✷ Report Code: A00859 | Pages: 273 | ||
Tables: 152 | Charts: 71 |
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The global reservoir analysis market size was valued at $8.1 billion in 2020, and is projected to reach $11.8 billion by 2030, growing at a CAGR of 3.8% from 2020 to 2030. Reservoir is a subsurface pool of hydrocarbon that occurs in porous or fractured rock formations, which are both, conventional and unconventional. Conventional reservoir hydrocarbons, such as oil and gas that are trapped by overlying rock formations are found easily by well drilling.
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 reservoir analysis market due to impact of COVID-19.
Unconventional reservoir hydrocarbons are trapped in rocks and have low permeability; thus, require special operation strategy to recover. Some of the finest examples of unconventional reservoirs are oil sand, gas hydrate deposit, tight gas sand, heavy hydrocarbon, bitumen, and others. Reservoir analysis plays a significant role in determining the fluid property, pressure in well, and flow rates of hydrocarbon. Moreover, they provide necessary inputs pertaining to design, engineering, construction, and completion of oil & gas projects.
Reservoir analysis develops subsurface data to integrate analysis of rocks, pores, and fluids from various reservoirs. In addition, it calculates dynamic rock and fluid properties and gives reservoir model indirect measurements. These reservoirs produce oil, gas, and coal, which are used as energy and fuel in various applications, such as automotive, aviation, electricity generation, and others. In the recent years, the market has seen the development of drilling technology and software used in reservoir production. In line with this trend, the global reservoir analysis market is expected to grow at a notable CAGR during the forecast period. In this report, the global market is analyzed using the revenues generated by sales of reservoir analysis products
Upsurge in demand for energy globally is expected to boost the growth of the reservoir analysis market during the forecast period. Furthermore, growing focus on mature oil & gas fields and soaring developments across new sectors drive the market across different regions. However, high cost, risk of operation, and complexity pertaining to reservoir analysis are anticipated to hamper the market during the forecast period. Nevertheless, development in hydraulic fracturing technology and enhanced spending capacity on development and exploration tasks are expected to create new opportunities for the global reservoir analysis market.
The reservoir analysis market is segmented on the basis of type, service, application, and region. On the basis of service, it is classified as conventional and unconventional. By service, it is categorized as geo modeling & reservoir simulation, data acquisition & monitoring, and reservoir sampling. On the basis of application, it is classified as onshore and offshore. On the basis of region, the market is analyzed into North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this 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.
By type, the conventional segment dominated the global reservoir analysis market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rising upstream activities across the globe.
By service, the data acquisition & monitoring segment dominated the global reservoir analysis market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rising R&D activities in oil & gas and rapid expansion of exploration of oil & gas.
By application, the onshore segment dominated the global reservoir analysis market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rise in onshore application in oil & gas.
By region, LAMEA dominated the global reservoir analysis market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to numerous factors such as a large proved reserves and onshore area in the region.
Key Benefits For Stakeholders
Impact Of Covid-19 On Global Reservoir Analysis Market
Reservoir Analysis Market Report Highlights
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By Reservoir Type |
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The global reservoir analysis market has reported a significant growth in the recent times. The global reservoir analysis market has registered a dynamic growth over the past few years, owing to drastic growth in automotive, power generation, and other industries. In addition, huge investment plans with respect to oil & gas upstream activities led to boost the demand for reservoir analysis across the globe. Moreover, according to the U.S. Energy Information Administration, U.S. dry natural gas production in 2020 was about 33.5 trillion cubic feet (TCF), an average of about 91.5 billion cubic feet per day and it was the second-highest annual amount recorded. Furthermore, it provides necessary inputs pertaining to design as well as oil & gas production. Moreover, it aids in refining mechanism. Rise in demand for reservoir analysis across regions, such as North America, Asia-Pacific, Europe, and LAMEA, have significantly contributed to the growth of the market.
The market is influenced by high cost and complexity associated with reservoir analysis. Technological advancements in reservoir sampling, management, and other services are anticipated to offer growth opportunities to the global reservoir analysis market.
A. Agreement, business expansion and product launch are the key growth strategy of global reservoir analysis market players.
A. Oil & gas exploration companies are the major customers of global reservoir analysis market.
A. To get latest version of reservoir analysis market report can be obtained on demand from the website.
A. North America will provide more business opportunities for global reservoir analysis in future
A. Onshore segment holds the maximum share of the global reservoir analysis market
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. Rise in urbanization, increase in demand of oil & gas and continuous increase in dependency on fossil fuels are expected to drive the adoption of reservoir analysis.
A. Transition in reservoir technology, upsurge in global energy demand, and rise in focus on mature oil & gas fields and new field developments are the major driving factor for the market. In addition, rapid expansion of exploration activities in unconventional resources and rising demand of shale oil & gas may create lucrative opportunities for the market.
A. Baker Hughes, Inc., Core Laboratories, Emerson Electric Co., Expro Group, Geokinetics, Inc., Halliburton, Johnson Matthey, Schlumberger Limited, Trican Well Service Limited, Weatherford International Ltd. are the leading market players active in the reservoir analysis market.
A. Technological evolution of reservoir analysis, increasing exploration and rapid expansion of favourable government policies with respect to drilling are the current trend expected to influence the global reservoir analysis market in the next few years.
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