2018-2028F Conventional Reservoir Analysis Market Share & Trends Analysis Report
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.
As
per a report by TechSci Research titled "Global Conventional
Reservoir Analysis Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028," the global Conventional Reservoir
Analysis market is expected to experience strong growth with a projected
Compound Annual Growth Rate (CAGR) of 2.8% through 2028. This growth is likely
to be driven by several factors, including the expanding production of oil and
gas, which necessitates more advanced techniques like reservoir analysis due to
deeper drilling and the use of multiple horizontal wells, resulting in increased
reservoir complexity.
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The
global reservoir analysis market is categorized based on reservoir type,
service, application, and region. The reservoir type can be conventional or
unconventional, while the services include Geo Modeling, Reservoir Simulation,
Data Acquisition & Monitoring, and Reservoir Sampling. Application segments
comprise Onshore and Offshore. Regions covered in the report include North
America, Asia-Pacific, Europe, South America, and the Middle East.
Regarding
services, the Data Acquisition & Monitoring segment is expected to gain
momentum during the forecast period. This segment includes Geo Modeling,
Reservoir Simulation, Data Acquisition & Monitoring, and Reservoir
Sampling. The Data Acquisition & Monitoring segment holds the largest share
due to its significant use of cutting-edge technology, allowing real-time data
prediction, automated processes, and communication capabilities. Reservoir
simulation is also gaining popularity due to its ability to enhance reservoir
drainage and reserves recovery while reducing drilling costs. Additionally,
reservoir sampling is used in both conventional and unconventional reservoirs
for rock and fluid analysis. Rising energy demand and significant technological
advancements are expected to drive demand for the Data Acquisition &
Monitoring segment during the forecast period.
In
terms of application, Onshore deployment is expected to account for the maximum
share during the projected period. The onshore and offshore applications are
the key segments. Currently, the onshore segment dominates the global market
due to increased exploration and production activities onshore. Deploying
offshore applications in low, medium, and high ocean depths requires
substantial financial investment, which is driving demand for onshore projects.
Regionally,
North America is set to dominate the market in the future. North America has
been a significant player in the reservoir analysis market and is expected to
maintain its leading position. This is due to the presence of substantial oil
and gas production basins in the region, such as the Permian basin, which has
witnessed a surge in shale oil and gas production. The increase in production
is expected to drive the need for improved reservoir analysis methods.
Furthermore, offshore exploration and production have expanded in North America
following a historic expansion of offshore oil and gas leasing by the U.S.
government in 2018. This development has led to increased exploration and
production activities in the region.
Key
market players in the Global Conventional Reservoir Analysis Market include:
- Intertek
Group Plc
- Expro
Group
- Halliburton
- Tristan
Canada Core Laboratories
- Emerson
Electric Co
- ALS
Limited
- General
Electric
- CGG
- SGS SA
- Schlumberger
Limited
- Weatherford
International PLC
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Mr.
Karan Chechi, Research Director at TechSci Research, a research-based global
management consulting firm, stated, "The market was dominated by North
America and is expected to remain so for the coming years due to growing oil
and gas exploration from Conventional 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.
Additionally, the energy sector's liberalisation in Mexico attracted several
investors, which in turn helped the reservoir analysis market expand. Due to
all of the aforementioned factors."
The
report titled "Conventional Reservoir Analysis Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast," is segmented by service
(Geo Modelling, Reservoir Simulation, Data Acquisition & Monitoring, and
Reservoir Sampling), application (Onshore & Offshore), region, and
competition for the period 2018-2028. The report assesses the future growth
potential of the Global Conventional Reservoir Analysis Market, offering
statistics and information on market structure, size, share, and future growth.
It aims to provide cutting-edge market intelligence to assist decision-makers
in making informed investment decisions and identifies and analyzes emerging
trends, essential drivers, challenges, and opportunities within the Global
Conventional Reservoir Analysis Market.
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