The top three leading players in the global exploration and
production (E&P) software market are Schlumberger Limited,
Paradigm B.V., and Landmark Solutions. As of 2015, these companies
collectively held a share of 16.4% in the overall market. The
promising players in the global market are projected to dedicate
their investments and research and development activities to
developing new technologies in the coming years. To remain relevant
and competitive, companies will also focus on making their software
feature-rich.
According to the research report, the global exploration and
production software market is expected to reach a valuation of
US$14.7 bn by the end of 2024 from US$3.1 bn in 2015. Between the
forecast years of 2016 and 2024, the global market is projected to
progress at a CAGR of 18.9%.
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North America to
Dominate Global Market with US$4.1 bn Revenue by 2024
The various types of software available in the global exploration and
production software market are seismic amplitude analysis, risk
management mapping, performance tracking, portfolio aggregation,
navigation system, resource valuation, reservoir characterization,
reservoir simulation, drilling, and production. The report indicates
that the reservoir simulation software is likely to dominate the
global market in the coming years. By the end of 2024, this segment
is expected to account for a share of 20.3% in terms of revenue.
Geographically, the global exploration and production software market
is fragmented into Europe, North America, the Middle East and Africa,
Asia Pacific, and South America. Of these, the North America
exploration and production software market is estimated to lead the
pack in the coming years as it is slated to reach a valuation of
US$4.1 bn by the end of 2024.
Rapid
Urbanization to have Positive Impact on Revenue of Global Market
The rise of the exploration and production software market is
estimated to remain in full swing during the forecast period as
companies show high acceptance of technology. The changing approaches
at bringing superior level of organization in exploration and
production activities has ensured swift uptake of novel software in
recent years. The report indicates that soaring investments in
refineries and pipelines, especially in Asia Pacific, the Middle East
and Africa, and the Americas will continue to augment the demand for
exploration and production software in the near future.
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Investments in
Shale Gas to Dissuade Growth
The constant changes to income levels, rising population, and rapid
urbanization are some of the key factors likely to make a meaningful
impact on the demand for oil and gas, which will directly translate
into higher revenue for the overall market. The emerging trend of
scouting for unconventional gas has also played a critical role in
the adoption of latest software and technologies. Exploration and
production of unconventional oil and gas that requires horizontal
drilling is expected to use modern software and technologies for
accuracy that will eventually reduce the carbon footprint.
The fluctuating prices of oil and gas are expected to dampen the
market spirits as companies will remain focused toward production
instead of exploration in the coming years. The plummeting crude oil
prices can be attributed to political volatility across the globe,
improving U.S. dollar, and growing investments in the exploration of
shale in the U.S.
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