Microbial Enhanced Oil Recovery Market By Sites (Onshore and Offshore), Technology (Thermal EOR, Chemical EOR, Gas EOR, and Others), and Geography

Microbial Enhanced Oil Recovery Market size is expected to be valued at USD 1,343.3 million in 2022 and is poised to grow at a significant CAGR of 11.9% over 2022–2028. Microbial enhanced oil recovery (MEOR) is a tertiary oil recovery method consisting of manipulating the function or structure of microbial environments in oil reservoirs where microorganisms, their activity, or their by-products increase oil recovery through reduced interfacial tension, formations of stable oil-water emulsions, or bio-plugging. The ultimate aim of microbial enhanced oil recovery (MEOR) is the improvement of the recovery of oil entrapped in porous media to increase profits. Increasing microbial enhanced oil recovery market demand for full utilization of oil and gas reserves to maximize profit is the key market driver of the market. Moreover, increasing demands for energy fuels and crude oil are fuelling the global market growth. The enhanced oil recovery process has various advantages such as being cost-effective, increasing oil production significantly, optimizing production, enhancing efficiency and decreasing the complexity of upstream processes. Also, the increasing number of mature wells, rising demand for cleaner sources for extracting oil, and increasing prices of crude oil will boost the microbial enhanced oil recovery market growth rate. However, the fluctuating prices of crude oil depend upon world economics which can be a major restrain in the microbial enhanced oil recovery market growth. The increasing adoption rate of renewable energy and growing awareness about environmental sustainability can also decrease the demand for crude oil which will directly hamper the market growth. Even though heavy oil reserves are present in various countries, so its production is a key opportunity in the global market. Thus, increasing heavy oil production will boost the global market. Geographically, North America held the major microbial enhanced oil recovery market share and is expected to dominate the market in the forecasted years.   Recent Market Developments: In July 2022, Suncor revealed a detailed plan to increase oil production while reducing emissions.