Albany, NY -- (SBWIRE) -- 03/02/2018 -- The growing technological advancements in the upstream sector of oil & gas has been identified as one of the key factors driving the growth of global exploration and production (E&P) software market. In 2016, the global exploration and production (E&P) software market was valued at US$3,693.9 mn and is expected to reach US$14,149.6 mn by 2025, expanding at a CAGR of 16.3% during the forecast period.
Based on deployment types, the global exploration & production (E&P) software market has been segmented into on-premise and cloud-based software. The on-premise software held the largest market share in 2016 contributing almost 71% of the market revenue share. On the other hand, 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.
Production Software to Lead Global Market as Upward Trend Poised to Continue
On the basis of operation type, the global exploration & production (E&P) software market has been classified into on-shore and off-shore operation type. Of these, the on-shore operation segment contributed the highest revenue in 2016 and held the largest market share with almost 68% of the market revenue share. On the other hand, off-shore operation type segment is projected to witness the maximum growth rate during the forecast period. This is due to owing to the rising number of off-shore oil & gas activities.
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In terms of E&P software types, the market has been segmented into risk management mapping, seismic amplitude analysis, portfolio aggregation, performance tracking, navigation system, resource valuation, reservoir characterization, reservoir simulation, drilling and production. In 2016, the market was led by reservoir simulation software which accounted for approximately 20% of the global market revenue. On the other hand, 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.
Technological Advancements in North America put Regional Market at Forefront
Geographically, the global E&P software market was led by North America which accounted for approximately 29% of the total market value in 2016. 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. Middle East & Africa (MEA) is expected to witness maximum growth rate during the forecast period. The growing number of offshore developments across MEA have been identified as the top driving factors for the regional E&P software market growth.
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The key market players profiled in this report include Schlumberger Limited, Paradigm B.V., ION Geophysical Corporation, ETL Solutions Ltd., Exprodat 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.