North America to Dominate Reservoir Analysis Market During Forecast Period
Increase in oil & gas
production and technological advancements in the field of oil & gas
exploration to propel the growth of global reservoir analysis market during forecast
period
According to
TechSci Research report, “Global Reservoir
Analysis Market By Reservoir Type, By Service, By Application, By Region,
Competition, Forecast & Opportunities, 2024”, the global reservoir
analysis market is projected to grow at a steady CAGR during the forecast
period on the account of rising focus on mature oil & gas fields, advancements
in exploration technologies and increasing reliability on reservoir analysis. In
addition, exploration & development of new reservoirs is expected to fuel the
growth of global reservoir analysis market in the coming years. According to
the International Energy Agency (IEA), the demand for oil is gaining traction
with every passing day due to which governments across the globe are focusing
more towards developing various attractive investment plans to increase oil
production. This is expected to propel the demand and growth of the global
reservoir analysis market through 2024. However, stringent government
regulations and environmental concerns are expected to hamper the growth of
global reservoir analysis market during the forecast period.
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Global reservoir
analysis market can be segmented based on reservoir type, service, application and
region. Considering the service, the market can be segmented into geo modeling,
reservoir simulation, data acquisition & monitoring, reservoir sampling and
others. The data acquisition & monitoring service held the largest market
share until 2018 and is forecast to maintain its dominance during the forecast
period as well. This service helps to
enhance functionality of the reservoir and optimize production by giving real
time information with a faster decision cycle. Furthermore, increase in exploration
and production activities from unconventional resources is projected to
increase the demand for data acquisition and monitoring services globally.
Based on application, the market can be bifurcated into onshore & offshore.
The onshore segment is estimated to dominate the reservoir analysis market over
the coming years, which is attributable to the maximum number of onshore oilfields
across the globe.
Schlumberger
Limited, Halliburton Company, Baker Hughes Incorporated, Weatherford
International, PLC, CGG SA, Core Laboratories, Tracerco, Geokinetics, Inc.,
Core Laboratories, Paradigm & Expro Group among others are the leading
players operating in global reservoir analysis market.
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“North
America dominated the market until 2018 and is forecast to maintain its
dominance during the next 5 years as well on the account of increased oil &
gas exploration activities from unconventional resources, especially in the
U.S. Moreover, the U.S. was among the top producers of natural gas and
petroleum hydrocarbon in North America until 2018. Additionally, in Mexico, the
liberalization of the energy sector attracted multiple investors, which in turn
has contributed to the growth of the reservoir analysis market.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Reservoir Analysis Market By Reservoir
Type, By Service, By Application, By Region, Competition, Forecast &
Opportunities, 2024” has evaluated
the future growth potential of global reservoir analysis market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also identifies
and analyzes the emerging trends along with essential drivers, challenges and
opportunities in global reservoir analysis market.
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