Reservoir Analysis Market Projection By Key Players, Status, Growth, Revenue, SWOT Analysis Forecast Outlook 2028

According to the report, The global reservoir analysis market size is projected to reach USD 11.96 billion by the end of 2026. The increasing oil and gas exploration activities will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled "Reservoir Analysis Market Size , Share & Industry Analysis, By Service (Geo-modelling & Reservoir Simulation, Data Acquisition & Monitoring, and Reservoir Sampling), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026,"

The global reservoir analysis market size was USD 8.18 billion in 2018 is projected to reach USD 11.96 billion by 2026, exhibiting a CAGR of 4.9% during the forecast period.

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MARKET TRENDS

Significant progress in technology for drilling and exploration has enabled producers to adopt advanced tools for reservoir fluids and formation to optimize the production and recovery techniques. Precision pumps, formation response testers, Mechanical integrity testing, dynalink telemetry system are some of the advanced tools and equipment used in production purposes. It provides field performance, volumetric calculation, probabilistic models to achieve higher reliability, accuracy, and more ease in information accessibility, which is to be measured. Appropriate characterization of the reservoir is obtained by the process of acquiring, processing, and integrating several basic data such as well logging, core analysis, and fluid properties, which aims to deliver geophysical, geological, and engineering data for higher accuracy. Hence, advancement in technology for production and exploration activities is playing an essential role in the reservoir analysis market.

Some of the companies that are operating in the market include:

Halliburton (U.S.)
Schlumberger (U.S.)
Core Laboratories (U.S.)
SGS (Switzerland)
Baker Hughes (U.S.)
Weatherford (U.S.)
Emerson (U.S.)
ALS (Australia)
Intertek (U.K.)
CGG (France)
NUTECH (U.S.)
Tracerco Ltd (U.S.)
Trican Well Service Ltd. (Canada)
Expro (England)

Reservoir analysis is a concept that involves the study and examination of the performance and nature of a reservoir. It is mainly done to improve the yield and output of the reservoir during exploration activities. The concept saves a significant amount of time and cost involved with oil and gas drilling activities, as a result of which it is being widely used across the world. The increasing technological interventions in reservoir analysis systems have yielded products with the highest efficiency and precision. The constantly rising population has created a subsequent demand for oil and gas resources across the world. Technological advances have certainly played a major role in the growth of the market and this can be clearly depicted by the growing use of modern devices by major companies across the world.

Increasing Number of Product Launches Will Aid Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market. In November 2017, Schlumberger announced the launch of and advanced digital integration reservoir analysis system. The product will analyse the rock and fluid data and enable ease of drilling and energy harnessing activities. Schlumberger's latest product will not just help the company grow, but will have a huge impact on the growth of the market in the foreseeable future.

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North America Currently Dominates the Market; Increasing Investment in Product R&D Will Aid Growth

The report analyzes the reservoir analysis market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, North America accounts for the largest market share. The increasing number of oil and gas exploration activities will have a direct impact on the growth of the market in this region. As of 2018, the market in North America was worth USD 3.13 billion and this value is projected to increase further in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years, driven by the constantly rising exploration activities in countries such as China, Australia, and India.

Key Segmental Overview:

1. By Service

Geomodeling & Reservoir Simulation
Data Acquisition & Monitoring
Reservoir Sampling

2. By Application

Onshore
Offshore

3. By Geography

North America (U.S. and Canada)
Europe (UK, Germany, France, Russia, Denmark, Norway, and Rest of Europe)
Asia Pacific (China, India, Australia, Indonesia, Thailand, and Rest of Asia Pacific)
Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
Latin America (Brazil, Mexico, Argentina, Coloumbia, Venezuela, and Rest of Latin America)

MARKET DRIVERS

Transition in technology for analyzing the reservoir is evolving at a faster rate, which improves the precise description of hydrocarbon composition and efficiency of the field. Development in technology provides real-time monitoring solutions and actionable data, which enabled the producer for faster, easier, more effective decisions. For instance, traditional approaches of data assimilation into numerical simulation models are obsolete techniques; however, pressure transient analysis (PTA) and rate transient analysis (RTA) use the data efficiently and support decision making for on-time production management. Hence, significant advancements in technology and growing adoption to achieve higher accuracy drives the demand for the reservoir analysis market in the coming years.

The increasing need for hydrocarbon recovery and an increase in power demand are the major factors attributed to the growth of this market. For instance, according to the B.P. statistical review of the world energy report 2019, the primary energy consumption per capita of North America increased by 1.9% from 235.3 Gigajoules per capita (G.J./Capita) in 2017 to 239.8 GJ/Capita in 2018. Additionally, oil production in North America increased from 20.16 million barrels per day (BPD) to 22.59 million BPD in 2018.

Hence, increasing production and exploration activities of oil & gas upsurge the demand for energy and hydrogen recovery, which involves the extraction of fossil fuel in a large amount. Hence, increasing exploration and production activities in the oil & gas industry increases the demand for energy and hydrogen recovery, which in turn accelerates the demand for reservoir analysis market during the forecast period.

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Table of Content:

Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends - For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Global Reservoir Analysis Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast - By Service
Geomodeling & Reservoir Simulation
Data Acquisition & Monitoring
Reservoir Sampling
Market Analysis, Insights and Forecast - By Application
Onshore
Offshore
Market Analysis, Insights and Forecast - By Region
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
North America Reservoir Analysis Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast - By Service
Geomodeling & Reservoir Simulation
Data Acquisition & Monitoring
Reservoir Sampling
Market Analysis, Insights and Forecast - By Application
Onshore
Offshore
Market Analysis, Insights and Forecast - By Country
U.S.
Canada
TOC Continued…!

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This release was published on openPR.