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.
The growth of the global oil and gas industry is the clear cause behind the soaring revenue of the exploration and production software market. Looking into this remarkable surge, a new study has been included into the vast online repository of Market Research Reports Search Engine (MRRSE), with the title ‘’Exploration & Production (E&a…) Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024‘’.
The study offers precise guidelines to succeed in this market through the evaluation of the most profitable elements such as useful software types, leading countries and vital growth forecasts till 2024.
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According to the report, the global exploration and production software market are projected to be valued from US$3.1 Billion in 2015 and at US$14.7 Billion by the end of 2024.
The development in the global market is projected to reach a CAGR of 18.9% during the forecast period between 2016 and 2024.
The exploration & production (E&P) software, in terms of deployment type is split into on-premise software and cloud-based software, whereas considering the operation type it is divided into two segments such as on-shore and offshore. While in terms of the software type the segments evaluated are risk management mapping, seismic amplitude analysis, portfolio aggregation, performance tracking, navigation system, resource valuation, reservoir characterization, reservoir imaging, reservoir monitoring, subsurface evaluation, pressure and flow rate measurement, reservoir simulation, black oil simulator, compositional simulator, thermal compositional simulator, drilling, well planning, trajectory design, survey database, drilling engineering, casing design, cement design, hydraulics, mud design, BHA design & analysis, well barrier, AFE, drilling operations and many other useful topics.
Another valuable part of this study is the software analysis, considering the country and regions such as North America, The U.S., Canada, Rest of North America, Europe, Germany, France, The U.K., Italy, Spain, Rest of Europe, Asia-Pacific, China, Japan, India, Australia, Rest of Asia-Pacific, Middle East & Africa, the UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa, South America, Brazil and the Rest of South America.
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Other key data that about the reason behind the gaining of the accelerated momentum and the market drivers such as high adoption of technology to make procedures accurate and efficient. While the incremental funding in refineries and pipelines in the Americas, APAC, and Middle East & Africa is the pivotal reasons steering the global market nearer to high growth are all mentioned.
Additionally the study evaluates the most successfully operating players in the global exploration and production software market which are Peloton, Petroleum Experts Ltd., RockFlow Dynamics, LLC, OVS Group LLC, P2 Energy Solutions, Schlumberger Limited, Paradigm B.V., ION Geophysical Corporation, ETL Solutions Ltd., Exprodat Consulting Ltd., Landmark Solutions, Emerson Electric Co. and Computer Modelling Group Ltd.
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