The reservoir analysis market will register a CAGR of over 5% by 2023
NEW YORK, May 13, 2019 /PRNewswire/ --
About this market
Surge in global energy demand will drive the global market during the forecast period. A growth of the country depends on the amount of energy that it possesses. Reliable and affordable energy supports the growth of various industries such as power generation and infrastructure. Therefore, rising global energy demand will propel the growth of the global reservoir analysis market. Analysts have predicted that the reservoir analysis market will register a CAGR of over 5% by 2023.
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Market Overview
Rising focus on mature oil and gas fields and new field developments
Rising focus on mature oil and gas fields and new field developments will drive the global reservoir analysis market in the forecast period. New and mature field development oil and gas projects will require accurate reservoir analysis to maximize recovery from oil and gas fields. Upstream players will look for better reservoir analysis tools to maximize profits.
Fluctuations in global oil and gas prices
Oil and gas prices company has been volatile since the 2014 crude oil price crisis. Such price changes impact investors in the oil and gas industry. This will have a negative impact on revenues of upstream companies as well as profit margins of investors. Thus, fluctuations in global oil and gas prices will impede the market growth.
For the detailed list of factors that will drive and challenge the growth of the reservoir analysis market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several companies including Schlumberger Ltd. and Weatherford International Plc., the competitive environment is quite intense. Factors such as the surge in global energy demand and rising focus on mature oil and gas fields and new field developments, will provide considerable growth opportunities to reservoir analysis manufactures. ALS Ltd., Baker Hughes, a GE Co. LLC, Halliburton Co., Schlumberger Ltd., and Weatherford International Plc are some of the major companies covered in this report.
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