Global Reservoir Analysis Market 2019-2023 | Technical Advances in Reservoir Modeling to Boost Growth | Technavio
The global reservoir analysis market is expected to post a CAGR of more
than 5% during the period 2019-2023, according to the latest market
research report by Technavio.
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Technavio has published a new market research report on the global reservoir analysis market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global reservoir analysis market
is the rising focus on mature oil and gas fields coupled with new field
developments. With several mature oil and gas fields reaching their peak
production, the hydrocarbons are being recovered using primary recovery
methods such as natural reservoir pressure. However, the percentage of
hydrocarbons recovered through the primary recovery process is very
small. Hence, significant investments are being made to improve recovery
from mature fields. Furthermore, there has been a significant increase
in the upstream E&P activities in new field developments in the recent
times. New and mature field development oil and gas projects will
require accurate reservoir analysis for maximizing the recovery from oil
and gas fields. As a result, upstream players will look for better
reservoir analysis tools to maximize profits, which will contribute to
the growth of the market during the forecast period.
As per Technavio, the technical advances in reservoir modeling will have
a positive impact on the market and contribute to its growth
significantly over the forecast period. This global
reservoir analysis market 2019-2023 research report also
analyzes other important trends and market drivers that will affect
market growth over 2019-2023.
Global reservoir analysis market: Technical
advances in reservoir modeling
Several new techniques are being employed by oil and gas companies for
enhancing the production from oil and gas fields to meet the rising
energy demand. With its accurate modeling, reservoir analysis helps oil
and gas operators in effective decision-making. Reservoir analysis helps
in estimating the field performance under a range of producing schemes,
which, subsequently, enhances recovery from producing wells. Moreover,
companies are introducing new features into their reservoir simulation
software for providing compositional and unconventional reservoir
modeling. These upgraded platforms can simulate structurally complex
reservoirs such as shale oil and gas and tight oil reservoirs. Such
advances in reservoir analysis applications will help oil and gas
companies in enhancing the exposure to explore unconventional reservoirs.
“Apart from the technical advances in reservoir modeling, factors
such as the introduction of big data analytics, the surge in global
energy demand, and the growing exploration of unconventional reservoirs
will significantly impact the growth of the reservoir analysis market
during the forecast period,” says a senior research analyst at
Technavio.
Global reservoir analysis market: Segmentation
analysis
This market research report segments the global reservoir analysis
market by application (onshore and offshore) and geographic regions
(North America, MEA, Europe, APAC, and South America).
The North American region led the market in 2018, followed by MEA,
Europe, APAC, and South America respectively. Increasing new investments
in oil and gas drilling projects and discoveries in North America will
require reservoir simulation and modeling and reservoir sampling. These
processes will enhance production from fields and facilitate accurate
production forecasting in the later stage of projects. Thus, the
increasing upstream projects in North America will propel the growth of
the reservoir analysis market in the region during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
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Market ecosystem
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Market characteristics
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Market segmentation analysis
Market Sizing
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Market definition
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Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Regional comparison
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Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Vendors covered
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Vendor classification
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Market positioning of vendors
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Competitive scenario
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