Microbial Enhanced Oil Recovery Market Size

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.