Press release
Exploration & Production Software Market - ncreasing Investments in Hunt for Reserves of Unconventional Gas Spikes Demand,
The growing technological advancements in the upstream sector of oil & gas has been identified as one of the key factors driving the growth of global exploration and production software market. In 2016, the global exploration and production (E&P) software market was valued at US$3,693.9 mn and is expected to reach US$14,149.6 mn by 2025, expanding at a CAGR of 16.3% during the forecast period.Obtain Brochure For Latest Technology Advancements @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=8791
On the basis of operation type, the global exploration & production software market has been classified into on-shore and off-shore operation type. Of these, the on-shore operation segment contributed the highest revenue in 2016 and held the largest market share with almost 68% of the market revenue share. On the other hand, off-shore operation type segment is projected to witness the maximum growth rate during the forecast period. This is due to owing to the rising number of off-shore oil & gas activities.
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In terms of E&P software types, the market has been segmented into risk management mapping, seismic amplitude analysis, portfolio aggregation, performance tracking, navigation system, resource valuation, reservoir characterization, reservoir simulation, drilling and production.
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In 2016, the market was led by reservoir simulation software which accounted for approximately 20% of the global market revenue. On the other hand, production software is predicted to rise with a maximum CAGR of 18.7% during the forecast period from 2017 to 2025. The production software segment will be driven by the emerging upward trend in production in the upstream oil and gas sector across the globe.
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