Reservoir Analysis Market Trends - Dynamic Growth & Industry Forecast to 2027
The global size is predicted to touch USD 12.43 billion at a healthy CAGR between 2017- 2025, states the recent Market Research Future (MRFR) analysis. Reservoir analysis, simply put, includes the study & examination of the nature and performance of a reservoir. This is done to augment the output and yield of the reservoir at the time of exploration activities. It works wonders in saving a good amount of cost and time involved in the activities associated with oil & gas drilling due to which it is widely used all over the world.
Various factors are propelling the global reservoir analysis market trends. As per the current MRFR report, such factors include an increase in global energy demand, new field developments, increasing focus on mature oil and gas fields, growing need for hydrocarbon recovery, increasing power demand, growing production & exploration activities of oil and gas, significant advances in technology, growing adoption of the latest technology, and a growing number of product launches.
By reservoir type, the global reservoir analysis market is segmented into unconventional and conventional. Of these, the unconventional reservoir type will lead the market over the forecast period.
By service, the global reservoir analysis market is segmented into reservoir sampling, data acquisition and monitoring, and geo modeling & reservoir simulation. Of these, the data acquisition and monitoring segment will dominate the market over the forecast period.
By application, the global reservoir analysis market is segmented into offshore and onshore. Of these, the onshore application will have a major share in the market over the forecast period.
Based on the region, the global reservoir analysis market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America will command the largest share in the market over the forecast period. Rise in oil & gas exploration operations & production activities, demand for hydrogen recovery, an increase in per capita energy consumption, and growing energy demand are adding to the global reservoir analysis market growth in the region. Canada and the United States hold the utmost share in the market as they are focusing on exploring more onshore reservoirs to suffice the growing need for hydrocarbon recovery.
The global market size in the APAC region is predicted to have healthy growth over the forecast period. Increasing onshore practices for the oil & gas industry, unconventional methods to produce natural gases, technological advances, demand for hydrocarbon recovery, and increasing energy demand are adding to the global reservoir analysis market growth in the region.
The global reservoir analysis market in Europe is predicted to have favorable growth over the forecast period. Constant incorporation of advanced technology for exploration and drilling projects, technological development in oil drilling and production, growing exploratory projects, and rising oil production are adding to the global reservoir analysis market growth in the region.
The global reservoir analysis market in the MEA is predicted to have sound growth over the forecast period.
Prominent players profiled in the global reservoir analysis market report include Intertek Group Plc (UK), Expro Group (UK), Halliburton (US), Tristan Canada Core Laboratories (US), Emerson Electric Co. (US), ALS Limited (Australia), General Electric (US), CGG (France), SGS SA (Switzerland), Schlumberger Limited (US), and Weatherford International PLC (US).
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