth in the region. In 2021, total U.S. primary energy consumption was about 97,331,601,000,000,000 Btu or about 97 trillion Btu as reported by U.S. reported Energy Information Management.
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Growing Environmental Benefits and Regulatory Compliance to Propel the Growth in the Asia Pacific Region
The Asia Pacific microbial enhanced oil recovery (MEOR) market is estimated to garner the highest CAGR by the end of 2035. As conventional oil reserves become depleted, the oil industry in the Asia Pacific region is facing challenges in maintaining production levels. MEOR offers a promising solution by utilizing microorganisms to enhance oil recovery. By introducing microbes into oil reservoirs, MEOR processes can improve oil displacement and recovery efficiency, addressing the production challenges faced by the industry.
Governments in the Asia Pacific region have been supportive of the oil and gas industry and have recognized the potential of MEOR technologies. They have implemented policies and provided investments to encourage the adoption of advanced oil recovery methods, including MEOR. For example, in countries like China and India, the governments have shown interest in promoting and investing in technologies that can enhance domestic oil production. MEOR offers environmental benefits compared to traditional oil recovery techniques. It reduces the need for harsh chemicals and water-intensive methods, making it an environmentally friendly approach to oil recovery. This aspect has gained attention in the Asia Pacific region, where environmental concerns and regulatory compliance are key factors. MEOR can help oil companies meet sustainability goals and comply with environmental regulations.
Microbial Enhanced Oil Recovery (MEOR), Segmentation by Well Type
- Onshore
- Offshore
Amongst these segments, the onshore segment in microbial enhanced oil recovery (MEOR) market is anticipated to hold the largest share over the forecast period. The increasing global energy demand is a significant driver for the growth of the onshore segment. As populations grow, economies develop, and living standards improve, the need for reliable and accessible energy sources, such as onshore oil, gas, and renewable energy, rises. The International Energy Agency (IEA) projected a 50% increase in global energy demand from 2018 to 2050.
Technological advancements have significantly contributed to the growth of the onshore segment. Innovations in drilling techniques, such as hydraulic fracturing (fracking) and horizontal drilling, have made it more economically viable to extract oil and gas from onshore reserves. Advanced seismic imaging, reservoir modeling, and data analytics have also improved exploration and production efficiency, leading to increased activity in the onshore segment. Many countries prioritize domestic energy production to enhance energy security and reduce dependence on imported energy resources. Developing onshore energy resources allows countries to tap into their own reserves, fostering domestic energy independence.
Microbial Enhanced Oil Recovery (MEOR), Segmentation by Mechanism
- In-Situ Mechanism
- Ex-Situ Mechanism
- Others
Amongst these segments, the in-situ mechanism segment is anticipated to hold a significant share over the forecast period. The economic viability of in-situ extraction methods has been a key driver for the segment's growth. In-situ mechanisms allow for the extraction of resources that would otherwise be uneconomical to produce using traditional methods. The cost-effectiveness and profitability of in-situ operations, particularly in resource-rich regions, have incentivized companies to invest in and expand the in-situ mechanism segment.
The presence of significant resources accessible through in-situ mechanisms has been a driver for its growth. Regions with substantial reserves of oil sands, heavy oil, or uranium deposits that can be effectively recovered through in-situ methods have witnessed increased activity in this segment. For example, Canada's oil sands reserves have attracted significant investment and development in the in-situ extraction sector. The in-situ mechanism has gained prominence due to the exploitation of unconventional resources. Unconventional resources, such as oil sands and shale oil, often require in-situ extraction methods due to their geological characteristics. The development of these resources, particularly in regions like Canada and the United States, has propelled the growth of the in-situ mechanism segment.
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Microbial Enhanced Oil Recovery (MEOR), Segmentation by Application
- Interfacial Tension Reduction
- Emulsification & De-emulsification
- Selective Plugging
- Wettability Alternation
- Gas Production
- Bio Degradation
Microbial Enhanced Oil Recovery (MEOR), Segmentation by Application
- Interfacial Tension Reduction
- Emulsification & De-emulsification
- Selective Plugging
- Wettability Alternation
- Gas Production
- Bio Degradation
Microbial Enhanced Oil Recovery (MEOR), Segmentation by Bacterial Injection
- Cyclic MEOR
- Microbial Flooding
- Feeding Existing Bacteria
Microbial Enhanced Oil Recovery (MEOR), Segmentation by Type
- Ground Method
- Reservoir Method
Few of the well-known market leaders in the global microbial enhanced oil recovery (MEOR) market that are profiled by Research Nester are DuPont De Nemours Inc., BP Plc, Chemiphase Ltd., Environmental BioTechnologies Inc., Equinor ASA, Micro-Bac International Inc., ONGC TERI Biotech Ltd., RAM Biochemicals Inc., Titan Oil Recovery Inc., Qyrin Petroleum Technology, and other key market players.
Recent Development in the Microbial Enhanced Oil Recovery (MEOR)Market
- TechnipFMC opened an international surface facility at ICAD II with the primary objective of helping ADNOC improve its operations in Abu Dhabi.
- ONGC has partnered with Indian Oil to reduce carbon emissions during enhanced oil recovery by injecting captured carbon dioxide from IOCL's Koyali Refinery.
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