Reservoir Analysis Market is Grow at CAGR of 4.13% by Forecast to 2023, Assets to MRFR
Reservoir Analysis Market is projected to reach USD 9.70 billion by 2024, at a CAGR of 4.13%. The market is projected to grow at a high rate during the forecast period, mainly due to the growing oil demand, new field developments, and the increased reliability of reservoir analysis due to the technology advancements. According to the IEA, oil demand is estimated to grow by 6.9 million barrels a day by 2023.
Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Market Overview:
Market Research Future (MRFR) and it was projected that a gradual CAGR of 4.13% will be attained by the market over the forecast period of 2017 to 2024. The valuation of the reservoir analysis market was further stated to surpass its previous figure to reach a projected valuation of USD 9.70 billion by the end of the forecast period.
Reservoir analysis is a process that aids in determining the flow-related properties like pressure, volume, porosity, temperature, and permeability of the reservoir fluid. It also helps in optimizing the recovery techniques and production. The global reservoir analysis market is anticipated to experience strong growth due to the increasing demand for energy.
The global Reservoir Analysis Market is projected to grow at a gradual pace in the forthcoming years due to the increasing reliability over reservoir analysis due to advancements in technologies, growing oil demand, and new fields development. According to the International Energy Agency (IEA), the oil demand is slated to grow with every passing day. So much so that it is projected to grow by 6.9 million barrels a day by the year 2023. This has prompted governments across the globe to take notice and develop various attractive investment plans to increase the production of oil. This is expected to propel the demand and growth of the global reservoir analysis market.
The global reservoir analysis market comprises a host of key players. This includes names like Weatherford International, PLC (US), SGS SA (Switzerland), Schlumberger Limited (US), Halliburton Company (US), ALS Oil & Gas (US), CGG SA (France), Baker Hughes Incorporated (US), Geokinetics (US), Intertrek (Australia), Core Laboratories (Netherlands), Expro Group (UK), Paradigm (US), and others.
May 2019, Lundin Petroleum announced its plans of developing its Solveig oilfied, which was previously known as the Luno II, in Norway at a massive cost of USD 747 million.
Market Segmentation:
The global reservoir analysis market has been segmented in terms of reservoir type, application, and service.
By reservoir type, the market divides into unconventional and conventional types. The unconventional reservoir type segment is expected to hold the highest share of the global market during the forecast period. The positioning and growth of the segment is primarily due to the development various new technologies like directional drilling and hydraulic fracturing. Furthermore, the presence of abundant unconventional resources also prompts an increase in exploration activities, one which subsequently boosts the demand for the global reservoir analysis market.
By application, the market breaks down into offshore and onshore segments. The onshore segment leads the global reservoir analysis market and is anticipated to exhibit the highest growth rate over the forecast period.
By service, the market comprises data acquisition & monitoring, geo modeling & reservoir simulation, and reservoir sampling. The data acquisition and monitoring segment is projected to dominate the global reservoir analysis market during the forecast period. This is because the service helps in improving the functionality as well as optimizes the oil production by offering real-time information.
Regional Analysis:
The global reservoir analysis market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North American region enjoyed the highest share percentage in the global reservoir analysis market back in 2017 and is expected to remain in the same spot during the ongoing forecast period. This is due to the increasing E&P or exploration and production activities from unconventional resources across major countries of this region like Canada, the US, and Mexico. The exploration of unconventional reservoirs offers an opportunity for the North American market in terms of growth. Additionally, increasing exploration of unconventional resources can also be attributed to the increasing offshore drilling activities in the US and the fast-paced technological advancements like hydraulic fracturing, well completion techniques, and long-reach horizontal well bore. Demand from both onshore and offshore fields in the Gulf of Mexico is also anticipated to boost the market in this region during the forecast period.
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Source: GlobeNewswire PR
(July 31, 2019 - 5:15 AM EDT)
