Exploration and Production Software Market – Hit Growth by CAGR of 16.7% from 2018 to 2026
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.
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.
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.
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In terms of software type, the market is segmented into risk management mapping, seismic amplitude analysis, portfolio aggregation, performance tracking, navigation system, resource valuation, reservoir characterization, reservoir simulation, drilling, and production. Portfolio aggregation software is used to combine oil and gas project and asset level data from various external sources with an aim to make organized and appropriate decisions at the portfolio level and determine optimal allocation of resources. The production software has been identified as the fastest growing segment during the forecast period, due to upward trend in production in the upstream oil & gas sector around the world.
The global exploration & production (E&P) software market is largely driven by innovative digital solutions. For instance, in 2017, GE Oil & Gas was committed to introducing the next industrial era in the oil & gas sector. In its several labs and factories, the company is constantly trying to push the boundaries of technology to analyze and resolve today’s toughest commercial & operational challenges. In order to fulfil its strategy, the company has been seen making several acquisitions and forging partnerships with some of the leading service providers of the oil & gas industry.
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.