Global Reservoir Simulation Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Reservoir Simulation Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Reservoir simulation is an area of reservoir engineering in which computer models are used to predict the flow of fluids (typically, oil, water, and gas) through porous media. Reservoir Simulation Software is a kind of software used to simulate the migration, physical and chemical processes of underground oil, gas and water under various complex geological conditions. In the reservoir simulations usually, the oil and gas companies depend on simulation and modeling software to produce the best representation of reservoirs of oil and gas, all the usage of equipment as well as resistivity and environmental effects. That software has a lot of benefits like they help in predicting production results and evaluate the risk level.

Market Overview:

The latest research study on the global Reservoir Simulation Software market finds that the global Reservoir Simulation Software market reached a value of USD 1384.7 million in 2022. It’s expected that the market will achieve USD 2688.62 million by 2028, exhibiting a CAGR of 11.69% during the forecast period.

Consumption Demand for Oil Supports Reservoir Simulation Software Market Growth

Reservoir Simulation Software can be used in the exploration, development and production of petroleum. According to data released by Statista, in 2021, global oil consumption will reach about 94.1 million barrels per day. The figure was up more than 6 percent from the previous year, when global oil consumption fell due to pandemic-imposed flow restrictions, which, in turn, led to lower demand for transportation fuels. Aside from the financial crisis and the 2020 coronavirus pandemic, oil consumption has been increasing every year since 1998. With the general decline of high-quality conventional oil resources, Reservoir Simulation Software has received increasing attention.

Rising Global Geopolitical Unrest Is Expected To Drive Reservoir Simulation Software Market

Global geopolitical turmoil intensifies. In 2022, many oil-producing countries will usher in an election year, with frequent supply disruptions. At the beginning of the year, Libya, Nigeria, Ecuador, Turkey and other countries experienced sudden supply interruptions one after another, which tightened the market supply. Since the beginning of the year, the situation in Russia and Ukraine has affected the market nerves, the two sides have continued to intensify war warnings, and geopolitical tensions have continued to bring a risk premium to oil prices. In addition, factors such as the tension between China and Taiwan, trade issues between China and the United States, and the continuation of the Russia-Ukraine war have promoted the exploration of oil resources in various countries. Oil and gas exploration, and the ever-increasing amount of subsurface data that accompanies exploration, has given rise to the demand for Reservoir Simulation Software with the ability to effectively handle, analyze, and visualize these data in their precise geospatial position.

Region Overview:

In 2021, the share of the Reservoir Simulation Software market in Middle East and Africa stood at 24.65%.

Company Overview:

Emerson Electric Co. engages in the provision of measurement and analytical instrumentation; industrial valves & equipment; process control systems, tools & appliance solutions for customers in a range of industrial, commercial and consumer markets. It operates through the following business segments: Automation Solutions and Commercial & Residential Solutions. The Automation Solutions segment offers products; software and technology; and engineering, project management, consulting services and integrated manufacturing solutions for precision measurement, control, monitoring, asset optimization, and safety and reliability of oil and gas reservoirs, manufacturing operations, and plants that process or treats various items. The Climate Technologies segment provides products and services for many areas of the climate control industry, including residential heating and cooling, commercial air conditioning, and commercial and industrial refrigeration. The Commercial & Residential Solutions segment sells tools for professionals and homeowners and appliance solutions, such as food waste disposers, ceiling fans, lighting, sensing and protection devices.

Schlumberger Ltd (Schlumberger) provides technology for reservoir characterization, production, drilling and processing to the oil and gas industry. The company also supplies products and services to the industry, from exploration through production and integrated pipeline solutions for hydrocarbon recovery.

Halliburton Company provides energy and engineering and construction services, as well as manufactures products for the energy industry. The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

Roxar (Emerson) SCHLUMBERGER (ECLIPSE, INTERSECT), Halliburton were the top 3 players in the Reservoir Simulation Software market in 2022, taking up a market share of 28.26% together.

Segmentation Overview:

Cloud-based
Cloud-based is a term used to define services and solutions that are hosted on the cloud. The major advantage of these services is that they can be accessed from any location through the internet. Cloud-based applications offer benefits such as increased storage space, easy access to data, and real-time sharing of information which increases productivity.

On-premise

On-premise is a term used for computer software or hardware installed on the customer's own equipment.

By type, Cloud-Based segment accounted for the largest share of market in 2021.

Application Overview:

NOCs
NOCs are oil companies owned and operated by the government of the country they are in. Many large oil-producing countries have NOCs that control most or all of the oil industry activities in their domestic markets. NOCs represent state-owned oil companies like Saudi Aramco, Rosneft or KOC.

IOCs

IOCs are often international oil companies. Major integrated companies are defined as typically having market capitalization of $10 billion to $100 billion. IOCs are Western oil giants like BP, Royal Dutch Shell and Exxon Mobil.

Small Size

Small Size generally refers to small oil service companies, research institutions, etc. The business of such companies is relatively single, with few business operation links, and the company's capital flow is relatively concentrated.

Independent

Independent companies (Independents) refer to Oil & Gas and Petrochemical operators that are neither international oil companies (IOCs) nor national oil companies (NOCs). These independent companies were established by expert geologists, process specialists or financial investors. Independents include Apache, DNO, Consol, Anadarko, Samudra, etc.

By application, the NOCs segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Reservoir Simulation Software market covered in Chapter 3:

Baker Hughes (JewelSuite)
SCHLUMBERGER (ECLIPSE, INTERSECT)
Halliburton
Computer Modelling Group Ltd.
Rock Flow Dynamics (tNavigator)
Stone Ridge Technology (Echelon)
AspenTech
CGG
Roxar (Emerson)
Gemini Solutions
PlanoResearch Corporation
Beicip-Franlab

In Chapter 4 and Chapter 14.2, on the basis of types, the Reservoir Simulation Software market from 2018 to 2029 is primarily split into:

Cloud-Based
On-Premises

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Reservoir Simulation Software market from 2018 to 2029 covers:

NOCs
IOCs
Small Size
Independents

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)