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Growing Investments in Oil and Gas Sector and Technological Advancements to Drive the Global Exploration and Production Market

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Published on : Dec 07, 2018

ALBANY, New York, Dec 07, 2018: The (E&P) exploration and production software market is primarily driven by flourishing market of natural oil and gas and several technological improvements in E&P sector. Recent developments in digital technology has increased the adoption of exploration and production software by various oil and gas firms. Companies such as GE are collaborating and acquiring other leading oil and gas companies to enhance their technologies and overcome operational and commercial challenges. Some of the global operating in exploration and production software market incorporate TDE Group GmbH, Halliburton Company, Kongsberg Gruppen ASA, Baker Hughes Incorporated, ION Geophysical Corporation, P2 Energy Solutions (Formerly Merrick Systems), Petrolink Services, Inc., IHS Inc., GE Oil & Gas, OVS Group LLC, eDrilling AS, Emerson Electric Co., Computer Modelling Group Ltd., Schlumberger Limited, and GEPlan Consulting Srl among others.

According to regions, the global market for exploration and production is geographically spread over regions such as Europe, North America, MEA, and South America. Of these, Europe is anticipated to hold majority of market share by the end of 2026. Rising investments coupled with sky-rocketing E&P activities are estimated to increase the demand of exploration and production software in this region. However, Asia Pacific market is also estimated to witness a strong growth rate in the forecast period. According to segment, the global exploration and production market is fragmented into deployment, operation, and software type. Cloud-based software as per deployment is anticipated to grow rapidly in the E&P software market. Rising digitization, increasing awareness, and rapid adoption of cloud computing technologies are some of the factors influencing the growth of this segment in exploration and production market.

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The research report discusses the vendor competitive landscape of the exploration and production software market. The major key players have been positioned as per their key developments and geographic presence. Drivers, opportunities, and factors influencing the global exploration and production market have been revealed in the report. Primary and secondary research has been conducted while performing the in-depth analysis of this market. Also, Porter’s Five Force Model has been highlighted to offer a detailed analysis of key players and third party vendors operating in the global market.

The demand for exploration and production software has increased owing to the rapid growth of oil and gas sector across several regions. Geographies such as Asia Pacific, MEA, and America are witnessing heavy investments in pipelines and refineries. Furthermore, innovative oil and gas exploration activities are surging the growth of this market.  Rapid technological improvements contribute to the market growth as the usage of oilfield equipment is increasing.  Some of the technological advancements are majorly seen in data analytics, and new cloud-based deployment models. These technologies are used to extract relevant information on oil and gas reserves and their exploration processes. Hence, the aforementioned factors are estimated to augment the demand for exploration and production software global market within the forecast period.

On the contrary, varying prices of oil and gas sector has been seen as a major challenge in the global market for exploration and production software. This factor is expected to restrict the development of E&P software market in the forecast period.

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