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Exploration and Production Software Market to Register Substantial Expansion by 2026
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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. 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.
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However, the demand is projected to shift toward off-shore operations due to the rising offshore activities. 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.
In terms of region, North America led the exploration & production (E&P) software market in the year 2017 and is expected to remain dominant throughout the forecast period from 2018 to 2026.
The North American E&P software market is mainly driven by several new technological advancements in the E&P sector. The growth of the Europe E&P software market is mainly supported by growing number of initiatives by governments to support the oil & gas industry in Europe. The Asia Pacific E&P software market is driven by growing demand for liquid hydrocarbons in the region.
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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.
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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.
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Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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