Reservoir Analysis Market worth 8.95 Bn USD by 2022


General News - Jun 20, 2017

Reservoir Analysis Market by Service (Geo Modeling, & Reservoir Simulation, Data Acquisition & Monitoring, and Reservoir Sampling), Application (Onshore & Offshore), Reservoir Type (Conventional & Unconventional), and Region - Global Forecast to 2022", The reservoir analysis market is expected to grow from an estimated USD 7.32 Billion in 2017 to USD 8.95 Billion by 2022, at a CAGR of 4.11%. This growth is attributed to the increase in energy demand from emerging economics, increasing focus on mature oil & gas fields, new field developments, and increased reliability in reservoir analysis due to technology advancements.

Data acquisition and monitoring services: The largest segment of the reservoir analysis market, by service, in 2017
Data acquisition and monitoring services held the largest share in the reservoir analysis market. Data acquisition and monitoring services helps to enhance reservoir functionality and optimize production by providing real time information with a faster decision cycle. Various equipment and software are used to perform the data acquisition task. The tools that are used includes memory gauges, surface readout tools, and surface measuring equipment, which are used to get accurate and real time data of a well. Increase in E&P activities from unconventional resources is expected to increase the demand for data acquisition and monitoring services.

The onshore sub-segment is estimated to have the highest growth rate in the reservoir analysis market, by application
The onshore segment is expected to dominate the reservoir analysis market and is also expected to grow at the fastest rate during the forecast period. In the Middle East and North American region, the maximum number of oilfields are located onshore, and, thus, exploration & production activities carried out in these regions are expected to drive the onshore segment during the forecast period.

Unconventional sub-segment is estimated to have the highest growth rate in the reservoir analysis market, by resource type
The development of new technologies, such as hydraulic fracturing and directional or horizontal drilling and the abundance of unconventional resources globally, have led to an increase in the exploration & production from unconventional resources. These factors are expected to drive the unconventional reservoir analysis market at the fastest rate during the forecast period.

North America: The largest market for reservoir analysis in 2017
The market in North America is currently the largest market of the reservoir analysis market, closely followed by Asia-Pacific. Technological advancements in drilling, such as long-reach horizontal well bores and completion techniques, such as multi-stage hydraulic fracturing, have led to an increase in E&P from unconventional resources and is driving the reservoir analysis market in this region. The market in the U.S. dominates the North American market, followed by Canada and Mexico. The market in the U.S. surpassed the markets in Russia and Saudi Arabia, and became the world’s top producer of petroleum and natural gas hydrocarbons in 2015.

To enable an in-depth understanding of the competitive landscape, the report includes, profiles of some of the top service providers in the reservoir analysis market. These players include Schlumberger Limited (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Weatherford International, PLC (Switzerland), Roxar Software Solutions AS (Norway), SGS SA (Switzerland), Core Laboratories (U.S.), ALS Oil & Gas (Australia), CGG SA (France), Expro International Group Holding, Ltd. (U.K.), and Trican Well Service Limited (Canada) among others.

Source : ASDReports - Market Research

Published on Global Energy World: Jun 20, 2017

 

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