Global Exploration and Production Software Market was valued US$ 3,693.9 Mn in 2017 and is estimated to reach US$ 15,149.6 Mn by 2026 at a CAGR of 19.29%.
Exploration and production market is segmented by Deployment type, by Operation type, by Software type & by Region. Deployment type classify into On-premise and cloud-based software. Operation type divided into on-shore and off-shore operation type. Software type are Risk Management Mapping, Seismic Amplitude Analysis, Portfolio Aggregation, Performance Tracking, Navigation System, Resource Valuation, Resource Characterization, Reservoir Simulation, Drilling and Production. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Market dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. Market provides an overview about the key market indicators where in the global production in oil & gas industry has been given across the five geographical regions. Under the porter’s five forces analysis section, a brief analysis of the level of competition within the E&P software industry and business strategy development is provided in order to determine the competitive attractiveness and intensity of the E&P software market.
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On basis of Deployment types, On-premise software held the largest market share. Contributing almost 71% of the market revenue share. Differently, cloud-based software is expected to grow with a significant rate, thereby becoming a leading segment by 2025. The cloud-based software is projected to hold a market revenue share of approximately 59% in 2025. This is mainly attributed to the rising level of digitization and growing awareness of cloud computing technologies in the oil & gas sector.
Based on Operation type, On-shore operation segment contributed the highest revenue and held the largest market share with almost 68% of the market revenue share. Else off-shore operation type segment is projected to witness the maximum growth rate during the forecast period. Due to owing to the rising number of off-shore oil & gas activities.
In term of software, market was led by reservoir simulation software which accounted for approximately 20% of the global market revenue. Diversely, 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. Analysts note that production efficiency improvements in existing assets, field restarts, and several new startups are also expected to improve the overall output in the forthcoming years.
In terms of region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America which accounted for approximately 29% of the total market value. Ongoing technological advancements in the E&P sector of the region are focused on making the process safe, environment-friendly, and efficient. Furthermore, the US is projected to improve its liquid hydrocarbon production with increase in its shale oil and natural gas liquids. All of these factors are expected to make a significant contribution to the overall market.
Key players operate, Schlumberger Limited, Paradigm B.V., ION Geophysical Corporation, ETL Solutions Ltd., Exploded Consulting Ltd., Landmark Solutions, Baker Hughes Incorporated, IHS Inc., Emerson Electric Co., Computer Modelling Group Ltd., Kongsberg Gruppen ASA, GE Oil & Gas, Pason Systems Corp., Ikon Science Limited, GEPlan Consulting Srl, Interactive Network Technologies, Inc., Peloton, Petroleum Experts Ltd., RockFlow Dynamics, LLC, OVS Group LLC, P2 Energy Solutions, Petrolink Services, Inc., EDrilling AS, and TDE Group GmbH.
Scope of Exploration & production software Market
Global Exploration & production software Market, by Deployment Type:
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Global Exploration & production software Market, by Operation Type:
Global Exploration & production software Market, by Software Type:
Risk Management Mapping
Seismic Amplitude Analysis
Drilling & production
Global Exploration & production software Market, by Region:
Middle East & Africa
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Key Players Analysed in the Global Exploration & production software Market:
ION Geophysical Corporation
ETL Solutions Ltd.
Exploded Consulting Ltd.
Baker Hughes Incorporated
IHS Inc., Emerson Electric Co.
Computer Modelling Group Ltd.
Kongsberg Gruppen ASA, GE Oil & Gas
Pason Systems Corp., Ikon Science Limited
GEPlan Consulting Srl
Interactive Network Technologies, Inc.
Petroleum Experts Ltd.
OVS Group LLC
P2 Energy Solutions
Petrolink Services Inc.
EDrilling AS, and TDE Group GmbH.