Microbial Enhanced Oil Recovery Market Share

  • Report ID: 3824
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Microbial Enhanced Oil Recovery Market Share

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 2035, 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 2035. 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 2035. 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.

Research Nester
Microbial Enhanced Oil Recovery (MEOR) Market Size
Get more information on this report: Request Free Sample PDF


Author Credits:  Dhruv Bhatia


  • Report ID: 3824
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the market growth are the increasing number of mature wells across the globe, and the growing demand for cleaner sources for extracting oil.

The market size of microbial enhanced oil recovery (MEOR) is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023-2035.

Growing adoption of renewable sources of energy is estimated to hamper the market growth.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market 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 players.

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, mechanism, application, well type, and by region.

The bacterial flooding segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Inquiry Before Buying Request Free Sample
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying