Market Research Future published a research report on “Reservoir Analysis Market Research Report – Global Forecast till 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2025
Reservoir analysis produces subsurface data to combine rock, pore, and fluid research from various reservoirs. Furthermore, it measures multiple rock & fluid properties and offers indirect measurements of the reservoir type. These reservoirs contain oil, gas, and coal, which are used in various applications as energy and heat, such as automotive, aviation, electricity generation, and others. In its recently published research study, Market Research Future (MRFR) asserts that the global reservoir analysis market 2020 is booming and expects d to expand exponentially over the review period, recording significant market valuation and a healthy CAGR in the forecast period.
Drivers and Restraints
Significant developments in technology such as the Internet of Things (IoT), data analysis software, data collection equipment, and real-time well data are available to exploration. Manufacturing companies and the growing need to optimize the recovery of hydrocarbons are the major driving factors attributed to the growth of the global Reservoir Analysis Market over the review period. The increased demand for energy pushes the country’s oil and gas exploration and development to satisfy its energy demand. Furthermore, developing new technology helps improve efficiency in the study of reservoirs. The market has been witnessing the advancement of drilling technology and software used in reservoir analysis in recent years. Such an increase in oil and gas extraction & production increases demand hydrogen recovery as it easily allows fossil fuels to be extracted in large quantities, resulting in increased demand for high energy and hydrocarbon recovery. As a result, demand for reservoir analysis services is that which drives the growth of market demand for global reservoir analysis during the forecast period. However, the high cost, risk, and uncertainties associated with the study of reservoirs impede market development. On the contrary, technical developments in the study of reservoirs are projected to bring potential business opportunities.
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The significant market players operating in the global market as identified by MRFR are Emerson Electric Co. (US), Schlumberger Limited (US), Halliburton (US), SGS SA (Switzerland), Weatherford International PLC (US), General Electric (US), ALS Limited (Australia), CGG (France), Tristan (Canada), Core Laboratories (US), Expro Group (UK), and Intertek Group plc (UK).
The global market for reservoir analysis is segmented based on service, reservoir type, application, and region. Based on the. Reservoir type, the reservoir analysis market has been bifurcated into conventional and unconventional. Based on the service, the global reservoir analysis market has been segmented into data acquisition & monitoring, geomodeling & reservoir simulation, and reservoir sampling. Based on the application, the global reservoir analysis market is bifurcated as onshore and offshore.
The geographical overview of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
It is projected that North America has a significant market share during the forecast period due to the increase in the number of oil and gas exploration and production activities, which leads to an increase in the demand for hydrogen recovery as it enables the extraction of fossil fuels in large quantities and provides a safer and environmentally friendly carbon dioxide disposal method that leads to an upsurge in demand for hydrogen recovery. Growth in demand for reservoir analyzes was observed in North America and Europe. In addition, the rise in energy consumption per capita creates a vast market opportunity for the growth of reservoir analysis in the North America region.
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Table of Content:
- Executive Summary
- Scope of The Report
- Reservoir Analysis Market Landscape
- Reservoir Analysis Market Sizing
- Reservoir Analysis Market Segmentation by Product
- Five Forces Analysis
- Customer Landscape
- Geographic Landscape
- Decision Framework
- Drivers and Challenges
- Reservoir Analysis Market Trends
- Vendor Landscape
- Vendor Analysis
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