The global exploration and production software market has been gaining an accelerated momentum.
Albany, NY -- (SBWIRE) -- 03/14/2017 -- Global Exploration and Production Software Market: Snapshot
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.
Focus on Unconventional Gas Resources Drives Global Market
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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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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North America to Lead Global Market as Investments in Exploration of Shale Gas Improve
In terms of geography, the global exploration and production software market is fragmented into Asia Pacific, the Middle East and Africa, Europe, and South America. Of these regional markets, North America held a share of 34% in the global market in 2015. The North America exploration and production software market is projected to continue its dominance throughout the forecast period due to rising investments in shale gas in the U.S. The report also suggests that the Middle East and Africa market is also expected to witness maximum growth rate during the forecast period. The growing number of offshore developments across the Middle East and Africa have been identified as the top driving factors.
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The key operating players in the global exploration and production software market are 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.
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