Reservoir Analysis Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The reservoir analysis market is expected to grow at a CAGR of more than 2% over the period. Factors such as an increase in the complexity of reservoir, due to increased depth and use of multiple horizontal wells, and rising production of oil and gas, which require more sophisticated techniques like reservoir analysis and, therefore, are expected to drive the market. However, low reliability due to lack of correct data is expected to restraint in the market.
- The unconventional resources have become economically viable, and large production from these fields has altered the scenario in the oil and gas industry. The reservoir analysis market is aided by the changing scene as it is able to help, the market players, simulate and analyze better results. The unconventional segment is therefore expected to grow the fastest during the forecast period.
- Gas hydrates production may become an opportunity for the market players as its economically viable production may pose new problems, which may require better techniques of reservoir analysis.
- Due to the high production of shale oil and gas, North America is expected to be the largest market during the forecast period, with majority demand coming from the United States and Canada.
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Key Market Trends
Unconventional Segment to Witness Fastest Growth
- Shale Gas boom is expected to further provide growth in the oil and gas industry, which is expected to increase the growth in the reservoir analysis market. In the 2018-2019 period, shale gas production increased by 15.6% which is expected to positively aid the reservoir analysis market.
- In 2019, global production accounted for around 500 million tons of unconventional oil, with the largest type being of the light tight oil (LTO). 4474 million tons of oil was produced in 2018 up from 4379.9 million tons, 2017. An increase in the production of oil is expected to provide a boost to the sector.
- According to estimates, in 2019, China has the largest technically recoverable shale gas resource with 1,115 trillion cubic feet (Tcf), followed by Argentina at 802 Tcf and Algeria at 707 Tcf.
- Global tight gas resources are estimated, in 2019, at 2,684 Tcf, with the largest in Asia-Pacific and Latin America. Resources of coalbed methane (CBM) are estimated at 1,660 Tcf, with more than 75% in Europe and Asia-Pacific.
- Therefore, with the increase in demand for oil and gas, the global reservoir analysis market is expected to increase considerably during the forecast period.
North America to Dominate the Market
- North America region has dominated the reservoir analysis market and is expected to continue its dominance in the coming years. The region consists of major oil and gas oil production basins in the world.
- The United States is among the largest user of the reservoir analysis systems, especially with the boom in shale oil and gas in many of the onshore basins like the Permian basin have contributed to the advancement in the reservoir analysis market.
- North America increased its output of oil increased significantly to 1027.1, in 2018 from 918.7, in 2017. Whereas, the region's gas production increased from 826.8, in 2017 to 906.2, in 2018. Increasing production is expected to create demand for better reservoir analysis techniques.
- In 2018, the United States Interior Department allowed drilling in nearly all the United States waters, which is among the biggest expansions of offshore oil & gas leasing by the federal government in the history of the United States. This new development is expected to drive the offshore exploration and production activity, and hence, the demand for digital oilfields solutions is likely to increase in the future.
- Hence, the North America region is expected to dominate the market due to its large oil and gas upstream sector and increasing demand for fossil fuel around the globe.
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Competitive Landscape
The reservoir analysis market is partially fragmented. Some of the key players in this market are Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC, CGG SA.
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD Billion, till 2025
4.3 Crude Oil Production and Consumption Forecast, in thousands barrels per day, till 2025
4.4 Natural Gas Production and Consumption Forecast, in billion cubic feet per day, till 2025
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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