Press release
Oil and Gas Analytics Market is set to grow 20% from 2016 to 2024
Abundant availability of unconventional resources in the U.S. will further complement the industry growth. In 2016, Cobalt a U.S. based company has discovered natural gas in the Zalophus 1 well in Block 20 offshore Angola and recent discovery of crude and natural gas reserve by Sonangol could produce up to 2 million barrel a day for coming three years.
Expansion of refineries to meet the increasing petroleum product demand may boost global oil and gas analytics market size. In 2016, ExxonMobil announced to expand refining capacity of Beaumont refinery (Texas) with 40,000 barrel by 2018.
Increasing exploration and production of oil and natural gas will augment the industry from 2016 to 2024. Strict government regulation to ensure safety during operation will further complement the industry growth. Rising investments in digital technology by O&G companies to increase workforce productivity and reduce cost will encourage oil & gas analytics market share during forecast period.
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On premise oil and gas analytics market size was valued at USD 1,787.02 million in 2015 and is expected to witness a significant gain by 2024. Hosted deployment is expected to grow over 20% from 2016 to 2024 owing to its cost saving and business productivity enhancement capability of when compared with on premise.
Upstream oil & gas analytics market was valued at over USD 2 billion in 2015 and is expected to grow at a rapid pace of over 20%, subject to increasing offshore and unconventional drilling. Analytics tool enables upstream sector to obtain real time data at lower cost and manage operation in better way through new capabilities, which will propel the industry growth. TIBCO company implemented digital technology to optimize exploration and production cost.
Asset Performance analytics for upstream application is expected to reach over USD 1 billion by 2024, this significant growth can be attributed to increasing focus on asset management. It helps to manage risk in asset management, improve asset utilization, reduce maintenance cost and minimize safety incident.
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Midstream oil and gas analytics market size accounted for 21% of global revenue share in 2015 and is projected to expand further by 2024 owing to escalating demand for midstream infrastructure. It helps to monitor equipment and pipeline and allow precise approach to maintenance.
Pipeline SCADA is expected to reach over USD 2 billion by 2024 considering the impressive growth in demand for real time and accurate information and growing pipeline transportation. Downstream oil & gas analytics market size was valued over USD 1 billion in 2015 and is expected to witness growth over 15% in future. Increasing competition among refinery & changing and volatile feedstock are forcing downstream players to implement analytics services. It helps to improve refining and processing efficiency.
Refining analytics helps to minimize corrosion and reduce the downtime & maintenance cost, which will encourage its application in industry and is expected to witness a growth of over 19% from 2016 to 2024
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