Reservoir Monitoring System Market Size, Share & Industry Analysis, By Technology (Electrical Downhole Monitoring System, Fiber Optic Downhole Monitoring System, Wireless Communication Downhole Monitoring System, Others), By Application (Onshore, Offshore) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The analysis of the reservoir is a crucial aspect to gain a significant amount of hydrocarbon. Oil companies are especially interested to know the characteristics of the reservoir to enhance the production and reduce the production cost. Pressure and temperature are fundamental properties to analyze the reservoir characteristics.
Reservoir monitoring is routine activity to know downhole pressure, temperature, and production capability of the reservoir. Fiber optic sensor technology has been widely used to sense wide range of parameters such as pressure, temperature, vibration, flow, acoustic fields in downhole oil and gas reservoir monitoring application. Reservoir simulation extensively used by oil and gas companies to identify hydrocarbon reserves.
Key Market Driver -
Key Market Driver – Extensive investment to enhance the oil production of existing wells
Key Market Restraint -
Key Market Restraint – Complications and risk involved in reservoir monitoring system
The reservoir monitoring system market is divided into technology and application. The technology is further segmented into the electrical downhole monitoring system, fiber optic downhole monitoring system, wireless communication downhole monitoring system, and others.
The electrical downhole monitoring system used to observe pressure, temperature, and flow characteristics of reservoir while fiber optic downhole monitoring system uses different sensors such as temperature sensors, acoustic sensors, chemical probes, etc. to analyze reservoir characteristics. Over the years fiber optic sensing technology has been developed and applied to wide range of application. Reservoir monitoring is carried out either onshore or offshore to get the properties of reservoir.
The volatile price of oil and gas in the international market has led the oil and gas companies to invest in existing wells to enhance hydrocarbon production. The reservoir monitoring system provides insights on reservoir characteristics such as pressure, temperature, flow, acoustic field, etc. help to carry out strategic planning to avoid losses. These factors bolster the growth of the reservoir monitoring system market.
The technology used to analyze reservoir characteristics is quite tedious, and risk associated in carrying out efficient reservoir monitoring is the prime factor limiting the growth of the reservoir monitoring system market.
Key Players Covered
Some of the major companies for reservoir monitoring systems are Halliburton, Weatherford, Schlumberger, CGG, Petrospec Engineering Inc., OCTIO Gravitude, Siemens, Geokinetics Inc., Trican Well Service Ltd., Intertek Oil and Gas, ALS Oil & Gas, Core Laboratories, and Expro.
Regional Analysis
The reservoir monitoring system market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The rise of expensive multi-lateral hydraulic fracturing, an ever-greater focus on improving oil recovery, and continued strength of capital expenditure provide the main market for the uptake of reservoir monitoring system in North America.
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Europe is expected to increase the investment in exploration and production activities to reduce the import of oil and gas, which bolster the growth of the reservoir monitoring system market. The Asia Pacific is continuously striving to increase the domestic production of oil and gas to lower import of oil and gas. Public and private oil companies are massively investing to increase the production of existing wells that will boost the reservoir monitoring system market in Asia Pacific.
Segmentation
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Key Industry Developments
- In June 2019, Equinor has awarded a contract to CGG’s geoscience division for the processing of permanent reservoir monitoring (PRM) system in the North Sea. CGG will provide high-quality 4G images which assist in analyzing reservoir characteristics.
- In December 2017, Schlumberger launched a laboratory in Houston, Texas to provide comprehensive reservoir characterization services, physical and digital rock and fluid analysis services.
- Ongoing
- 2023
- 2019-2022
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