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Microbial Enhanced Oil Recovery (MEOR) Market: Segmented: By Type (Ground Method, Reservoir Method), By Application (Onshore Oilfield, Offshore Oilfield), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Microbial Enhanced Oil Recovery (MEOR) Market to surpass USD 527.9 million by 2031 from USD 100 million in 2021 at a CAGR of 20% in the coming years, i.e., 2021-2031.
MEOR (microbial enhanced oil recovery) is a biological technology that manipulates the function, structure, or both of microbial habitats found in oil reservoirs. MEOR's ultimate goal is to increase economic profitability through improving oil recovery from reservoirs. MEOR is a type of tertiary oil extraction that allows for partial oil recovery, extending the life of mature oil reservoirs. This is accomplished by altering the reservoir's interfacial characteristics, which aid in oil transport. The residual oil's fluidity and displacement efficiency are affected by microbial activity in such a system.
The market is primarily driven by factors such as the growing number of mature wells around the world and the growing need for cleaner oil extraction methods. Several other factors influence the market, including fluctuating crude oil and natural gas costs, shifting customer tastes, increased concern about greenhouse gas emissions, and the economy's overall performance.
Global Microbial Enhanced Oil Recovery (MEOR) Market: SegmentsBased on Type, global Microbial Enhanced Oil Recovery (MEOR) Market is fragmented into Ground Method, and Reservoir Method. Over the predicted period, the Reservoir Method is expected to grow significantly. In an in-situ mechanism, diverse indigenous bacteria are stimulated under optimal reservoir conditions to produce various products such as gases, acids, biopolymers, and so on.
Global Microbial Enhanced Oil Recovery (MEOR) Market is classified on the basis of Application into Onshore Oilfield, and Offshore Oilfield. In the future, the offshore oilfield segment is likely to lead the market. Offshore oil exploration and extraction are becoming more common. In comparison to other locations, the United States has a number of historic oil wells that use the microbial enhanced oil recovery method. Through funding and grants, the government is fostering microbial enhanced oil recovery research, development, and demonstration.
Market DynamicsGrowing need for complete utilization of hydrocarbon reserves from the well
The requirement to fully utilize hydrocarbon reserves from the well is the key market driver for the worldwide microbial enhanced oil recovery industry. Even after using primary and secondary recovery technologies, 30 to 60 percent of the oil reserves in the wells remain. Enhanced oil recovery is used to extract the remaining reserves.
Rising adoption of the MEOR technology for effectiveness
In the near future, rapidly expanding urbanization and industrialization, as well as gradually rebounding crude oil prices, are expected to provide lucrative prospects for the industry. Furthermore, due to its outstanding cost-effectiveness, corporations are growing more interested in applying MEOR technology for effective residual oil recovery. This, in turn, is likely to fuel significant market expansion in the future years.
Drastic reduction of investments in Oil and Gas
Microbes are the least expensive of numerous improved oil recovery technologies since they do not require extra infrastructure. Investment in oil and gas has decreased dramatically as a result of low and volatile crude oil prices. This is a significant market limitation for the market for microbial enhanced oil recovery.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Microbial Enhanced Oil Recovery (MEOR) Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Oil demand is on the rise all across the world. The market is dominated by North America, with Europe coming in second. Due to several initiatives implemented by governments in this region focused on crude oil recovery, the Asia-Pacific region is also predicted to develop at a consistent rate in the future.
The global spread of the new coronavirus has had a significant impact on the microbial enhanced oil recovery sector. Transportation has been disrupted in various nations due to nationwide lockdowns. This led to a sharp drop in fuel demand in both vehicles and industry. This has had a significant impact on the oilfields and the MEOR business around the world.
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Report Attribute |
Details |
| Market size value in 2021 | USD XX million |
| Revenue forecast in 2031 | USD XX million |
| Growth Rate | CAGR of 20% from 2021 to 2031 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | National Energy Services Reunited Corp., Micro-Bac International Inc., RAM Biochemical Inc., Titan Oil Recovery Inc., Chemiphase Ltd, Equinor ASA, Microbial Energy INC, Qyrin Petroleum Technology, and DuPont de Nemours Inc. |
The Microbial Enhanced Oil Recovery (MEOR) Market size was estimated at USD 100 million in 2021 and is expected to reach USD 527.9 million by 2031.
Key players: Services Reunited Corp., Micro-Bac International Inc., RAM Biochemical Inc., Titan Oil Recovery Inc., Chemiphase Ltd, Equinor ASA, Microbial Energy INC, Qyrin Petroleum Technology, and DuPont de Nemours Inc.
Reservoir Segment and Offshore Oilfield are anticipated to hold the largest Microbial Enhanced Oil Recovery (MEOR) Market
Drivers: Growing need for complete utilization of hydrocarbon reserves from the well and Rising adoption of the MEOR technology for effectiveness
MEOR (microbial enhanced oil recovery) is a biological technology that manipulates the function, structure, or both of microbial habitats found in oil reservoirs. MEOR's ultimate goal is to increase economic profitability through improving oil recovery from reservoirs. MEOR is a type of tertiary oil extraction that allows for partial oil recovery, extending the life of mature oil reservoirs.
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