The global microbial enhanced oil recovery (MEOR) market is estimated to be worth USD 1.32 billion by 2024
LONDON, Oct. 8, 2018 /PRNewswire/ --
Microbial EOR (Microbial Enhanced Oil Recovery) Market Size and Forecast, By Application (Onshore, Offshore), By Injection Method (Cyclic Microbial Recovery, Microbial Flooding Recovery, Microbial Selective Plugging), And Trend Analysis, 2014 - 2024
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The global microbial enhanced oil recovery (MEOR) market is estimated to be worth USD 1.32 billion by 2024 driven by the depleting levels of recoverable crude oil in existing wells. The increasing depth at which crude oil can be extracted coupled with the limited technology for direct extraction has paved the way for such advanced techniques.
Companies such as Titan, BP, and DuPont have been focusing on refining the technology owing to its several benefits including low cost and compliance with environmental protection laws. Products patented by these companies is expected to result in these companies gaining the leading position in the market over the next few years.
Several oilfields across the U.S., China, India, and Saudi Arabia have been implementing MEOR to optimize profits with minimum set-up cost and fewer compliance violations. Several oilfields in North America have been applying the technology making it the largest market in 2016 valued at over USD 650 million. Conducive environmental conditions resulting in the maximum action of microbes and nutrients has led to the successful implantation of MEOR over the past few years, and the dominating trend is expected to continue over the forecast period.
The mode of injection of microbes depends on the terrain surrounding the oilfield. For instance, cyclic microbial recovery and microbial selective plugging are the most viable choices for MEOR in India, while microbial flooding recovery shows zero effect on the wells in the country.
R&D to develop microbes suiting varying environmental conditions is expected to result in Asia Pacific exhibiting an inclination towards utilizing the technique. Although contributing to 7.4% of the global microbial enhanced oil recovery market share in 2016, the region is expected to witness the fastest growth over the next few years.
The maximum level of activity of microbes in onshore fields has resulted in the segment contributing to the highest revenue share in 2016. The focus of companies on developing microbes for offshore oilfields is expected to lead to opening new opportunities for the growth of the market over the projected period. Companies such as Statoil are focusing on developing solutions for offshore oilfields. The successful trial of their products is expected to result in them gaining a monopolistic lead in the MEOR market.
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