Global Microbial Enhanced Oil Recovery (MEOR) Market Highlights Over 2022 - 2031
The global microbial enhanced oil recovery (MEOR) market is estimated to garner a hefty amount of revenue by growing at a CAGR of ~20% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of mature wells across the globe, and growing demand for cleaner sources for extracting oil. Along with these, rapidly rising urbanization and industrialization, and gradually recovering prices of crude oil are projected to offer lucrative opportunities to the market in the near future. As per the United Nations, 65 percent of the total world population lived in urban areas, which is evaluated to rise up to 68 percent by the end of 2050. Furthermore, companies are becoming involved in implementing MEOR technology for effective recovery of residual oil as a result of its excellent cost-effectiveness. This in turn is expected to drive market growth significantly in the forthcoming years.
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The market is segmented by bacterial injection into cyclic MEOR, microbial flooding, and feeding existing bacteria, out of which, the microbial flooding segment is anticipated to hold the largest share in the global microbial enhanced oil recovery (MEOR) market. This can be accounted to the high usage of microbial flooding for releasing formulations with metabolic products to increase recovery and prolong the life span of oil wells. Additionally, on the basis of application, the onshore segment is predicted to observe notable growth during the forecast period owing to the large number of mature onshore oilfields located in North America and the Middle East regions. Apart from this, increasing investments for conducting onshore exploration and production activities is also assessed to boost the growth of the market segment in the future.
Major Macro-Economic Indicators Impacting the Market Growth
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Microbial Enhanced Oil Recovery (MEOR) Market Regional Synopsis
Regionally, the global microbial enhanced oil recovery (MEOR) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness modest growth over the forecast period on the back of the increasing number of government initiatives focusing on the recovery of crude oil in the region. Moreover, the market in North America is projected to acquire the largest share during the forecast period, which can be credited to the high utilization of MEOR for discovering unconventional resources in the Atlantic Ocean. In addition, continuous development in shale reserves in the United States is also anticipated to drive market growth in the coming years. As per the U.S. Energy Information Administration (EIA), the total dry shale gas production in the country was about 26.3 trillion cubic feet in 2020, and is equal to about 79 percent of the total U.S. dry natural gas production that same year.
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The global microbial enhanced oil recovery (MEOR) market is further classified on the basis of region as follows:
Our in-depth analysis of the global microbial enhanced oil recovery (MEOR) market includes the following segments:
By Bacterial Injection
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing number of mature wells across the globe, and growing demand for cleaner sources for extracting oil.
The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022-2031.
North America is expected to offer more business opportunities for market growth owing to the high emphasis on discovering unconventional resources in the Atlantic Ocean.
The major players in the market are DuPont De Nemours Inc., BP Plc, Chemiphase Ltd., Environmental BioTechnologies Inc., Equinor ASA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by bacterial injection, type, application, and by region.
The bacterial flooding segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
Growing adoption of renewable sources of energy is estimated to hamper the market growth.
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