The global Exploration & Production (E&P) Software market was valued at US$ 3,693.9 Mn in 2016 and is expected to expand at a CAGR of 16.3% from 2018 to 2024, reaching US$ 14,149.6 Mn by the end of the forecast period.
The global Exploration & Production (E&P) Software market has been classified into five geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa and South America. The North America E&P software market is mainly driven by several new technological advancements in the E&P sector, which are currently serving as an important medium to make the entire exploration and production of natural gas more environment-friendly, safer, and efficient. The U.S. is projected to increase its liquid hydrocarbon production with the help of the growth of shale oil and natural gas liquids (NGL) production and the development of the deepwater shelf.
Exploration & Production (E&P) Software Market Value Share Analysis, by Geography (2021)
In Canada, production growth mainly depends on the oil sands. Production growth in Canada is significantly inhibited by environmental and logistics concerns. The E&P software market in Europe is mainly supported by the growing number of initiatives by the government to support the entire oil & gas industry in Europe. For example, in the U.K., various regulatory and fiscal reforms have been introduced or designed in order to maximize the economic recovery (MER) of oil & gas from U.K. waters. The market’s growth in the U.K. is mainly supported by the rising level of oil & gas production in the U.K. In Rest of Europe, countries such as Norway and Ireland are anticipated to show significant growth during the forecast period. This can be seen as the growing level of exploration and drilling activities in these countries. Asia Pacific E&P software is mainly driven by the growing demand for liquid hydrocarbons in the region. This is majorly supported by its rising industrial sector, due to which the region is currently being recognized as one of the largest consumers of crude oil, with many key operators, which mainly includes national oil companies (NOCs), to enhance the production and expand reserves.
In China, market demand is supported by high industrial growth and the presence of large number of proven oil reserves. According to the U.S. Energy Information Administration (EIA), China is currently the largest oil producer in Asia Pacific, which has traditionally seen a very high growth of oil production, especially during the period from 2001 to 2011. The growing number of offshore developments across MEA have been identified as the top driving factors for the Middle East & Africa E&P software market. Despite the lack of major new discoveries in recent years, the UAE has managed to extend the life of its oilfields and maintain its oil production due to the extensive use of enhanced oil recovery (EOR) techniques. The UAE currently has among the highest gas reserves in the entire MEA region owing to its use of gas for reinjection in mature oil-fields, which holds approximately a third of total gas production. Saudi Arabia is one of the countries in MEA that is expected to hold a significant growth rate during the forecast period. The market growth in the country can be attributed to its large amount of proven oil reserves.
The rising level of oil production in South America has been identified as the top reason for the demand for E&P software in the region. South American oil production is currently dominated by Brazil, Mexico, and Venezuela—countries that were responsible for about 75% of the region’s total output in 2014. In Brazil, the onshore basins accounted for significant share of the region’s total sedimentary basins area in 2014. However, due to a lack of exploratory and data activity in these basins, Brazil’s true onshore potential remains unknown. In Brazil, the oil & gas production is projected to rise continuously but at lower rates in the coming years owing to Petrobras’ lower investment capacity.
Major players dominating the global market include Computer Modelling Group Ltd., Emerson Paradigm Holding LLC, ETL Solutions Ltd., Exprodat Consulting Ltd., GE Plan Consulting S.r.l, Halliburton Company, Ikon Science Ltd., ION Geophysical Corporation, Interactive Network Technologies, Inc., Schlumberger Limited, Kongsberg Gruppen ASA, Pason Systems Corp., Peleton Computer Enterprises Ltd., Petroleum ExpertsLtd.
Rest of North America
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Africa
Rest of South America
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