The global reservoir analysis market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global reservoir analysis market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global reservoir analysis market is the rising focus on mature oil and gas fields coupled with new field developments. With several mature oil and gas fields reaching their peak production, the hydrocarbons are being recovered using primary recovery methods such as natural reservoir pressure. However, the percentage of hydrocarbons recovered through the primary recovery process is very small. Hence, significant investments are being made to improve recovery from mature fields. Furthermore, there has been a significant increase in the upstream E&P activities in new field developments in the recent times. New and mature field development oil and gas projects will require accurate reservoir analysis for maximizing the recovery from oil and gas fields. As a result, upstream players will look for better reservoir analysis tools to maximize profits, which will contribute to the growth of the market during the forecast period.
As per Technavio, the technical advances in reservoir modeling will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global reservoir analysis market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global reservoir analysis market: Technical advances in reservoir modeling
Several new techniques are being employed by oil and gas companies for enhancing the production from oil and gas fields to meet the rising energy demand. With its accurate modeling, reservoir analysis helps oil and gas operators in effective decision-making. Reservoir analysis helps in estimating the field performance under a range of producing schemes, which, subsequently, enhances recovery from producing wells. Moreover, companies are introducing new features into their reservoir simulation software for providing compositional and unconventional reservoir modeling. These upgraded platforms can simulate structurally complex reservoirs such as shale oil and gas and tight oil reservoirs. Such advances in reservoir analysis applications will help oil and gas companies in enhancing the exposure to explore unconventional reservoirs.
"Apart from the technical advances in reservoir modeling, factors such as the introduction of big data analytics, the surge in global energy demand, and the growing exploration of unconventional reservoirs will significantly impact the growth of the reservoir analysis market during the forecast period," says a senior research analyst at Technavio.
Global reservoir analysis market: Segmentation analysis
This market research report segments the global reservoir analysis market by application (onshore and offshore) and geographic regions (North America, MEA, Europe, APAC, and South America).
The North American region led the market in 2018, followed by MEA, Europe, APAC, and South America respectively. Increasing new investments in oil and gas drilling projects and discoveries in North America will require reservoir simulation and modeling and reservoir sampling. These processes will enhance production from fields and facilitate accurate production forecasting in the later stage of projects. Thus, the increasing upstream projects in North America will propel the growth of the reservoir analysis market in the region during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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