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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