Market Trends of Reservoir Analysis Industry
This section covers the major market trends shaping the Reservoir Analysis Market according to our research experts:
Unconventional Segment to Witness Fastest Growth
- The Shale Gas boom is expected to provide further growth in the oil and gas industry, which is expected to increase the growth in the reservoir analysis market. Shale gas production increase is expected to aid the reservoir analysis market positively.
- In 2021, global production accounted for around 7.23 million barrels of oil per day, the largest type being light-tight oil (LTO). An increase in the production of oil is expected to provide a boost to the sector.
- According to estimates, in 2021, China has the largest technically recoverable shale gas resource, with 21.8 trillion cubic feet (Tcf).
- Global tight gas resources are estimated, in 2021, at 2,684 Tcf, with the largest in Asia-Pacific and Latin America. Resources of coalbed methane (CBM) are estimated at 1,660 Tcf, with more than 75% in Europe and Asia-Pacific.
- Therefore, with the increase in demand for oil and gas, the global reservoir analysis market is expected to increase considerably during the forecast period.
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North America to Dominate the Market
- North America region has dominated the reservoir analysis market and is expected to continue its dominance in the coming years. The region consists of major oil and gas production basins worldwide.
- The United States is among the largest user of reservoir analysis systems, especially with the boom in shale oil and gas in many of the onshore basins like the Permian basin have contributed to the advancement in the reservoir analysis market.
- North America increased its oil output significantly to 23.94 million barrels per day in 2021 from 14.34 million barrels per day in 2011. In contrast, the region's gas production increased from 82 billion cubic feet per day to 110 billion cubic feet per day during the same period. Increasing production is expected to create demand for better reservoir analysis techniques.
- In 2018, the United States Interior Department allowed drilling in nearly all the United States waters, which is among the biggest expansions of offshore oil & gas leasing by the federal government in the history of the United States. This development has driven offshore exploration and production activity in the region. Thus the rising number of exploration and production activities in the region is expected to boost the demand for digital oilfield solutions is likely to increase.
- Hence, the North America region is expected to dominate the market due to its large oil and gas upstream sector and increasing demand for fossil fuels around the globe.
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