Exploration is the process of determining new oil and gas reservoirs trapped under the Earth’s surface; whereas production is the procedure of obtaining those hidden resources for further processing/refining, marketing and use. This makes the overall exploration & production (E&P) a highly crucial and capital intensive process in the oil & gas sector. E&P software is defined as a set of software solutions developed specifically for the upstream segment of the oil & gas industry. These are designed to cater to a wide range of applications in the upstream sector including seismic processing & imaging, mapping, data analysis, reservoir & geological modeling and production planning. Using E&P software enables the oil & gas companies to better analyze the geological data for more accurate modeling and production planning.
The most significant factor propelling the market growth is the steadily rising expenditure over E&P processes. Rapidly exhausting oil & gas reserves has led to a significant rise in the E&P spending. Oil & gas companies are now more inclined towards effort-free operations, thereby uplifting the demand for simulation software. Using E&P software helps these companies manage their E&P budget more efficiently. Despite the slump in the oil & gas sector in 2009, the E&P sector has been witnessing steady growth since the past 4-5 years. Subsequently, E&P software has been witnessing consistent growth for the recent years. Since the E&P software represent a small portion of the overall E&P expenditure, fluctuating oil & gas industry has relatively lower impact on the market growth.
The report titled “Global Exploration & Production (E&P) Software Market- Growth, Future Prospects and Competitive Analysis, 2023 – 2030” offers strategic insights into the global E&P software market along with the market size and estimates. The said research study covers in-depth analysis of market segments based on deployment model, operation type, application and cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2021 & 2030. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.
In order to help strategic decision makers, the report also includes competitive profiling of the leading E&P software vendors, their business strategy analysis, market positioning, and key developments. Some of the major players profiled in the report are Schlumberger Ltd., Paradigm B.V., Landmark Solutions, ION Geophysical Corporation, Exprodat Consulting Ltd., Baker Hughes, Inc., Weatherford International Plc., IHS, Inc., GE Oil & Gas, Computer Modelling Group Ltd., Emerson Electric Co., Kongsberg Gruppen ASA, Pason Systems Corp., Petroleum Experts Ltd., ETL Solutions Ltd., Ikon Science Limited, Peloton, RockFlow Dynamics, LLC, OVS Group LLC, P2 Energy Solutions and others. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global E&P software market, offering market size and estimates for the period from 2023 to 2030, keeping in mind the above-mentioned factors.
Based on the deployment model, the global exploration & production (E&P) software market is segmented into following categories:
As of 2020, the global E&P software market was led by the on-premise deployment model segment contributing to more than sixty percent of the total market revenue. The on-premise deployment model consists a complete solution including hardware and software required for E&P software setup. This makes on-premise mode of deployment costlier as compared to the other modes of deployment. Many of the mid-sized E&P software vendors still lack a seamless cloud infrastructure.
As a result, major offerings in the market are based on the on-premise deployment model. However, due to immense advantages over on-premise deployment, hosted E&P software segment would exhibit the highest growth during the forecast period. E&P companies are now increasingly looking towards reducing their IT costs. This has forced the E&P software vendors to arrange for the required cloud infrastructure.
The global E&P software market is dominated, in terms of revenue and adoption, by the North America region. The region is mainly backed by the U.S. having strong adoption of information technology across the oil & gas sector. The nation enjoys presence of larger number of software companies operating in the overall oilfield services sector. This has significantly facilitated the E&P software growth here. Despite the slowdown in oil & gas sector here, the expenditure over E&P processes have had relatively smaller impact.
Subsequently, the market has been witnessing consistent growth in the region since the past 4-5 years. Europe follows North America, in terms of revenue and adoption, accounting for the second largest share, worldwide. The two regions, collectively, are estimated to retain their dominant position in the market throughout the forecast period. Asia Pacific and Middle East & Africa are estimated to register the highest growth in the coming years.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Exploration & Production (E&P) Software market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Operation
| |
Deployment Model
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
