Reservoir Analysis Market Key Players
The key players profiled in reservoir analysis market report include Baker Hughes, Inc., Core Laboratories, Emerson Electric Co., Expro Group, Geokinetics, Inc., Halliburton, Johnson Matthey, Schlumberger Limited, Trican Well Service Limited, and Weatherford International Ltd.
According to a new report published by Allied Market Research, titled, the global reservoir analysis market industry was valued at $8.1 billion in 2020, and global reservoir analysis market forecast projected to reach $11.8 billion by 2030, with global forecast expected at a CAGR of 3.8% from 2021 to 2030.
On the basis of reservoir type, the conventional segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
On the basis of service, the data acquisition & monitoring segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
On the basis of application, the onshore segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
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On the basis of region, the LAMEA region registered the highest market share and is projected to maintain the same during the forecast period.
Impact Of Covid-19 On Global Market
The International Energy Agency projected that oil & gas revenues for a number of key producers fell between 50% and 85% in 2020, compared to 2019, yet the losses are expected to be larger, depending on future market developments. With overall calculation of oil & gas demand, the oil & gas industry witnessed significant decline, thereby impacting market, which is completely dependent on the oil & gas industry.
U.S. shale oil & gas demand plummeted, prices collapsed, and bankruptcies were announced at exceptional rates due to the uncertainties in crude oil and natural gas prices, Break-Even (BE) prices for fracking operations, financial and technical constraints within the industry, global hydrocarbon demand development, political and regulatory factors in the US, and environmental and societal sustainability
The decline was widespread, with record declines in both OECD (-4.8%) and non-OECD (-3.9%) countries. The US (the world’s 2nd-largest energy producer), saw a decline of 5.3%, the largest decline in the world last year, and the largest domestic decline on record. Production of all fossil fuels, nuclear power, and biofuels declined.
Petroleum demand, which was largely inelastic, changing by one to three percent annually, slumped by more than 30 MMbbl/d in April 2020. Lockdowns of several nations across the world caused drastic changes in the crude oil market. Oil prices decisively broke the new normal of $50–60/bbl, with West Texas Intermediate (WTI) May futures prices falling even below zero (-$37/ bbl) because of low liquidity and limited available storage. Although the sub-zero price was a temporary dislocation, this intense volatility highlights the fragile state of the industry.
COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global market due to impact of COVID-19.
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Reservoir analysis is used to predict the performance of a reservoir that will have over the production life of the field. Reservoir performance affects the economic viability of a play or prospect and is a function of reservoir system quality. Performance is expressed by initial production rate and the percentage of hydrocarbon recovered from the hydrocarbon originally in place (recovery factor). Interpretation of Petro-physical well logs plays a major role in the analysis of geothermal and hydrocarbon reservoirs.
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