Reservoir Analysis Market is Expected to be Dominated by Onshore Segment Through 2028
Growing demand
for energy and hydrogen recovery and significant advancements in technology
for reservoir are the major factors
propelling the market growth in the future.
According to
TechSci Research report, “Reservoir Analysis Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028”, the global reservoir analysis market
is likely to be driven by factors like increased oil and gas output, which
necessitates more advanced techniques like reservoir analysis and increases
reservoir complexity due to deeper drilling and the usage of multiple horizontal
wells.
According to the
International Energy Agency (IEA), governments all over the world are
concentrating more on generating various appealing investment strategies to
expand oil production because the demand for oil is growing with each passing
day. Through 2024, this is anticipated to fuel the global reservoir analysis
market's demand and expansion. Nevertheless, during the projected period, the
growth of the global reservoir analysis market is anticipated to be constrained
by strict governmental regulations and environmental concerns.
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The global reservoir analysis
market is segmented based on reservoir type, service, application, and region.
Based on reservoir type, the market can be segmented into conventional and
unconventional. Based on service, the market is segmented into geo modeling,
reservoir simulation, data acquisition & monitoring, reservoir sampling, and
others. Based on application, the market is segmented into onshore and
offshore. Based on region, the market is segmented into North America,
Asia-Pacific, Europe, South America, and the Middle East & Africa.
Based on service, the market
is divided into geomodeling and reservoir simulation, data collection and
monitoring, and reservoir sampling depending on the service. Due to the
significant use of cutting-edge technology, which enables the producer to
foresee suitable real-time data, automated measures, and communications
capabilities, the data acquisition and monitoring segment is responsible for
the largest share. As a result of having more advanced technology, it has the
greatest market share worldwide. Due to its widespread use in pressure
depletion and completion degradation within the oil and gas industry using
intricate computerized models, reservoir simulation is also growing in
popularity. This is because it enhances reservoir drainage and reserves
recovery at lower drilling costs. In both conventional and unconventional
reservoirs, reservoir sampling is also used for completion and making
production decisions for reservoir rock and fluid analyses. Therefore, during
the forecast period, among other segments, the demand for the data acquisition
& monitoring segment is greater.
Onshore and offshore applications are included in the
market segments according to application. As onshore exploration and production
activities increase, the onshore segment is currently dominating the global
market. The deployment of offshore applications in low, medium, and high ocean
depths necessitates a large financial commitment.
Based on region, the North American region has dominated the market for
reservoir analysis and is predicted to do so going forward. There are
significant oil and gas production basins in the area. Because of the rise in
shale oil and gas production in numerous onshore basins, including the Permian
basin, the United States is one of the countries with the highest reservoir
analysis system usage.
From 14.34 million barrels per day in 2011 to 23.94 million barrels per
day in 2021, oil production in North America surged dramatically. The region's
gas production, on the other hand, went 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 anticipated to grow as output rises. One of the
largest expansions of offshore oil and gas leasing by the federal government in
American history occurred in 2018 when the Interior Department of the United
States permitted drilling in almost all the country's waterways. Offshore
exploration and production in the area have increased because of this
development.
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 market is
being dominated by North America and is expected to remain so for the
coming years due to the growing oil and gas exploration from
unconventional resources, particularly in the United States. Additionally, up
until 2018, the United States was one of North America's top producers of
petroleum hydrocarbons and natural gas. Also, the energy sector's liberalization
in Mexico attracted several investors, which in turn helped the reservoir
analysis market expand. Due to all the aforementioned factors, the market is
certainly headed towards good growth” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
“Reservoir Analysis Market–Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented By Reservoir Type (Conventional, Unconventional), By Service (Geo
Modelling, Reservoir Simulation, Data Acquisition & Monitoring, and
Reservoir Sampling), By Application (Onshore, Offshore), By Region and Competition”, 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 global
reservoir analysis market.
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