“In 2019, the global market for dam research was valued at $8.50 billion”, says Visiongain
08 January 2020
The Reservoir Analysis Market Report 2020-2030: Forecasts by Reservoir Type (Conventional, Unconventional), by Service (Geo Modeling, Reservoir Simulation, Data Acquisition & Monitoring, Reservoir Sampling), By Application (Onshore, Offshore), by Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), and analysis of leading companies operating in this industry.
In 2019, the global market for dam research was valued at $8.50 billion. Study of dams produces sub-surface information to combine soil, cracks, and liquid study from specific reservoirs. It also calculates the dynamic properties of rock & fluid and gives indirect measurements of the reservoir model. These reservoirs produce oil, gas, and coal, which in various applications such as automotive, aviation, electricity generation, and others are used as energy and fuel. The industry has seen the advancement of drilling technology and software used in the study of dams in recent years.
The main driving factor responsible for the growth of the market for reservoir analysis is the increase in global demand for energy. In addition, increased focus on mature oil & gas fields and new developments in the field has fuelled the growth of the market. High costs, risks and complexities associated with the analysis of reservoirs, however, hinder market growth. On the contrary, it is expected that technological advances in reservoir analysis will provide the market with future opportunities.
During the forecast period, the demand for the study of dams in North America is projected to see rapid growth rate due to the increase in oil and gas production. In addition, in 2018, the U.S. was among North America's top natural gas and petroleum hydrocarbon producers. In Mexico, the energy sector's liberalization attracted numerous investors, which in turn contributed to the reservoir analysis market's growth. Likewise, in Canada, shale reservoir figures of 573 trillion cubic feet have attracted attention from national and international oil companies that want to exploit the sedimentary basins and shale fields.
During the forecast period, the onshore segment is estimated to grow at the highest CAGR. This is attributed to the fact that onshore reserves are widely found among the major hydrocarbon producers in the Middle East and South & North America. Schlumberger Limited's introduction of perforating gun technology and software to monitor output has improved field efficiency and enhanced onshore reservoir oil & gas recovery.
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