Portland, OR, April 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global reservoir analysis market generated $8.1 billion in 2020, and is projected to reach $11.8 billion by 2030, witnessing a CAGR of 3.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Transition in reservoir technology, upsurge in global energy demand, and rise in focus on mature oil & gas fields and new field developments drive the growth of the global reservoir analysis market. However, high cost associated with reservoir analysis restrains the market to some extent. On the other hand, rapid expansion of exploration activities in unconventional resources and rising demand of shale oil & gas present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown which affected the overall growth of the global reservoir analysis market.
- The economic slowdown in several countries contributed to reductions in petroleum and natural gas reserves in 2020.
- Furthermore, import and export activities were temporarily restricted, which, in turn, adversely affected the growth of the global reservoir analysis market.
The report offers detailed segmentation of the global reservoir analysis market based on reservoir type, service, application, and region.
Based on reservoir type, the unconventional segment held the highest market share in 2020, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the conventional segment is estimated to register the highest CAGR of 3.9% from 2021 to 2030.
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Based on application, the onshore segment held the largest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 4.0% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 4.1% during the forecast period. Other regions discussed in the report include Europe, Asia-Pacific, and LAMEA.
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Leading players of the global reservoir analysis market analyzed in the research include Baker Hughes, Inc., Core Laboratories, Emerson Electric Co., Expro Group, Geokinetics, Inc., Halliburton, Johnson Matthey, Schlumberger Limited, Trican Well Service Limited, and Weatherford International Ltd.
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