Exploration and Production (E&P) Software Market – Introducing the Next Industrial Era
The global exploration and production (E&P) software market was valued at US$ 4,240.7 Mn in 2017 and is expected to expand at a CAGR of 16.7% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Exploration and Production (E&P) Software Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ North America is expected to hold the dominant revenue share, with the market in the region expanding at a CAGR of above 14.0%.
The global exploration and production (E&P) software market is mainly driven by the growing natural oil & gas market and various technological advancements in the exploration and production sector.
Exploration & Production (E&P) is an upstream segment of the oil & gas industry which plays an important role in the process of locating, testing, and drilling of oil & gas. E&P software is an integrated solution which is completely dedicated to managing every process from exploration to production. With recent advancements in digital technology, the deployment of E&P software by oil & gas companies has increased to a great extent.
The global E&P software market is currently driven by growing investment in the oil & gas sector, rising exploration of unconventional gas resources, and technological advancements. Fluctuating prices of oil & gas worldwide has been identified as the major inhibitor to the market’s growth.
The global exploration & production (E&P) software market has been segmented on the basis of deployment type, operation type, software type, and geography. On the basis of deployment type, the market is segmented into on-premise software and cloud-based software. Cloud-based E&P are a type of system where information regarding exploration and production are present on the cloud.
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Cloud-based technology is most preferred by small businesses. Due to rising level of digitization and rising awareness of cloud computing technologies, cloud-based E&P software is expected to show significant growth rate during the forecast period. In terms of operation type, the market is segmented into on-shore and off-shore.
On-shore exploration & production software refers to the implementation of software in the development of oil fields, gas deposits, and geothermal energy on land. It could be conventional or unconventional. In terms of operation type, the global E&P software market was led by on-shore operation type. However, the demand is projected to shift toward off-shore operations due to the rising offshore activities.
Key players profiled in the global exploration & production (E&P) software market include Schlumberger Limited, ION Geophysical Corporation, Exprodat Consulting Ltd. (Now Part of Getech Group Plc), Halliburton Company, Baker Hughes Incorporated, IHS Inc., Emerson Electric Co., Computer Modelling Group Ltd., Kongsberg Gruppen ASA, GE Oil & Gas, Pason Systems Corp., Paradigm B.V., ETL Solutions Ltd., Ikon Science Limited, GEPlan Consulting Srl, Interactive Network Technologies, Inc., Peloton, Petroleum Experts Ltd., RockFlow Dynamics, LLC, OVS Group LLC, P2 Energy Solutions (Formerly Merrick Systems), Petrolink Services, Inc., eDrilling AS, TDE Group GmbH, and Etech International, Inc.