Global Microbial Enhanced Oil Recovery (MEOR) Market (Value, Volume): World Market Review By Metabolic Products, Application, Well Type, By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)

Date: 30 September 2019

According to the 2019 Edition of the research report published by Azoth Analytics in September 2019, the Microbial Enhanced Oil Recovery Market was valued at USD 194.9 Million in the year 2018 with Global production volume of 2,620.83 thousand tonnes oil equivalent. 

The global microbial enhanced oil recovery market has been rising consistently since year 2017. The accelerated growth of the market is highly supported by the rise in crude oil and gas prices coupled with the increasing production of heavy crude oil and natural gas. It has been anticipated that the conventional gasoline and diesel vehicles would be dominating the transportation market in the coming 20 years. The gasoline and diesel powered engines dominated the automotive market constituted 87% in the year 2014, until 2040 these engines would hold 91% of the automotive engine market share. This indicates that the demand for crude oil in the coming years is poised to rise. As the demand for crude oil and natural gas rises the demand for the related oil field services is anticipated to receive new impetus in the respective market.

The need for improved oil recovery (IOR) via Microbial Enhanced Oil Recovery (MEOR) is on surge due to declining hydrocarbon resources. The Outlook for Emerging technologies (i.e. New EOR methods) is back as relatively high crude prices and the high cost to explore and develop new resources are prompting companies to try to extract oil from mature fields that they once would have given up on.

According to the research report, North America currently leads the Microbial Enhanced Oil Recovery market owing to considerable investments planned in offshore deep water and ultra-deep water drilling activities and growing number of ageing and matured wells. In 2018, North America holds the largest market for Microbial Enhanced Oil Recovery Market across the globe followed by Europe, Middle East & Africa, Asia Pacific and South America. Shale revolution has changed the North American oil and gas industry outlook. Enhanced Oil Recovery in Oil Wells /Formations, Marginal Wells and High Wax/Asphaltene formations, Cleaning of Oilfield Surface Equipment, Large Oil’s Spills in Oceans/Lakes & land remediation process are some of the market boosters for Microbial Enhanced Oil Recovery Market.