Reservoir Analysis Market worth $22,432 Million by 2019, Says the new Study on ASDReports
The reservoir analysis market is estimated to grow from $13,561 million in 2014 to nearly $22,432 million by 2019 at a CAGR of 10.6%. North America, Middle East and Asia-Pacific are the three large markets in 2013 by value and are expected to continue to be in the next five years.
North American market is dominated by the data acquisition &monitoring services segment which captured more than 45% of total market in 2013. It is followed by Reservoir simulation & geo-modeling and Reservoir sampling services.
The reservoir analysis market is driven by the increasing demand for energy globally. Need for maximizing recovery of hydrocarbons, continuous new field developments, and flexibility to adapt to reservoir uncertainty, from emerging economies are expected to be key drivers, globally, for this market.
The leading players in global reservoir analysis market include Schlumberger Limited (U.S.), Baker Hughes Inc. (U.S.), Halliburton (U.S.), Weatherford International ltd. (Ireland), SGS SA (Switzerland), CGG SA (France), Roxar software solutions AS (Norway), ALS Oil & Gas (Australia), Core Laboratories (U.S.) Expro Group (U.K.), Geokinetices (U.S.), Intertek (U.K.), Paradigm(U.S.), Tracerco (U.K.) and Trican Well Service Limited (Canada). The top four companies, Schlumberger Limited (U.S.), Halliburton (U.S.), Baker Hughes Inc. (U.S.) and Weatherford International ltd are the predominant players in the market holding more than 80% of the market in 2013.
North America is the largest market by value which is followed by Middle East. North America held nearly one fourth of the market in 2013 due to its ongoing shale activities. Asia- Pacific is expected to grow swiftly followed by Europe and Africa.
The key players in reservoir analysis market are continuously innovating new products and solutions. These are also actively involved in signing many contacts and agreements to penetrate the market and expand their client base. New product launch has been the most adopted strategy by the key players in the past three years (2011-13) followed by mergers and acquisitions.
The reservoir analysis report also includes market share analysis, and value-chain, Porters Five Force Analysis, and market metrics such as drivers, restraints, challenges, and opportunities. It also presents a competitive landscape and company profiles for 15 key players in the market.
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Source: ASDReports - Market Research
Date: Jan 9, 2015