Exploration & Production (E&P) Software Market - Current trends, Opportunities, Challenges and Forecast by 2024

The global exploration and production software market has been gaining an accelerated momentum. The market is likely to be driven by the high adoption of technology make processes efficient and accurate. The report predicts that that global exploration and production software market will be worth US$14.7 bn by the end of 2024 from US$3.1 bn in 2015. The growth in the global market will be recorded at a CAGR of 18.9% between the forecast years of 2016 and 2024. The growth of the global oil and gas industry is the obvious reason for the soaring revenue of the exploration and production software market. Incremental investments in pipelines and refineries in the Americas, APAC, and Middle East & Africa are likely to be pivotal factors steering the global market toward growth.

The market is also driven by the increasing exploration level of unconventional gas resources worldwide. In recent years, the depletion of conventional gas sources has motivated several companies to focus on unconventional sources. Extraction of unconventional gas sources requires the use of latest software and technologies for ensuring horizontal drilling. This has also reduced the carbon footprint of the oil and gas industry. Furthermore, the valuable additions to the technological advancements have driven the usage of oilfield equipment that use exploration and production software across the globe. The market’s growth is currently restricted by the fluctuating oil and gas prices worldwide.

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Based on the product type the automated microscopy market is segmented into two broad categories; by product type, and by application. By product type the market is further segmented into optical microscopes, electron microscopes and scanning probe microscopes. The optical microscope segment is further segmented into inverted microscopes, stereomicroscopes, phase contrast microscopes, fluorescence microscopes, confocal scanning microscopes, near field microscopes and others. The electron microscopes market is further segmented to Transmission Electron Microscopes (TEM) and Scanning Electron Microscopes (SEM). Whereas, the scanning probe microscopes segment comprise Scanning Tunneling Microscopes (STM) and Atomic Force Microscopes AFM).

Optical microscopes are extensively used in fields such as microelectronics, material sciences, nanophysics, pharmaceutical research and biotechnology. For example, optical microscopes in material sciences, which use nanophysics extensively, are used to identify the metal or the alloy used, to analyze the results of heat treatment, which is used to improve the physical properties of an alloy, to examine metal surface coating, and for dimension analysis, apart from many other uses. In microelectronics, optical microscopes are used to analyze densely populated circuit boards for imperfections and determination of possible new designs. Optical microscopes have many variants depending on the designs.

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The major drivers driving the global automated microscopy market includes ongoing miniaturization in semiconductor and electronics industry, developments in nanotechnology and rising demand for affordable renewable energy sources. Increasing global focus on research and development for application areas such as nanotechnology, material science and semiconductor industry would enhance the adoption rate of advanced microscopes such as automated electron and scanning probe microscopes.

In terms of exploration and production software types, the market has been segmented into resource valuation, risk management mapping, portfolio aggregation, seismic amplitude analysis, navigation system, performance tracking, reservoir characterization, drilling, reservoir simulation, and production. In 2015, the market was led by reservoir simulation software which accounted for approximately 20% of the global market revenue. Analysts anticipate that production software will also be a leading software segment in the global exploration and production market during the forecast period of 2016 to 2024.

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