Rising energy demand and advancements in reservoir technology are key drivers of future market growth.
As per TechSci Research’s report, “Reservoir Analysis Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” increased oil and gas production necessitates advanced techniques like reservoir analysis, driven by deeper drilling and the use of multiple horizontal wells, increasing reservoir complexity.
Governments worldwide, as noted by the International Energy Agency (IEA), are focusing on attractive investment strategies to expand oil production to meet growing demand. This is expected to drive demand and expansion in the global reservoir analysis market through 2024. However, stringent government regulations and environmental concerns may limit market growth during the forecast period.
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The global reservoir analysis market is segmented by reservoir type, service, application, and region. Reservoir type includes conventional and unconventional, while services comprise geomodeling, reservoir simulation, data acquisition & monitoring, reservoir sampling, and others. Applications are divided into onshore and offshore, while regions covered are North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
Within services, the data acquisition & monitoring segment holds the largest market share due to its advanced technology enabling real-time data prediction, automated measures, and communication capabilities. Reservoir simulation is also gaining popularity for its use in pressure depletion and completion degradation, enhancing reservoir drainage and recovery while reducing drilling costs. Reservoir sampling is utilized for completion and production decisions in both conventional and unconventional reservoirs. Therefore, during the forecast period, the demand for data acquisition & monitoring is expected to be higher among other segments.
Regarding applications, the onshore segment currently dominates the global market due to increasing exploration and production activities. Offshore applications require substantial financial investment due to deployment in low, medium, and high ocean depths.
In terms of region, North America leads the reservoir analysis market and is expected to continue doing so. The region boasts significant oil and gas production basins, particularly with the rise in shale oil and gas production in basins like the Permian basin in the United States. With oil production surging from 14.34 million barrels per day in 2011 to 23.94 million barrels per day in 2021 and gas production increasing from 82 billion cubic feet per day to 110 billion cubic feet per day during the same period, the need for improved reservoir analysis methods is expected to grow. Additionally, the expansion of offshore oil and gas leasing by the federal government in the United States in 2018 has led to increased offshore exploration and production activities in the region.
Major market players in the global reservoir analysis market: –
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Incorporated
- Weatherford International, PLC
- CGG SA
- Core Laboratories
- Tracerco,
- Geokinetics, Inc.
- Core Laboratories
- Paradigm & Expro Group
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“The dominance of North America in the market is expected to persist due to increased oil and gas exploration from unconventional resources, particularly in the United States. Until 2018, the United States was one of North America’s leading producers of petroleum hydrocarbons and natural gas. Moreover, the energy sector’s liberalization in Mexico attracted numerous investors, fostering the expansion of the reservoir analysis market. With these factors in play, the market is poised for substantial growth,” stated Mr. Karan Chechi, Research Director at TechSci Research, a global management consulting firm.
The report “Reservoir Analysis Market–Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” assesses the future growth potential of the global reservoir analysis market, providing insights into market size, structure, and future growth. It aims to offer advanced market intelligence to aid decision-makers in making sound investment decisions, identifying and analyzing emerging trends, drivers, challenges, and opportunities in the global reservoir analysis market.
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