The new report by Expert Market Research titled, ‘Global Exploration and Production Software Market Size, Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, givesanin-depth analysis of the global exploration and production software market, assessing the market based on its segments like offering, software type, deployment type, operation type, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysingthe market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028):14.7%
Growing digitalisation in the oil and gas and energy sectors is driving the exploration and production software market demand. Digitalisation has paved the way for sophisticated platforms in the energy sector to increase mobility, surveillance, connectivity, storage technologies, processing, and analysing data rapidly, enhance agility, and support real-time decision making. This is a major driver anticipated to propel the growth of the global exploration and production (E&P) software market.
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Rising technological advancements in E&P, increased use of E&P, increased investment in the oil and gas sector, increased exploration of unconventional gas resources, an increasing number of government initiatives to support the oil and gas industry, and rising demand for liquid hydrocarbons are the major factors driving the growth of the exploration and production software market.
Industry Definition and Major Segments
Exploration and production (E&P) are the stages in which natural resources such as crude oil, natural gas, and geothermal energy are extracted and produced. Companies can use software designed for these activities to discover and assess deposits. E&P software is frequently used to plan extraction operations and to construct an infrastructure that protects worker safety while also providing critical capabilities for hazard identification and risk assessment.
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By offering, the market is segmented into:
• Service
• Software
Based on software type, the market is divided into:
• Portfolio Aggregation
• Risk Management Mapping
• Navigation System
• Seismic Amplitude Analysis
• Navigation Systems
• Reservoir Simulation
• Others
By deployment type, the market is classified into:
• Cloud-based Software
• On-premise Software
By operation type, the market is segmented into:
• On-shore
• Off-shore
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Increasing modernisation in the software, rising research and development activities in the market, and rising demand from the emerging economies will create new opportunities for the exploration and production software market in the forecast period. Consumers are demanding transparency from energy firms in areas such as emissions and hydrocarbon sources, which is encouraging the adoption of technological sophistication by oil and gas companies. As a result of the growing need to develop new resources for producing oil and gas products, the use of emerging technologies is expanding.
This is also leading to the expansion of the global exploration and production (E&P) software industry. Further, technological advancements in E&P devices and technological enhancements in software, such as advanced seismic processing and imaging, data management, interoperability, and others, are expected to offer lucrative opportunities to propel the global market growth during the forecast period.
Key Market Players
The major players in the marketare Emerson Electric Co., ION Geophysical Corporation, Baker Hughes Company, Ikon Science Ltd, and KAPPA Engineering, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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