LONDON--(BUSINESS WIRE)--The global reservoir analysis market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
The rising focus on mature oil and gas fields coupled with new field developments will be one of the major drivers in the global reservoir analysis market. The use of primary recovery method such as natural reservoir pressure is used to recover hydrocarbons because several mature oil and gas fields are reaching their peak production. 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 upstream E&P activities in new field developments in recent times. Oil and gas projects require accurate reservoir analysis to maximize recovery from oil and gas fields. Upstream players are expected to look for better reservoir analysis tools to maximize profits, which will contribute to the growth of the market during the forecast period.
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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 research 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
The technical advances in reservoir modeling will be one of the critical trends in the global reservoir analysis market. To meet the rising energy demand, several oil and gas companies are enhancing the production of oil and gas fields by using new techniques. With its accurate modeling, reservoir analysis helps oil and gas operators in effective decision-making as it helps in estimating the field performance under several parameters thereby, enhancing recovery from oil producing wells. Moreover, companies are introducing new features into their reservoir simulation software to provide 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 will increase its use to explore unconventional reservoirs, which will boost the market growth.
“Apart from the technical advances in reservoir modeling, the surge in energy demand and the need to maximize hydrocarbon recovery are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Reservoir Analysis Market: Segmentation Analysis
This market research report segments the global reservoir analysis market by application (onshore and offshore) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by MEA, Europe, APAC, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the increase in upstream projects in the region.
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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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