According to the report, 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.
MARKET TRENDS
Significant progress in technology for drilling and exploration has enabled producers to adopt advanced tools for reservoir fluids and formation to optimize the production and recovery techniques. Precision pumps, formation response testers, Mechanical integrity testing, dynalink telemetry system are some of the advanced tools and equipment used in production purposes. It provides field performance, volumetric calculation, probabilistic models to achieve higher reliability, accuracy, and more ease in information accessibility, which is to be measured. Appropriate characterization of the reservoir is obtained by the process of acquiring, processing, and integrating several basic data such as well logging, core analysis, and fluid properties, which aims to deliver geophysical, geological, and engineering data for higher accuracy. Hence, advancement in technology for production and exploration activities is playing an essential role in the reservoir analysis market.
Some of the companies that are operating in the market include:
- Halliburton (U.S.)
- Schlumberger (U.S.)
- Core Laboratories (U.S.)
- SGS (Switzerland)
- Baker Hughes (U.S.)
- Weatherford (U.S.)
- Emerson (U.S.)
- ALS (Australia)
- Intertek (U.K.)
- CGG (France)
- NUTECH (U.S.)
- Tracerco Ltd (U.S.)
- Trican Well Service Ltd. (Canada)
- Expro (England)
Reservoir analysis is a concept that involves the study and examination of the performance and nature of a reservoir. It is mainly done to improve the yield and output of the reservoir during exploration activities. The concept saves a significant amount of time and cost involved with oil and gas drilling activities, as a result of which it is being widely used across the world. The increasing technological interventions in reservoir analysis systems have yielded products with the highest efficiency and precision. The constantly rising population has created a subsequent demand for oil and gas resources across the world. Technological advances have certainly played a major role in the growth of the market and this can be clearly depicted by the growing use of modern devices by major companies across the world.
Increasing Number of Product Launches Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market. In November 2017, Schlumberger announced the launch of and advanced digital integration reservoir analysis system. The product will analyse the rock and fluid data and enable ease of drilling and energy harnessing activities. Schlumberger’s latest product will not just help the company grow, but will have a huge impact on the growth of the market in the foreseeable future.
