Onshore Segment to Lead United States Reservoir Engineering Services Market Through 2024
Increased oil and gas
production and technological advancements are major factors anticipated to
propel growth of United States reservoir engineering services market during
forecast period
According to
TechSci Research report, “United
States Reservoir Engineering Services Market By Service, By Application, By
Reservoir Type, Competition, Forecast
& Opportunities, 2024” the United States reservoir
engineering services market is expected to grow at a substantial CAGR during
the forecast period on the account of growing focus on mature oil & gas
fields and increased reliability on reservoir analysis. In addition, exploration
& development of new reservoirs is expected to fuel the growth of United
States reservoir engineering services market in the upcoming years. Moreover,
the market is expected to witness high traction in the next 5 years owing to high-end
technology development such as development in hydraulic fracturing technology coupled
with enhanced spending capacity on development & exploration tasks. However,
stringent government regulations and environmental concerns are expected to
hamper the growth of United States reservoir engineering services market during
the forecast period.
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The United
States reservoir engineering services market is segmented based on service, application, reservoir
type, region and company. In terms of application, the market can be bifurcated
into Onshore & Offshore. Among them, onshore segment is anticipated to
dominate the reservoir engineering services market and is also witnessed to
grow at the fastest rate during the forecast period which can be attributed to
the maximum number of oilfields in the country are located onshore. In
addition, exploration & production activities carried out are expected to
drive the onshore segment over the coming years.
Schlumberger
Limited, Halliburton Company, Baker Hughes Incorporated, Weatherford
International, PLC, Core Laboratories, Geokinetics, Paradigm and ALS Oil &
Gas and others are some of the leading players operating in United
States reservoir engineering services market. The companies operating in the
market are using organic strategies such as product launches, mergers and
collaborations to boost their share and increase their customer bases.
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“The US reservoir
engineering services market is expected to grow substantially during the
forecast period owing to increasing energy demand from the country. In terms of
reservoir type, the market is segregated into conventional and unconventional. The
unconventional reservoir type is forecasted to have the highest growth rate
during 2024 on account of new technological developments, like hydraulic
fracturing and directional or horizontal drilling and the abundance of
unconventional resources, which have led to an increase in the E&P
activities from unconventional resources.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“United States Reservoir Engineering Services
Market By Service, By Application, By Reservoir Type, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of United
States reservoir engineering services market and provides statistics & information
on market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in United States reservoir
engineering services market.
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