Microbial Enhanced Oil Recovery Market to Grow with a CAGR of 7.19% through 2028
Increasing government support for EOR technologies and
growing awareness of the environmental benefits of MEOR are likely to drive the
market in the forecast period.
According to TechSci Research report, “Microbial
Enhanced Oil Recovery Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Microbial
Enhanced Oil Recovery Market stood at USD 408.10 million in 2022 and is anticipated
to grow with a CAGR of 7.19% in the forecast period. One of the primary drivers
propelling the global Microbial Enhanced Oil Recovery (MEOR) market is the
depletion of conventional oil reserves. As the world's population continues to
grow and industrialization expands, the demand for energy, particularly in the
form of crude oil, remains insatiable. However, many of the easily accessible
and high-quality oil reservoirs have been exploited extensively, leading to
declining production rates. MEOR offers a promising solution to this challenge
by rejuvenating mature and low-producing oil fields. By harnessing the power of
specially selected microorganisms, MEOR processes alter the reservoir's
physical and chemical properties. These microbes break down complex
hydrocarbons, reduce oil viscosity, and improve reservoir sweep efficiency,
ultimately unlocking trapped oil that was previously unrecoverable through
traditional methods. Given the rising energy demand and the limited
availability of conventional oil reserves, the adoption of MEOR techniques is
increasingly appealing to oil and gas companies. It allows them to extend the
productive life of existing wells, optimize resource utilization, and maximize
oil recovery from reservoirs that were once considered depleted. As a result,
MEOR has emerged as a critical driver in meeting global energy needs.
Another
significant driver of the global MEOR market is the increasing emphasis on
environmental sustainability and regulatory support for eco-friendly oil
recovery practices. Traditional oil extraction methods, such as hydraulic
fracturing and steam injection, have raised environmental concerns due to their
associated greenhouse gas emissions, water consumption, and habitat disruption.
MEOR, on the other hand, is recognized for its minimal environmental impact. It
involves the use of naturally occurring microorganisms, eliminating the need
for harsh chemicals and reducing the carbon footprint of oil recovery
operations. Consequently, governments and regulatory bodies worldwide are
actively endorsing MEOR as a responsible and sustainable approach to oil
extraction. To encourage the adoption of MEOR techniques, many governments have
implemented policies and incentives. These may include tax breaks, subsidies, and
research grants aimed at supporting research and development efforts in the
field. Regulatory frameworks also encourage oil companies to invest in MEOR
technologies as part of their commitment to environmental stewardship, thereby
driving the growth of the global MEOR market.
In summary, the
depletion of conventional oil reserves and the increasing focus on
environmentally sustainable practices, backed by regulatory support, serve as
two pivotal drivers for the global Microbial Enhanced Oil Recovery market.
MEOR's ability to revitalize mature reservoirs and its eco-friendly approach
position it as a key player in the quest for sustainable and efficient oil
recovery solutions.
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The Global Microbial Enhanced Oil Recovery Market is
segmented into type, mechanism, bacterial injection and region.Based on type, The Onshore segment had the largest
market share in 2022 & expected to maintain it in the forecast period.
Onshore MEOR operations are generally more cost-effective compared to offshore
operations. The expenses associated with drilling and maintaining offshore
wells, as well as managing the logistical challenges of working in a marine
environment, can be significantly higher. Onshore operations benefit from
proximity to infrastructure, reducing transportation and support costs. Onshore
oil reservoirs are easier to access and operate than offshore ones. They are
often located closer to transportation networks, which simplifies logistics and
reduces downtime. In contrast, offshore reservoirs can be challenging to access
due to their distance from shore, weather-related disruptions, and the need for
specialized equipment and vessels. Many onshore reservoirs around the world are
mature, meaning that they have been in production for several years and are
nearing the end of their productive life. MEOR can be particularly attractive
for these reservoirs as it offers a way to revive and extend their production,
maximizing the recovery of remaining oil. MEOR is often viewed as an
environmentally friendly technology. Given the heightened environmental
scrutiny associated with offshore drilling and production, some oil companies
and regulatory bodies may prefer onshore MEOR solutions as they are perceived
to have a lower environmental impact. Historically, the development and
implementation of MEOR technologies have been more extensive and advanced in
onshore settings. Conducting research, trials, and monitoring are generally
easier onshore, which has facilitated the growth of onshore
Based on Mechanism, The In-Situ Mechanism segment had
the largest market share in 2022 and is projected to experience rapid growth
during the forecast period. In-situ MEOR involves the injection of specially
selected microorganisms directly into the oil reservoir. These microbes are
chosen to thrive in specific reservoir conditions, including temperature,
pressure, and salinity. This adaptability is crucial for the success of MEOR,
as the microorganisms need to survive and remain active within the reservoir to
modify the oil properties effectively. In-situ applications leverage natural
reservoir conditions, making them more suitable for a wide range of reservoir
types. In-situ MEOR typically involves fewer operational complexities compared
to ex-situ methods. Once the microbial formulation is injected into the
reservoir, there is no need for additional handling, containment, or
transportation of microorganisms. This can lead to cost savings and reduced
logistical challenges. The simplicity of in-situ applications makes them more
attractive to oil companies. In-situ MEOR allows for direct contact between the
injected microorganisms and the oil within the reservoir. This proximity
enhances the microbial action on the crude oil, leading to more efficient
changes in oil properties, such as reduced viscosity and improved flow. The
direct interaction contributes to the effectiveness of in-situ MEOR methods.
In-situ MEOR is often considered more cost-efficient compared to ex-situ
methods, which require the cultivation and transportation of large quantities
of microbes to the site. In-situ applications leverage natural reservoir
conditions, reducing the need for extensive infrastructure, microbial
cultivation facilities, and transportation costs. In-situ MEOR is generally
seen as an environmentally friendly method, as it minimizes the risks
associated with the handling and containment of large volumes of
microorganisms. This aligns with environmental sustainability goals and
regulatory preferences, making it a preferred choice in regions with stringent
environmental regulations.
Major companies operating in the Global Microbial
Enhanced Oil Recovery Market are:
- Schlumberger
NV
- Halliburton
Corporation
- Baker
Hughes Company
- Weatherford
International Plc
- Microbia
Inc.
- Titan Oil
Recovery Inc
- Biorem Inc
- Petroleum
Technology Group
- MicroBioLogics
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“The Global Microbial Enhanced Oil Recovery market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The primary market driver for the global MEOR market is
the need to increase oil production from mature oil fields. As oil fields
mature, the natural pressure in the reservoir decreases, making it more
difficult to extract the remaining oil. MEOR can be used to increase oil
recovery from mature oil fields by up to 20%. Therefore, the market of Microbial
Enhanced Oil Recovery is expected to boost in the upcoming years.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Microbial Enhanced Oil Recovery Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented
By Types (Offshore and onshore), By Mechanism (In-Situ Mechanism, Ex-Situ
Mechanism), By Bacterial Injection (Cyclic MEOR, Microbial Flooding, Feeding
Existing Bacteria), By Region, By Competition”, has evaluated the future growth
potential of Global Microbial Enhanced Oil Recovery Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Microbial Enhanced Oil Recovery Market.
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