Oil and Gas Process Simulation Software Market Research Report, Growth Trends and Business Development Strategies | Chemstations, KBC, Honeywell, Aspen Technology, Kongsberg Group, Schneider Electric, Tieto, ANSYS, Siemens, HEXAGON, Dassault Systmes, GSE

Process simulation software is a type of software service in which the production method is virtually created to pick out any flaws or drawbacks in the manufacturing method of certain components. The application of this software in the production/processing of oil & gas simply mean the application of this software in the oil & gas industry which results in higher efficiency in the production cycle as well as providing enhanced safety to the working environment.

Global Oil and Gas Process Simulation Software Market is expected to register a steady CAGR of 4.98% in the forecast period of 2019-2026. This rise in market value can be attributed to the higher adoption of innovative and advanced technologies resulting in higher efficiency of operations.

Major Market Competitors/Players: Global Oil and Gas Process Simulation Software Market

AVEVA Group plc; Chemstations Inc.; Bryan Research & Engineering, LLC; KBC; Honeywell; Aspen Technology, Inc.; Kongsberg Group; Schneider Electric; Process Systems Enterprise; GSE Systems; ProSim; Virtual Materials Group Inc.; Tieto; ANSYS, Inc.; Siemens; HEXAGON; Dassault Systmes and PTC Altair Engineering, Inc.

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Market Drivers:

Increasing adoption of automation systems resulting in growth of simulation software services because of adoption of Industry 4.0; this factor is expected to drive the growth of the market
Better understanding of the product requirements, structuring of chemicals with the usage of these processes; this factor is expected to drive the growth of the market
Higher efficiency and effectiveness of the operational cycle minimizing the chances of any faults and resulting in reduced cost of production are factors driving the growth of the market

Table of Content:

Part 01: Executive Summary

Part 02: Scope of The Report

Part 03: Global Oil and Gas Process Simulation Software Market Landscape

Part 04: Global Oil and Gas Process Simulation Software Market Sizing

Part 05: Global Oil and Gas Process Simulation Software Market Segmentation by Product

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Market Restraints:

High cost associated with the software service is expected to restrain the growth of the market
Complications associated with the interpretation of simulated processing to real life operations; this factor is expected to restrain the growth of the market

Segmentation: Global Oil and Gas Process Simulation Software Market

By Component
Software
Cloud-Based
On-Premise
Services
Consultancy
Training
Support
By Operation Type
Off-Shore
On-Shore
Heavy Oil
Unconventional
By Application
Upstream
Midstream
Oil & Gas Processing
Cryogenic Processes
Refining
Petrochemicals
Green Engineering

By Geography

Asia Pacific
China
South Korea
Japan
India
Australia
Singapore
North America
US
Canada
Mexico
Europe
Russia
Turkey
Switzerland
Spain
France
Germany
Italy
UK
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
South Africa
Egypt
United Arab Emirates

Key Developments in the Market:

In February 2018, Tieto announced that they had agreed to acquire Petrostreamz. This acquisition is expected to expand the solution capabilities for the upstream division of oil & gas industry.
In September 2016, Honeywell announced the launch of a new version of process modelling software for the oil & gas, refining, petrochemical, chemical and power industries. The product termed as "UniSim Design Suite Release 450", with the newest version focused on features such as safety, heat-exchangers, flow-assurance and sub-sea operations and refining support.

Competitive Analysis: Oil and Gas Process Simulation Software Market

Global oil and gas process simulation software market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of oil and gas process simulation software market for global, Europe, North America, Asia-Pacific and South America.

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This release was published on openPR.