The Reservoir Analysis Market is expected to grow from an estimated USD 7.32 Billion in 2017 to USD 8.95 Billion by 2022, at a CAGR of 4.11% from 2017 to 2022. The market in North America is estimated to be the largest market for reservoir analysis, followed closely by Asia-Pacific. The North American market is also projected to be the fastest growing market during the forecast period. Low international crude oil prices have upset the traditional well production economics, whereas, the key factors that would drive the reservoir analysis market during the forecast period includes maximizing hydrocarbon recovery, the increasing shale gas production, and the increased reliability on reservoir analysis due to technological advancements. .
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- Consulting companies of the energy and power sector
- Government and research organizations
- Investment banks
- National Oil Companies (NOCs)
- Reservoir analysis tools and equipment manufacturers
- Reservoir analysis service companies
- Oil & gas field operators
- Power and energy associations
- Exploration & Production companies
- Increasing Energy Demand From Emerging Economies
- Maximizing Hydrocarbon Recovery
- Increased Reliability in Reservoir Analysis Due to Technological Advancements
- New Field Development
- High Cost, Complexity, and Risks of Reservoir Analysis
- Political Issues & Technological Restraints Make IT Difficult to Access Oil & Gas Reserves
- Exploring Unconventional Reservoir
- Reducing the Reservoir Uncertainty and Optimize Reservoir Management
- Accurate Representation of Reservoir Geometry and Heterogeneity
- Identify Small Scale Reservoir Compartments
- Government Regulations and Growing Environmental Concerns
The report segments the reservoir analysis market, based on services, into reservoir simulation and geo modeling, data acquisition and monitoring, and reservoir sampling services. Data acquisition and monitoring services would account for the maximum share in the reservoir analysis market, due to shale gas exploration and production activities in North America. Moreover, the market in Asia-Pacific present opportunities as offshore exploration activities are on rise in these regions.
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The market in North America is currently the largest market of the reservoir analysis market, closely followed by Asia-Pacific. Technological advancements in drilling, such as long-reach horizontal well bores and completion techniques, such as multi-stage hydraulic fracturing, have led to an increase in E&P from unconventional resources and is driving the reservoir analysis market in this region. The market in the U.S. dominates the North American market, followed by Canada and Mexico. The market in the U.S. surpassed the markets in Russia and Saudi Arabia, and became the world’s top producer of petroleum and natural gas hydrocarbons.
The reservoir analysis market is highly fragmented and is served by large international players with a full suite of solutions, as well as local players offering specific services. The key players in the reservoir analysis industry include Schlumberger Limited (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Weatherford International, PLC (Switzerland), SGS S.A. (Switzerland), Core Laboratories (U.S.), ALS Oil & Gas (Australia), CGG SA (France), and Trican Well Service Limited (Canada) among others.