Pune, India, Feb. 19, 2021 (GLOBE NEWSWIRE) -- The global reservoir analysis market size is projected to reach USD 11.96 billion by the end of 2026. The increasing oil and gas exploration activities will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Reservoir Analysis Market Size, Share & Industry Analysis, By Service (Geo-modelling & Reservoir Simulation, Data Acquisition & Monitoring, and Reservoir Sampling), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026,” the market was worth USD 8.18 billion in 2018 and will exhibit a CAGR of 4.9% during the forecast period, 2019-2026.
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Reservoir analysis is a concept that involves the study and examination of the performance and nature of a reservoir. It is mainly done to improve the yield and output of the reservoir during exploration activities. The concept saves a significant amount of time and cost involved with oil and gas drilling activities, as a result of which it is being widely used across the world. The increasing technological interventions in reservoir analysis systems have yielded products with the highest efficiency and precision. The constantly rising population has created a subsequent demand for oil and gas resources across the world. Technological advances have certainly played a major role in the growth of the market and this can be clearly depicted by the growing use of modern devices by major companies across the world.
Increasing Number of Product Launches Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market. In November 2017, Schlumberger announced the launch of and advanced digital integration reservoir analysis system. The product will analyse the rock and fluid data and enable ease of drilling and energy harnessing activities. Schlumberger’s latest product will not just help the company grow, but will have a huge impact on the growth of the market in the foreseeable future.
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North America Currently Dominates the Market; Increasing Investment in Product R&D Will Aid Growth
The report analyzes the reservoir analysis market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, North America accounts for the largest market share. The increasing number of oil and gas exploration activities will have a direct impact on the growth of the market in this region. As of 2018, the market in North America was worth USD 3.13 billion and this value is projected to increase further in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years, driven by the constantly rising exploration activities in countries such as China, Australia, and India.
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Some of the companies that are operating in the Reservoir Market Are:
- Halliburton (U.S.)
- Schlumberger (U.S.)
- Core Laboratories (U.S.)
- SGS (Switzerland)
- Baker Hughes (U.S.)
- Weatherford (U.S.)
- Emerson (U.S.)
- ALS (Australia)
- Intertek (U.K.)
- CGG (France)
- NUTECH (U.S.)
- Tracerco Ltd (U.S.)
- Trican Well Service Ltd. (Canada)
- Expro (England)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Reservoir Analysis Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Geomodeling & Reservoir Simulation
- Data Acquisition & Monitoring
- Reservoir Sampling
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Reservoir Analysis Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Geomodeling & Reservoir Simulation
- Data Acquisition & Monitoring
- Reservoir Sampling
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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