Extraction of Shale Gas will Provide Optimistic Outlook for Global Exploration and Production Software Market
The global exploration and production software market has revolutionized the several important activities for the oil and gas industry in the recent past. The demand for these software tools are expected spike as the need for harnessing unconventional gas resources is gaining an accelerated momentum. The exploration and production software is increasingly being used to ensure efficient and accurate horizontal drilling. Several players in the oil and gas industry are adopting novel techniques such as these to reduce the carbon footprint and making their activities less harmful to the environment.
Q. What is the projected valuation for the global exploration and production software market by the end of 2024?
A. The global market was worth US$3.1 bn in 2015 and is expected to reach a valuation of US$14.7 bn by the end of 2024. The phenomenal rise of the overall market is estimated to measure at a CAGR of 18.9% between 2016 and 2024. The soaring worth of the global market will be attributable to the growing number of refineries in Asia Pacific, the Americas, and the Middle East and Africa. The market is also expected to receive a boost from market players who have shown a keen interest in adopting newer technologies and upgrading their process of extraction and refining to deliver better output.
Q. What are potential areas for growth for the exploration and production software technologies?
A. Currently, exploration and production software are being extensively used for mapping of risk management, portfolio aggregation, seismic amplitude analysis, performance tracking, reservoir characterization, resource valuation, production, drilling, and reservoir simulation. The reservoir simulation software accounted for 20% share in the global market in terms of revenue in 2015. This application segment is expected to assert its dominance in the coming years as well. The production software is also expected to find extensive usage in the global market in the coming years, state research analysts.
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Q. Which regional market will lead the global exploration and production software market in the near future?
A. Spread over regions such as the Middle East and Africa, Asia Pacific, South America, Europe, and North America, the market is projected to show unwavering dominance in North America. This regional market held a leading share of 34% in the global market and is expected to continue its stance in the coming years as well. The U.S. is estimated to lead the regional market due to a flurry of activities related to shale gas exploration and production. The Middle and Africa are also estimated to show steady demand for exploration and production software due to growing number of offshore developments.
Players in the global exploration and production market are focused on the development of new technology to cater to the varied industrial needs. For instance, Schlumberger Limited announced its all new well test design and interpretation software that offers high accuracy than its processor, which was restricted to geometric models. This software has led to the birthing of an exceptional certainty to reservoir characterization during exploration and production of oil and gas. Such product innovations and development of bleeding edge technologies in the global market is expected to intensify the competition in the coming years.