The global microbial enhanced oil recovery market
was valued at US$ 75.9 Million in 2017, according to Microbial Enhanced Oil Recovery Market Report, by Injection Type (Cyclic Microbial Recovery, Microbial Flooding Recovery, and Microbial Selective Plugging), by Application (Interfacial Tension Reduction, Emulsification and De-emulsification, Selective Plugging, Wettability Alteration, Gas Production and Bio Degradation), by Well Location (Onshore and Offshore), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by
. The microbial enhanced oil recovery market is projected to reach US$ 131.2 Million by 2026, exhibiting a CAGR of 6.32% during the forecast period.
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Browse 32 market data tables* and 05 figures* on "Microbial Enhanced Oil Recovery Market” - Global forecast to 2026.
Key Trends and Analysis of the Microbial Enhanced Oil Recovery Market:
Key Takeaways of the Market:
- Rising oil consumption across the globe is propelling growth of the microbial enhanced recovery market over the forecast period. According to The Organization of the Petroleum Exporting Countries (OPEC), the global oil consumption increased from 104 mboe/d to 268 mboe/d, an increase of 157% over the period 1970 to 2013.
- However, corrosion is a major issue in oil and gas industry, costing the oil and gas industry significantly. According to the Energy Information Administration (EIA), in 2008, the total annual cost of corrosion in the oil and gas production industry is estimated to be US$ 1.372 billion, in capital expenditures related to corrosion. Hence, adoption of MEOR is expected to result in high corrosion cost, which is a major factor restraining growth of the microbial EOR market.
- Microorganisms used in the oil recovery process only grow at temperature below 82˚C. However, with the rise in the depth of the well, the temperature rises, which affects the growth of organisms. Thus, the varying temperature in the oil well, the microbial EOR method may not be suitable for adoption in many cases hence providing opportunity for other EOR methods.
- Mature fields are the oil production fields, whose productive lives is in the declining phase. According to the Oil & Gas UK, across the two regions of the North Sea i.e. the UKCS and Norwegian Continental Shelf, a total of 1,832 wells were mature in 2016.
- Growing automobile and petrochemical industries in the region are propelling demand for crude oils. India is focused on diversifying oil imports and plans to reduce its dependence on the Middle East by increasing imports from Africa, as announced by India’s Oil Minister. As growth of microbial enhanced oil recovery market is dependent on oil consumption, long term consumption security ensures steady growth of microbial enhanced oil recovery market.
- Injected microbes and nutrients are cost effective and easy to handle in the field and are unaffected by oil prices. MEOR technology is cost effective as compared to other EOR methods such as thermal, chemical EOR among others.
- Manufacturers across the globe are adopting strategies such as mergers & acquisition to expand their businesses. For instance, in 2018, National Energy Services Reunited Corp. completed the acquisition with Oman-based Gulf Energy SAOC, a service provider of microbial enhanced oil recovery treatment (MEOR).
- Key players operating in the global microbial enhanced oil recovery market include National Energy Services Reunited Corp., Micro-Bac International Inc., RAM Biochemical, Inc., Titan Oil Recovery, Inc., Chemiphase Ltd., ConocoPhillips Company, and Microbial Energy Inc.