- North America & Asia-Pacific are emerging as new hotspots for reservoir analysis.
- Data acquisition and monitoring services the largest segment of the reservoir analysis market.
- The onshore segment is estimated to have the highest growth rate in the reservoir analysis market.
The reservoir analysis market is expected to grow from an estimated $7.32 billion in 2017 to $8.95 billion by 2022, at a CAGR of 4.11% from 2017 to 2022. The market in North America is estimated to be the largest market for reservoir analysis, followed closely by Asia-Pacific. The North American market is also projected to be the fastest growing market during the forecast period.
Low international crude oil prices have upset the traditional well production economics, whereas, the key factors that would drive the reservoir analysis market during the forecast period includes maximizing hydrocarbon recovery, the increasing shale gas production, and the increased reliability on reservoir analysis due to technological advancements. The growth of the reservoir analysis market is driven by the development of unconventional resources.
The increasing production from unconventional resources, in the North American region is driving the reservoir analysis market in this region. With regard to the application segment, the reservoir analysis market is segmented into onshore and offshore. The onshore segment is expected to dominate the reservoir analysis market and is also expected to grow at the fastest rate during the forecast period. Onshore applications are quite famous in the Middle East and North America, where maximum number of oilfields are located onshore.
The reservoir analysis market based on services into reservoir simulation and geo modeling, data acquisition and monitoring, and reservoir sampling services. Data acquisition and monitoring services would account for the maximum share in the reservoir analysis market, due to shale gas exploration and production activities in North America. Moreover, the markets in Asia-Pacific present opportunities as offshore exploration activities are on rise in these regions.
North America is expected to dominate the global reservoir analysis market
The North America is expected to dominate the global reservoir analysis market during the forecast period, owing to increased oil & gas exploration activities from unconventional resources, especially in the U.S. The market in the U.S. dominates the North American market, followed by Canada and Mexico. The North American market is primarily driven by the market in the U.S. which was the world’s top producer of petroleum and natural gas hydrocarbons in 2015, surpassing Russia and Saudi Arabia.
The liberalization of the energy sector in Mexico is expected to attract foreign investors and is also expected to drive the reservoir analysis market. The presence of 573 trillion cubic feet estimates of shale reservoirs, in Canada, is attracting many international and national oil companies, which are interested to explore sedimentary basins and shale areas of the country. All these factors contribute to the high growth rate of the market in North America.
The reservoir analysis market is served by a mix of large international players with their presence and capabilities across different regions and local players with a strong presence in their domestic markets. The key players operating in the market include Schlumberger Limited (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Weatherford International, PLC (Switzerland), and SGS S.A. (Switzerland) among others.