The global reservoir analysis market industry was valued at $8.1 billion in 2020, and global reservoir analysis market forecast projected to reach $11.8 billion by 2030, with global forecast expected at a CAGR of 3.8% from 2021 to 2030.
Reservoir analysis is used to predict the performance of a reservoir that will have over the production life of the field. Reservoir performance affects the economic viability of a play or prospect and is a function of reservoir system quality. Performance is expressed by initial production rate and the percentage of hydrocarbon recovered from the hydrocarbon originally in place (recovery factor). Interpretation of Petro-physical well logs plays a major role in the analysis of geothermal and hydrocarbon reservoirs. The interpretation encompasses determination of lithology, porosity, permeability, and hydrocarbon saturation of the drilled section. In addition, to satisfy the increasing demand for crude products, oil companies are seeking to unlock the full potential of remote oil & gas fields, which were once inaccessible, because of technological limitations. In addition, it has become increasingly important to maintain these fields at their optimum production levels and extract the maximum number of resources to sustain production. This growing demand has led to the increase in the supply of energy.
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The reservoir analysis market share is segmented on the basis of type, service, application, and region. On the basis of service, it is classified as conventional and unconventional. By service, it is categorized as geo modeling & reservoir simulation, data acquisition & monitoring, and reservoir sampling. On the basis of application, it is classified as onshore and offshore.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 4.1% during the forecast period. Other regions discussed in the report include Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Baker Hughes, Inc., Core Laboratories, Emerson Electric Co., Expro Group, Geokinetics, Inc., Halliburton, Johnson Matthey, Schlumberger Limited, Trican Well Service Limited, and Weatherford International Ltd.
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The global reservoir analysis market analysis is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the reservoir analysis market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown which affected the overall growth of the global reservoir analysis market.
- The economic slowdown in several countries contributed to reductions in petroleum and natural gas reserves in 2020.
- Furthermore, import and export activities were temporarily restricted, which, in turn, adversely affected the growth of the global reservoir analysis market.
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