 Market.webp)
Microbial Enhanced Oil Recovery (MEOR) Market size was over USD 119.9 Million in 2023 and is projected to reach USD 1.26 Billion by the end of 2036, growing at around 19.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of microbial enhanced oil recovery (MEOR) is assessed at USD 141.37 Million. The primary factor for market growth is the rapid boom in the global oil and gas industry. The oil and gas industry plays a crucial role in energy management but is also a significant supplier of raw materials for chemical products, which include pharmaceuticals, solvents, fertilizers, pesticides, and others. Thus, to ensure reliable and stable operations of the oil and gas industry, microbial enhanced oil recovery (MEOR) plays an imperative role. Hence, with the intensive growth of the oil and gas industry, the utilization rate of microbial enhanced oil recovery (MEOR) is also expected to grow, which in turn is projected to help in expansion of market growth during the forecast period. The latest reports suggest that the revenue generation of the global oil and gas industry in 2022 was USD 5 trillion. This figure is further anticipated to increase and reach almost USD 10 trillion by 2025, with a growth rate of 10%.
With the recent escalation in the demand for energy fuels such as oil and petroleum, the demand for crude oil is also increasing subsequently. Therefore, drilling processes have also increased however large quantities of valuable oil remains trapped in the reservoir even after the implementation of oil extraction processes. In such scenarios, microbial enhanced oil recovery (MEOR) is used for extracting the remaining oil from the reservoirs and increasing the oil production to fulfill the worldwide demand for oils. This factor is considered to create many favorable opportunities for market players to generate robust revenue for market growth during the forecast period. Moreover, microbial enhanced oil recovery is an effective solution for clearing the obstacles in the way of optimized oil production including the high viscosity of petroleum, impermeability of the rocks and reservoirs, and high capillary forces that helps in retaining the oil in wells for further process. All these advantages couple up to create a positive outlook for market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
19.9% |
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Base Year Market Size (2023) |
USD 119.9 Million |
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Forecast Year Market Size (2036) |
USD 1.26 Billion |
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Regional Scope |
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Well Type (Onshore, offshore)
The global microbial enhanced oil recovery (MEOR) market is segmented and analyzed for demand and supply by well type into onshore, and offshore. Out of the two types of well types, the onshore segment is estimated to gain the largest market share of about 59% in the year 2036. The primary factor for market growth is the increased number of onshore oil rigs as compared to offshore oil rigs present over the oil. For instance, it was calculated that at the end of 2021, there were 1,300 operational onshore oil rigs, compared with 200 offshore rigs across the world. Furthermore, the availability of oil is more in onshore wells owing to which, more investors are propelled more invest in onshore wells. Also, in onshore wells, oilfield chemicals are easily available which is considered to contribute positively to segment growth during the forecast period.
Mechanism (In-Situ, Ex-Situ)
The global microbial enhanced oil recovery (MEOR) market is also segmented and analyzed for demand and supply by mechanism into an in-situ mechanism, ex-situ mechanism, and others. Amongst these two segments, the in-situ mechanism segment is expected to garner a significant share of around 46% in the year 2036. In-situ mechanism, there is a generation of gases, acids, biopolymers, and others owing to the stimulation of different indigenous bacteria under appropriate reservoir conditions. Also, the in-situ mechanism involves the utilization of microbial growth and metabolism in the reservoir. All these advantages of the in-situ mechanism are anticipated to aid the expansion of segment growth.
Our in-depth analysis of the global market includes the following segments:
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By Bacterial Injection |
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By Mechanism |
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By Application |
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By Well Type |
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By Type |
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North American Market Forecast
The market share of microbial enhanced oil recovery (MEOR) in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2036, owing to the large consumption of petroleum, petroleum products, and oilfield chemicals. The procuration process of these products requires drilling which in turn generates the need for microbial enhanced oil recovery (MEOR) for obtaining these products. As per U.S. Energy Information Administration revealed that in 2021, the United States consumed an average of about 19.89 million barrels of petroleum per day or a total of about 7.26 billion barrels of petroleum. Also, the high demand for energy by the American population is another growth factor of the market in the region. In 2021, total U.S. primary energy consumption was equal to about 97,331,601,000,000,000 Btu, or about 97 quadrillions Btu, as stated by U.S. Energy Information Administration.
APAC Market Statistics
The Asia Pacific microbial enhanced oil recovery (MEOR) market is estimated to be the second largest, registering a share of about 24% by the end of 2036. The presence of major key players in the region and their rising investments in the oil and gas industry is considered to be the major factor for market growth in the region. Also, the companies are propelled to shift towards frugal, economical, and innovative technologies such as microbial enhanced oil recovery (MEOR) to reduce the cost of fracking. Furthermore, the increased shale gas exploration and extraction activities are expected to create opportunities for market growth during the forecast period.
Europe Market Forecast
Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The government of Europe is initiating opportunities for research, development, and demonstration of microbial enhanced oil recovery by investing funds and grants. This factor is majorly driving market growth in the region during the analysis period. Also, the European region is a prominent exporter of oil and gas in the world with the presence of various oil and gas production sites which generates the need for microbial enhanced oil recovery (MEOR). This factor is estimated to create a positive outlook for market growth during the forecast period.
 Market Size.webp)
TechnipFMC opened a surface international facility in ICAD II, with the main aim to assist ADNOC in enhancing its operations in Abu Dhabi.
ONGC joined hands with Indian Oil for reducing carbon emissions during enhanced oil recovery by injecting carbon dioxide captured from IOCL’s Koyali refinery.
Author Credits: Dhruv Bhatia
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