Microbial Enhanced Oil Recovery Market Share

North American Market Forecast

North America industry is set to account for largest revenue share of 35% by 2037, owing to the large consumption of petroleum, petroleum products, and oilfield chemicals. The procuration process of these products requires drilling which in turn generates the need for microbial enhanced oil recovery (MEOR) for obtaining these products. As per U.S. Energy Information Administration revealed that in 2021, the United States consumed an average of about 19.89 million barrels of petroleum per day or a total of about 7.26 billion barrels of petroleum. Also, the high demand for energy by the American population is another growth factor of the market in the region. In 2021, total U.S. primary energy consumption was equal to about 97,331,601,000,000,000 Btu, or about 97 quadrillions Btu, as stated by U.S. Energy Information Administration.

APAC Market Statistics

The Asia Pacific microbial enhanced oil recovery (MEOR) market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The presence of major key players in the region and their rising investments in the oil and gas industry is considered to be the major factor for market growth in the region. Also, the companies are propelled to shift towards frugal, economical, and innovative technologies such as microbial enhanced oil recovery (MEOR) to reduce the cost of fracking. Furthermore, the increased shale gas exploration and extraction activities are expected to create opportunities for market growth during the forecast period.

Europe Market Forecast

Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The government of Europe is initiating opportunities for research, development, and demonstration of microbial enhanced oil recovery by investing funds and grants. This factor is majorly driving market growth in the region during the analysis period. Also, the European region is a prominent exporter of oil and gas in the world with the presence of various oil and gas production sites which generates the need for microbial enhanced oil recovery (MEOR). This factor is estimated to create a positive outlook for market growth during the forecast period.