Microbial Enhanced Oil Recovery (MEOR) Market Size, Share, Growth and Industry Analysis by Type (Ground Method, And Reservoir Method) By Application (Onshore Oilfield, And, Offshore Oilfield) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Microbial Enhanced Oil Recovery (Meor) Market Report Overview

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The global microbial enhanced oil recovery (MEOR) market size is USD 926.1 million in 2022 and is projected to touch USD 2481.44 million by 2031 with a CAGR of 11.6% during the forecast period.

Microbial Enhanced Oil Recovery (MEOR) is a way for optimizing the production of oil. It also includes the production of other by products that include high viscosity petroleum and many more.

Many developments have resulted in the drastic growth within the market. Many new trends are seen in the market. Adopting Microbial Enhanced Oil Recovery (MEOR) techniques can provide assistance in bringing out more amount of crude oil. This is considered as the latest trend in the market.

A market’s performance is determined by a lot of factors. Certain factors promote growth, whereas a few factors bring down the market growth. The number of mature wells is increasing all over the world. New deposits of crude oil can be extracted with the implementation of this technique. Global and United States Microbial Enhanced Oil Recovery (MEOR) techniques are considered to be cleaner sources of oil extraction. These collectively propel the global and United States Microbial Enhanced Oil Recovery (MEOR) market growth.

COVID-19 impact: Difficulty in the Management of Logistics Reduced the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 has had a bad effect on all the markets and industries throughout the world. Because of the lockdown a lot of problems were caused. A major problem was assembling the raw materials and other requirements necessary for the functioning of the industry.

The delayed supply of raw materials resulted in difficulties of production. The management of logistics became a major challenge. Finding skilled workers was yet another difficult job. The dip in the market was quickly compensated by the emerging demand for the product due to its vast application.

LATEST TRENDS

"Increasing Demand for Energy Fuels to Increase the Market Growth"

The new generation is characterized with industrialization as well as globalization. A lot of industries and factories are coming into picture every day. The increasing rate of industrialization is driving the requirements for fuel and some form of energy.

Crude oil is one of the most important fuels that is being used today. Many other by products can be derived out of crude oil. Even after many advanced primary and secondary oil extraction process are adopted a large quantity of this precious oil remains trapped in the reservoirs. Bringing them out is of utmost importance. Adopting Microbial Enhanced Oil Recovery (MEOR) techniques can provide assistance in bringing out more amount of crude oil. This can help in increasing the market growth.

Microbial Enhanced Oil Recovery (Meor) Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Ground method, and reservoir method. The ground method segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Onshore oilfield, and, offshore oilfield. The onshore oilfield segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Rising Number of Mature Wells Globally to Fasten the Market Growth"

Many non-renewable resources are becoming scare day by day. Their availability is reducing resulting in shortage of fuel all over the world. Even though many renewable sources of energies are being found out they are not as efficient. Hence there is an urgent need to find other sources of fuel and Microbial Enhanced Oil Recovery (MEOR) techniques can be of great assistance.

The number of mature wells is increasing all over the world. New deposits of crude oil can be extracted with the implementation of this technique. As a result, the demand is rising contributing to the increase in global and United States Microbial Enhanced Oil Recovery (MEOR) market share.

"Increasing Popularity of Clean Sources of Oil Extraction to Propel Market Growth "

High pollution levels have been the result of constant usage of crude oil in factories, industries as well as vehicles. Apart from causing pollution while being used, extraction of crude oil through primary and secondary techniques also causes a lot of pollution and environmental damage.

People are resorting to the use of clean sources of oil extraction. Global and United States Microbial Enhanced Oil Recovery (MEOR) techniques are considered to be cleaner sources of oil extraction. This in turn is acting as a factor driving the development of the industry.

RESTRAINING FACTOR

"Tough Competition Provided by Peer Chemical Techniques to Decrease the Market Growth"

Many methods are present for the extraction of crude oil from inaccessible wells or reservoirs. One more popular technique is the peer chemical technique. Recently there has been an increasing competition between these two techniques.

When the performance provided by both techniques are compared, microbial enhanced oil recovery (MEOR) technique is seen to perform poorly. Also, many companies have already established their presence in the market. New industries have to face the tough competition prevailing in the market. This can act as a major factor bringing down the development of the global market.

Microbial Enhanced Oil Recovery (Meor) Market Regional Insights

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"North America to Dominate Market Share in The Upcoming Years"

The region that predominantly dominates the market is North America. It holds the largest market share generating high revenue and profits. This region accounts for more than one-fourth of the market. Europe is seen to provide an equally tough competition emerging as the next largest market.

Many reasons have contributed to the growth of the market in this region. The demand for fuel and power in these regions is the major reason for the market growth. New innovations are being made which have resulted in the rise of demand. All these factors contribute to the market development in North America.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Equinor (Norway)
• Royal Dutch Shell plc.(U.K)
• BP  p.l.c (India)
• ConocoPhillips (U.S.)
• DowDuPont (U.S.)
• Titan oil recovery  Inc. (U.S.)
• Glori Energy Inc.(India)Gulf energy LLC (Omen)
• Genome Prairie (Canada)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations