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E&P Software Market

Market Study on E&P Software Market Solutions: Rapid Digitalization in the Oil & Gas Sector to Benefit the Industry

E&P Software Market Segmented By On-premise, Cloud-based Deployment for On-shore Operations and for Off-shore Operations for Risk Management Mapping, Seismic Amplitude Analysis, Portfolio Aggregation, Performance Tracking, Navigation Systems, Resource Valuation, Reservoir Characterization, Reservoir Simulation, Drilling, Production Software Type

E&P Software Market Outlook (2022-2032)

With growing digitalization in oil & gas and energy, the market for E&P software is likely to flourish, garnering US$ 42.8 Billion and exhibiting a 15.4% CAGR from 2022-2032. As of the current year, 2022, the market is estimated at US$ 10.2 Billion, against US$ 8.6 Billion in 2021.

“Rapid digitalization in the oil & gas energy sector is likely to play the most important role in driving the market in the forecast period. Moreover, the increasing need to find new resources for extracting oil & gas products is projected to positively influence the market in the coming years.”

Digitalization has carved out a path for efficient platforms in the energy sector to enhance mobility, connectivity surveillance, and storage technologies, grow agility and support real-time decision-making. This is the key cause propelling the growth of the exploration and production software market in the forecast period.

Attributes

Details

E&P Software Market CAGR (2022-2032)

15.4%

E&P Software Market Size (2022)

US$ 10.2 Billion

E&P Software Market (2032)

US$ 42.8 Billion

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What are the Factors Propelling the Global E&P Software Market?

Digitalization and connectivity of smart devices offer the opportunity for oil and gas companies to enhance productivity and reduce expenses. Oil and gas companies are making significant investments in technologies such as; IoT, automation, and big data analytics to optimize core operational activities like maintenance, asset management, safety, and production. Also, customers are demanding greater accountability from energy producers in fields such as hydrocarbon and pollution sources, which is likely to spur the growth of the E&P software market.

Consumers are seeking transparency from energy companies in fields such as emissions or hydrocarbon sources, which is boosting the technical sophistication adoption by oil & gas companies. Therefore, the need to find new resources for extracting oil & gas products in turn is enhancing the adoption of emerging technologies.

Also, technological development in E&P equipment and advancements in software such as data management, advance seismic processing, and interoperability are likely to offer lucrative opportunities to augment the global exploration and production software market during the assessment period.

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What are the Prevailing Opportunities in the E&P Software Market?

Adoption of advanced seismic processing and imaging solution is expected to offer significant opportunities to the E&P software market in the forecast period. Since it reduces uncertainty and offers enhanced reliability, the demand is projected to spike.

The developed seismic processing and imaging solution integrates the entire process providing an absolute subsurface study, and monitoring data locally in a single location to save money and time, thereby, significant opportunities for market expansion in the forecast period.

Also, the advanced seismic processing and imaging solution provides a highly efficient parallel framework and infrastructure for cluster optimization, which is likely to augment the market growth in the forecast period and offer remunerative opportunities to the industry.

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What are the Factors Hampering the Global E&P Software Market?

Increasing chances of risks around data privacy and security among energy businesses are expected to hamper the market growth during the forecast period. Moreover, lack of technical expertise is another factor hindering the industry’s expansion in the coming years. In addition, fluctuating prices of oil & gas globally have been recognized as a salient cause impeding the market expansion in the assessment period.

However, with increasing investments in technologies such as IoT, Big data, and automation, the market is expected to witness expansion and counter hampering causes during the forecast period.

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Zaid Sheikh
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Comparative View of Adjacent E&P Software Market

Attributes

E&P Software Market

CAGR (2022-2032)

15.4%

Market Value (2032)

US$ 42.8 Billion

Growth Factor

Technological development in E&P equipment and advancements in software such as data management, advanced seismic processing, and interoperability are expected to drive the market in the forecast period.

Opportunity

Adoption of advanced seismic processing and imaging solution is expected to offer lucrative opportunities to the market.

