Exploration and Production Software Market is expected to grow at a high rate by 2023
Exploration and production is upstream segment for oil and gas industry comprising of exploration stage which includes locating, testing and drilling for oil and gas. Exploration and production (E&P) software is an integrated solution dedicated to managing exploration to production. The user can interpret the seismic data which uses principles of seismology to estimate the properties of the Earth’s subsurface from reflected seismic waves. Furthermore, E&P software enables designers to prototype reservoir models suitable for simulation, design and development strategies to maximize reservoir exploitation. The entire workflow can be evaluated by the single application considering related opportunities and risk. The faults in the project can be anticipated through stochastic or deterministic system in the E&P software. With implementation of E&P software there can be easy and smooth transfer of data enabling productive operations.
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With recent advancements in technology in E&P, the deployment of software based exploration and production tools have increased to a great extent. With deployment of E&P software, there has been increase in workflow productivity, assisting efficient working model in difficult reservoirs. Furthermore, repeatable workflows can be easily functionalized by the implementation of E&P software. Furthermore, the long term demand for natural resources is frequently rising, which has created a constructive opportunity for E&P software market to grow at a considerable pace. There has been wide scale growth in energy consumption in the emerging markets such as India and China, driving for the growth of E&P software market.High installation cost and lack of technical expertise are few restraining factors affecting the market growth for E&P software. The oil exploration and production work incorporates activities such as equipment maintenance, production optimization, price optimization and safety & compliance.
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Exploration and production software market can be categorized on the basis of component, software types, deployment type and geography. Market segmentation on the basis of components include software and services. Segmentation on the basis of deployment type includes on-premise software, cloud-based software, and managed software. E&P software market segmentation on the basis of software types include risk management mapping, seismic amplitude analysis, portfolio aggregation, performance tracking, navigation systems, resource valuation, and others. Risk management mapping tool is used for identification, control and management of the risk factors at the workplace. Portfolio aggregation is a combination of smaller portfolios combined to form advanced project. Based on geography E&P software market is segmented into North America, Asia Pacific, Europe, Middle East and Africa and Latin America. Deployment of E&P software is widely witnessed in the regions with large number of oil rigs, on-shore and off-shore refineries
During the recent years, there has been significant growth in competition in E&P software market. Key players are increasingly focusing on offering cloud-based solutions and analytics has also become a core part of their strategy. Some of the key E&P software developers are Paradigm B.V, Schlumberger Limited, ION Geophysical Corporation, ETL Solutions Ltd, Interactive Network Technologies, Inc., Hue AS and Aconex Ltd. among others. Key players providing E&P software assistance are Exprodat Consulting Ltd., GEPlan Consulting srl, and E&P Consulting S.A among others.