Reservoir Analysis Market Development Status and Growth Projection by 2030

According to the report published by Allied Market Research, the global reservoir analysis market generated $8.1 billion in 2020, and is projected to reach $11.8 billion by 2030, witnessing a CAGR of 3.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Reservoir analysis is used to predict the performance of a reservoir that will have over the production life of the field. Reservoir performance affects the economic viability of a play or prospect and is a function of reservoir system quality. Performance is expressed by initial production rate and the percentage of hydrocarbon recovered from the hydrocarbon originally in place (recovery factor). Interpretation of Petro-physical well logs plays a major role in the analysis of geothermal and hydrocarbon reservoirs. The interpretation encompasses determination of lithology, porosity, permeability, and hydrocarbon saturation of the drilled section. In addition, to satisfy the increasing demand for crude products, oil companies are seeking to unlock the full potential of remote oil & gas fields, which were once inaccessible, because of technological limitations. In addition, it has become increasingly important to maintain these fields at their optimum production levels and extract the maximum number of resources to sustain production. This growing demand has led to the increase in the supply of energy.

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The report offers detailed segmentation of the global reservoir analysis market based on reservoir type, service, application, and region.

Based on reservoir type, the unconventional segment held the highest market share in 2020, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the conventional segment is estimated to register the highest CAGR of 3.9% from 2021 to 2030.

Based on application, the onshore segment held the largest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 4.0% from 2021 to 2030.

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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 4.1% during the forecast period. Other regions discussed in the report include Europe, Asia-Pacific, and LAMEA.

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Impact Of Covid-19 On Global Market
• The International Energy Agency projected that oil & gas revenues for a number of key producers fell between 50% and 85% in 2020, compared to 2019, yet the losses are expected to be larger, depending on future market developments. With overall calculation of oil & gas demand, the oil & gas industry witnessed significant decline, thereby impacting market, which is completely dependent on the oil & gas industry.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the oil & gas industry, which, in turn, impacted the reservoir analysis market growth
• According to the UNIDO, 30.0-70.0% of pre-COVID-19 workforce of various industries, such as construction and mills, migrated back to their hometown, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production activities, thereby declining the demand for raw materials used in drilling. This is expected to restrain the growth of the market during the forecast period.

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