LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global microbial enhanced oil recovery market to grow at a CAGR of more than 7% during 2018-2022. The rising investments in the shale industry is a key trend that is expected to impact the growth of the market.
The shale industry is witnessing an increase in investments by financiers, which is restoring optimism and prompting oil producers, especially in the US to increase their output. Oil companies are focusing on investing in short-cycle shale projects that reduce risk and can provide a quick return on investment. This is likely to increase the requirement for tertiary enhanced oil recovery techniques, thereby increasing the market potential for microbial enhanced oil recovery.
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In this report, Technavio researchers identify the advantages of microbial enhanced oil recovery as one of the key factors contributing to the global microbial enhanced oil recovery market:
Advantages of microbial enhanced oil recovery
Primary and secondary oil recovery methods can extract only up to one-fourth of the OOIP; thus, tertiary oil recovery methods are employed to recover the remaining oil in place. Chemical injection, gas injection, and thermal methods are some of the recovery techniques employed to increase oil production. Microbial enhanced oil recovery is a tertiary oil recovery method where a microbial enhanced oil recovery solution is injected into adjacent wells. This is followed by the injection of water to drive the biological solution into oil saturated zones. The well is then shut for a period that varies from 24 hours to a week. After this, the crude oil production is resumed.
According to a senior analyst at Technavio for oil and gas research, “With the declining availability of oil, enhanced oil recovery techniques have become crucial to increase recovery of oil from oil wells. This development favors the growth of the microbial enhanced oil recovery market.”
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Global microbial enhanced oil recovery market - segmentation and analysis
This market research report segments the global microbial enhanced oil recovery market by application (onshore and offshore) and key regions (Americas, APAC, and EMEA).
Based on application, the onshore segment accounted for close to 79% of the market share in 2017. However, the market share of this segment is expected to witness a small decline over the forecast period. The offshore segment will witness a corresponding in its market share by 2022.
In 2017, the Americas dominated the global microbial enhanced oil recovery market with a market share of more than 41%, followed by EMEA and APAC. The market share of APAC is expected to witness the maximum growth over the forecast period while the other two regions will see a decline in their market shares.
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