Reservoir Analysis Market Expected to Reach $10,489 Million, Globally, By Top Key Players: Weatherford International Ltd., Schlumberger Limited DSM, Baker Hughes, Inc., Jiangxi East, Halliburton, and SGS SA. The other prominent players include Trican Well

Global Reservoir Analysis Market by Service and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global reservoir analysis market was valued at $7,533 million in 2017, and is projected to reach $10,489 million by 2023, growing at a CAGR of 4.2% from 2018 to 2025. The onshore segment accounted for more than 76% share of the global reservoir analysis market in 2017.

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Reservoir analysis is a dynamic process used for evaluating a reservoirs performance using its rocks, pore, and fluid flow data. In addition, it provides physical sampling of hydrocarbons, dynamic rock size, and development of technology for the reservoir process. It mitigates the effects of the risk involved in operations by optimizing reservoir performance through various software and integrated technologies.

The factors driving the growth of the global reservoir analysis market include surge in demand for energy worldwide due to increase in global electricity consumption, growth in focus on mature oil & gas fields, and new field developments. However, high cost of equipment and risk of operation are attributed to the use of a combination of flammable chemicals and requirement of high temperature & pressure, which impede the market growth. On the contrary, developments in technology and exploration & development of new reservoirs boost the market growth.

The global reservoir analysis market is segmented based on service, end user, and geography. By service, it is classified into reservoir simulation & geo-modeling, reservoir sampling services, and data acquisition & monitoring. The data acquisition and monitoring segment accounts for a major share during the forecast period, owing to increase in exploration of shale gas and production activities in North America. By end user, the market is bifurcated into onshore and offshore.

The onshore segment is expected to dominate the global reservoir analysis market on account of new production and exploration activities being carried out in the Middle East and North American regions. The market is analyzed based on geography into North America, Europe, Asia-Pacific, and LAMEA.

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The major players profiled in this study include Weatherford International Ltd., Schlumberger Limited DSM, Baker Hughes, Inc., Jiangxi East, Halliburton, SGS SA, and others. These companies have adopted various strategies such as product launch, acquisition, merger, and signing of agreement to increase their market share. For instance, Schlumberger Limited developed technologies such as a perforating gun and hydraulic fracturing of well for use in the drilling process. Furthermore, simulation software are being developed to increase reservoir production.

In 2017, LAMEA and Europe collectively accounted for more than 64% of the global reservoir analysis market, in terms of value. This is attributed to growing inclination on mature oil & gas field coupled with new reservoir developments. Moreover, upsurge in the number of projects in oil & gas industries offers growth opportunities to the reservoir analysis market. In LAMEA region, Saudi Arabia is one of the significant reservoir analysis markets, as it constitutes one-fifth of the worlds proven oil reserves and offers future growth opportunities for the exploration and production of oil & gas reserves.

Analyst Review:

The global reservoir analysis market has reported a significant growth in the recent times. This is attributed to increase in global energy demand, growth in global electricity consumption, rise in inclination toward mature oil & gas fields, and rapid developments in new sectors. Reservoir analysis plays an eminent role in determining the fluid properties and flow rate. Furthermore, it provides necessary inputs pertaining to designing as well as oil & gas production. Moreover, it aids in refining mechanism.

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Furthermore, upsurge in demand for reservoir analysis across regions, such as North America, Asia-Pacific, Europe, and LAMEA has significantly contributed to the growth of the market.

In addition, 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.

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