Pune, India, July 27, 2022 (GLOBE NEWSWIRE) -- The global reservoir analysis market size is projected to reach USD 11.96 billion by the end of 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.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.
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.
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Report Scope & Segmentation:
|Forecast Period 2019 TO 2026 CAGR||4.9%|
|2026 Value Projection||USD 11.96 Billion|
|Market Size in 2018||USD 8.18 Billion|
|Historical Data for||2015-2017|
|No. of Pages||110|
|Segments covered||By Service, Application, and Region|
|Growth Drivers||Significant Advancements in Technology for Reservoir Analysis Will Aid Growth|
|Growing Demand For Energy and Hydrogen Recovery Will Open Up a Huge Potential for Market Growth|
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.
Competition landscape of reservoir analysis market depicts a strong competition among the leading players, achieving more number of contracts, along with constant innovations by the leading company, are prominent factors responsible for the dominance of the company.
At present, the global reservoir analysis market is prominently dominated by the players mentioned above, holding more than half of the share. The dominance of key players is dependent on their spending in the research & development activities, incorporation of advanced technologies with the existing technology, innovative strategic partnerships, and acquisitions.
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification and Investigation of the Following Aspects:
Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.
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Some of the companies that are operating in the market include:
- 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)
- Geomodeling & Reservoir Simulation
- Data Acquisition & Monitoring
- Reservoir Sampling
- North America (U.S. and Canada)
- Europe (UK, Germany, France, Russia, Denmark, Norway, and Rest of Europe)
- Asia Pacific (China, India, Australia, Indonesia, Thailand, and Rest of Asia Pacific)
- Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, Argentina, Colombia, Venezuela, and Rest of Latin America)
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