Comparative View of Adjacent Oil Gas Pipeline Fabrication and Construction Market

Attributes

Oil Gas Pipeline Fabrication and Construction Market 

CAGR (2022-2032)

5.76%

Market Value (2032)

US$ 105 Billion

Growth Factor

Environmental benefits and the quest for energy security in regions such as APAC are expected to drive the market in the assessment period.

Opportunity

Pipeline expansion projects with new gas pipeline projects are expected to offer lucrative opportunities to the market.

Comparative View of Adjacent Global Mobile Offshore Drilling Unit (MODU) Market

Attributes

Global Mobile Offshore Drilling Unit (MODU) Market

CAGR (2022-2032)

9.6%

Market Value (2032)

US$ 10 Billion

Growth Factor

Technical development in the horizontal drilling process and digitalization of well-construction are expected to drive the market in the forecast period.

Opportunity

The introduction of rig automation is anticipated to offer significant opportunities to the market.

Oil and gas companies are seeking the scalability and convenience of innovation that cloud computing assures. The modern development in cloud computing technology is offering notable benefits of business analytics and data to the oil and gas sector. Over the past few years, various companies in the industry have started to adopt cloud-based services against in-house data storage. The United States is expected to make the most significant contribution in bolstering the cloud segment. On the other hand, China is poised to record the fastest CAGR during the forecast period.

Several kinds of E&P software are available in the market comprising, including simulation, production software, reservoir drilling, resource valuation, seismic amplitude analysis, and risk management mapping software among others. Production software is expected to record maximum growth owing to the surging production in the upstream operations worldwide in the long run. On the other hand, simulation software is also expected to show significant growth since it provides tentative results on the basis of available data.

What is the Segmental Analysis of the Global E&P Software Market?

The global E&P software market can be segmented into deployment type, operation type, software type, and region. Based on deployment type, the global E&P software market can be segmented into the cloud-based software and on-premise software. Based on operation type, the global E&P software market can be segmented into off-shore and on-shore.

Based on software type, the global E&P software market can be segmented into risk management mapping, seismic amplitude analysis, portfolio aggregation, performance tracking, navigation system, resource valuation, reservoir characterization, reservoir simulation, drilling, and production. Among all, the product segment is expected to dominate the market during the forecast period.

Will On-Premise E&P Software remain the Primary Mode of Deployment?

As per the analysis, by deployment segment, the on-premise software segment is expected to lead the market during the forecast period. The segment is anticipated to have witnessed an 11.7% CAGR from 2015 to 2021. Whereas, during the forecast period, the segment is estimated at a 19.2% CAGR.

Which Segment is Likely to Lead the E&P Software Market by Software Type?

Based on software type, the production segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a CAGR of 19.2% during the forecast period. The segment is expected to have experienced a CAGR of 20.6% during the timeframe of 2015-2021.

Which are the Key Regions in the E&P Software Market?

Regions

CAGR

United States

14%

U.K

15%

China

17.3%

Japan

18.7%

India

22.6%

As per the analysis, North America is expected to lead the market during the forecast period. In the region, the U.S is expected to lead the market in the assessment period. The absolute dollar growth is projected at US$ 6.5 Billion. The region is predicted to expand at a CAGR of 14% during the forecast period from 2022-2032. The growth of the region can be credited to the presence of E&P software vendors and ongoing development in the software to enhance performance.

Europe is anticipated to be a lucrative market during the forecast period. In the region, the U.K is anticipated to make the most significant contribution to developing the region. According to the analysis, the U.K market size is estimated at US$ 3 Billion while expanding at a CAGR of 15% during the forecast period from 2022-2032. Growth can be attributed to the rapid digitalization in the oil and gas energy sector.

APAC is projected to be the fastest-growing region during the forecast period. The rapid development of the region can be attributed to the presence of fast-developing countries like India, China, and Japan. As per the analysis, India is anticipated to expand at the maximum CAGR of 22.6% during the forecast period. China and Japan are likely to exhibit a growth rate of 17.3% and 18.7% respectively from 2022-2032. However, with respect to the market size, China is projected to lead the region, garnering US$ 2.9 Billion during the forecast period. On the other hand, India and Japan are anticipated at US$ 2.8 Billion and US$ 2.5 Billion respectively.

