Microbial Enhanced Oil Recovery Market Overview:

Microbial Enhanced Oil Recovery Market is expected to expand at 20% CAGR during the forecast period.

The depletion of energy resources and its demand due to rapid industrialization and development of towns and rural areas can drive the demand for approaches for gaining energy. Microbial enhanced oil recovery (MEOR) is a green approach for extracting residual oil from wells. The global microbial enhanced oil recovery market report by Market Research Future (MRFR) provides an analysis of drivers, challenges, trends, and opportunities for the period of 2022 to 2030 (forecast period) and the impact of the COVID-19 pandemic on the industry.

Market Scope

The global microbial enhanced oil recovery market is expected to expand at 20% CAGR during the forecast period.

Major drivers of the market are maturity of oil wells, surging demand for cleaner methods of oil extraction, recovering prices of crude oil, and an energy crunch in developing countries. The capacity of MEOR in optimizing oil production despite impermeability of rocks and reservoirs, high thickness of petroleum, and high capillary forces are likely to trigger its demand significantly over the forecast period. Strict regulations on the use of chemicals for oil extraction can work in favor of the market. This is exemplified by the use of the technique in close to 50% of oil rigs in Canada and the U.S.

However, its poor performance against chemicals can restrain market growth.

Read  More@ https://www.marketresearchfuture.com/reports/microbial-enhanced-oil-recovery-market-2741

Segmentation

The global microbial enhanced oil recovery market has been segmented by bacteria injection, application, and well type.

·         Based on bacteria injection, the market is classified as microbial flooding, cyclic or huff & puff, and feeding existing bacteria. Among these, the microbial flooding segment is expected to dominate the market share as the technique provides advantages of continuing production without any breaks.

·         On the basis of application, the market is segmented into gas production, interfacial tension reduction, emulsification and de-emulsification, wettability alteration, selective plugging, and bio degradation. Amongst these applications, interfacial tension reduction segment is the major market share holder. Oil and water have high inter facial tension which can be reduced with help of the microbes. This drives the market for interfacial tension reduction segment. Moreover, the microbes can replicate in high temperature of oil well which helps in viscosity reduction of oil.

·         Based on well types, the microbial enhanced oil recovery market is segmented into onshore and offshore wells. The onshore well segment is expected to capture the larger market share owing to lower cost of research and tests in onshore than in offshore wells.

Regional Analysis

North America and Europe are expected to dominate the market share of the microbial enhanced oil recovery (MEOR) market. The oil fields in these regions have reached their peak life and require tertiary methods to recover the untapped oil in the rocks. According to Titan, a major oil company, the microbial EOR technique has potential to increase the success rate of the oil well by 84%. Research conducted by oil extraction companies in the U.S. has been conducted for the success of MEOR technique. Microorganisms known to find success in the industry are Clostridium, Bacterium, and Enterobacter and leads to in situ production of biosurfactants.

Asia Pacific (APAC) and the Middle East (ME) regions are likely to follow owing to increasing demand for fuel from the growing nations. China and India are net largest importers of crude oil in the world. The demand for renewable sources of energy and presence of oil reserves can influence the regional market growth.

Competition Outlook

National Oilwell Varco, Inc., BP, Wintershall, Genome Prairie, Weatherford International, Halliburton, Glori Energy Inc., Titan Oil Recovery, RAM Biochemicals, Chemiphase, Occidental petroleum, and Synthetic Genomics are key players of the global microbial enhanced oil recovery market.