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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
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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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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Get a Customized VersionAdoption 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.
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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| 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. |
| 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. |
| 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.
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.
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.
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.
| 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.
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:
| Attributes | Details |
|---|---|
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Forecast Period |
2022-2032 |
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Historical Data Available For |
2015-2021 |
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Market Analysis |
US$ Mn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
E&P Software by Deployment Type
E&P Software by Operation Type
E&P Software by Software Type
E&P Software by Region
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.