What is the Competition Status in the Global E&P Software Market?

Key players in the global E&P software market are taking several initiatives to expand their reach in the global market. Players focus on industry collaborations, mergers & acquisitions, and partnerships. Some of the eminent players in the region include Ikon Science Limited, Paradigm B.V., ION Geophysical Corporation, Schlumberger Limited, and ETL Solutions Ltd., among others.

Recent key developments in the E&P Software industry include:

  • In August 2020, Emerson announced that Jaguar Exploracion y Produccion (Jaguar), a Mexico-based oil and gas company, will use its exploration and production software and services to enhance the capability of Jaguar’s onshore assets and projects.
  • In March 2020, US-based companies Emerson and Quantum Reservoir Impact (QRI) announced a strategic collaboration to develop applications for Artificial Intelligence (AI)-based analytics for oil and gas exploration and production.

Report Scope

Attributes

Details

Forecast Period

2022-2032

Historical Data Available For

2015-2021

Market Analysis

US$ Mn for Value

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • China
  • Japan
  • India
  • Australia
  • UAE
  • Saudi Arabia
  • South Africa

By Market Segments

  • Deployment Type
  • Software Type
  • Operation Type
  • Region

Key Companies Profiled

  • Schlumberger Limited
  • Paradigm B.V.
  • ION Geophysical Corporation
  • ETL Solutions Ltd.
  • Ikon Science Limited

Pricing

Available Upon Request

Key Segments Covered in the E&P Software Industry Report

E&P Software by Deployment Type

  • On-premise E&P Software Deployment
  • Cloud-based E&P Software Deployment

E&P Software by Operation Type

  • E&P Software for On-shore Operations
  • E&P Software for Off-shore Operations

E&P Software by Software Type

  • E&P Software for Risk Management Mapping
  • E&P Software for Seismic Amplitude Analysis
  • E&P Software for Portfolio Aggregation
  • E&P Software for Performance Tracking
  • E&P Software for Navigation Systems
  • E&P Software for Resource Valuation
  • E&P Software for Reservoir Characterization
  • E&P Software for Reservoir Simulation
  • E&P Software for Drilling
  • E&P Software for Production

E&P Software by Region

  • North America E&P Software Market
  • Europe E&P Software Market
  • Asia-Pacific E&P Software Market
  • Middle East & Africa E&P Software Market
  • South America  E&P Software Market

- Companies Covered in This Report -

  • Schlumberger Limited
  • Paradigm B.V.
  • ION Geophysical Corporation
  • ETL Solutions Ltd.
  • Ikon Science Limited
  • Interactive Network Technologies, Inc.
  • Exprodat Consulting Ltd.
  • GEPlan Consulting Srl
  • Landmark Solutions
  • Baker Hughes Incorporated
  • IHS Inc.
  • Emerson Electric Co.
  • Peloton
  • Computer Modelling Group Ltd.
  • Petroleum Experts Ltd.
  • Kongsberg Gruppen
  • RockFlow Dynamics, LLC
  • GE Oil & Gas
  • OVS Group LLC
  • P2 Energy Solutions
  • Petrolink Services, Inc.
  • eDrilling AS
  • Pason Systems Corp.
  • Etech International, Inc.
  • TDE Group GmbH

- Frequently Asked Questions -

The global E&P software market is estimated at a 15.4% growth rate during the forecast period of 2022-2032

The global E&P software market is expected to garner US$ 42.8 Billion by 2032

U.S is projected at US$ 8.9 Billion while exhibiting a 14% CAGR from 2022-2032.

India is expected to procure US$ 2.8 Billion while recording 22.6% CAGR in the forecast period

The Global E&P Software Market was estimated at US$ 8.6 Billion in 2021

The on-premise software segment is expected to take a lead while recording a CAGR of 10.1% from 2022-2032.

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