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The global reservoir analysis market size is projected to reach USD 11.96 billion by the end of 2026. The increasing oil and gas exploration activities will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Reservoir Analysis Market Size, Share & Industry Analysis, By Service (Geo-modelling & Reservoir Simulation, Data Acquisition & Monitoring, and Reservoir Sampling), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026,” the market was worth USD 8.18 billion in 2018 and will exhibit a CAGR of 4.9% during the forecast period, 2019-2026.
Reservoir analysis is a tool that is used that is used to predict and monitor the performance of a reservoir. The increasing global demand or oil and gas has led to a high emphasis on the development of reservoirs across the world. Technological advancements have allowed improved study of reservoirs, with respect to fluids and rocks. This helps reduce the total time taken for operations and subsequently save costs as well as resources. Increasing investment in the research and development of reservoir analysis tools have yielded improved products and subsequently led to a wider product adoption across the world. The increasing oil and gas exploration activities have emerged in favor of the companies operating in the market.
SGS’ New Technology for Reservoir Characterization Will Aid Growth
Technological advancements have played a massive role in the development of reservoir analysis. The use of technologically sound devices has helped bridge thee demand-supply ratio for oil and gas across the world. The constantly rising population has created an ever-growing demand for oil and gas resources across the world. In June 2019, SGS announced the launch of a new technology that is aimed at reservoir characterization. The system will use drill cuttings to derive mechanical and mineralogical rock substances. This will help bring down the overall cost required for modelling, stimulation, and fracture propagation. This technology will help SGS generate huge reservoir analysis market revenue in the coming years.
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Growing Demand for Oil and Gas Will Aid Growth
The report includes several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing demand for oil and natural gas has created the platform for several companies operating in the market. To cater to the massive demand for hydrocarbon and other resources, several companies are looking to adopt modern techniques for reservoir analysis. The increasing hydrocarbon exploration activities will also emerge in favor of the companies. Due to the massive potential held by this industry, several start-ups are likely to enter the market in the coming years.
Major Companies Are Investing in Technological Interventions
The market derives growth from the presence of several large scale companies distributed across the world. The report profiles a few of the major companies across the world and discusses their strategies. It also states the impact that these companies have had on the growth of the market in recent years. Some of the companies that are operating in the market include:
Further Report Findings:
The report analyzes the ongoing reservoir analysis market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. The market in North America is projected to witness the highest growth, driven by the increasing focus on shale based exploration.
The market in Asia Pacific will witness the highest CAGR, owing to the increasing focus on deepwater exploration in several countries across this region. Growing adoption of electronic advanced monitoring equipment and systems will contribute to the growth of the market in this region.
The global reservoir analysis market is segmented on the basis of:
Value (USD Billion)