Pune, India, May 12, 2022 (GLOBE NEWSWIRE) --
The global oil & gas analytics market size is projected to witness healthy growth during the forecast timeframe, as notable investments in the oil & gas sector have increased the exploration and production activities to a great extent. However, these activities are incurring heavy costs for companies, compelling them to opt for services that can help them analyze the cost of producing gas and oil from conventional and unconventional sources. Below mentioned is a list of the key trends fostering global industry growth:
- Asia Pacific: Shift from on-premise to cloud-based solutions
Role of oil & gas analytics in upstream applications:
The upstream segment will capture a major share of Asia Pacific oil & gas analytics market by 2028 due to the growing focus of companies on improving their asset management activities. Oil & gas analytics software will assist the firms in asset utilization, risk management, safety event reduction, and maintenance cost reduction.
The organizations will also utilize AI, predictive analysis, and machine learning to increase their daily production capacity and drilling operations. Moreover, the role of oil & gas analytics in forecasting, planning, and asset management will further boost their adoption among end-users.
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Integrated analytical services gain traction:
The regional industry size from integration services will showcase a steady CAGR through 2028 as these services can effectively manage data in terms of volume, size, velocity, and diversity. Integration services offered by oil & gas analytical tools can consume data from a variety of types and protocols. Moreover, performance management, business intelligence (BI), and analytical tools are a part of integration services that facilitate smooth interoperability by integrating solutions, such as forecast and revenue calculation.
Benefits of cloud analytics boost their demand:
Cloud analytics are being used by clients from a wide range of sectors as they provide several benefits, such as unlimited storage capacity, efficient data recovery, and great flexibility. This form of oil & gas analytics can combine one or more analytical components and allow businesses to expand their data storage capacity and enhance their analytical capabilities, thereby preventing the need to operate on-premise platforms.
- Europe: Large-scale investments in E&P projects
On-premise deployment model highly preferred by end-users:
The on-premise deployment model will hold a sizeable share of Europe oil & gas analytics market by 2028. One of the main reasons for this is the rising demand for optimizing the production processes. Governments are increasing their investments to encourage companies to conduct R&D activities and develop innovative solutions for effective project planning and execution. In addition, the need for advanced solutions that provide higher uptime and smoother operations will fuel the adoption of on-premise deployment model.
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Norway market value increases:
Norway oil & gas analytics industry share will grow at a commendable rate, as large-scale E&P activities are being carried out across the country. For example, in 2021, Norwegian energy companies, Aker BP and Equinor announced their plans to create 4 oil & gas fields which would cost around USD 1.69 billion. Such initiatives will bolster the use of oil & gas analytical tools.
Data analytics will showcase huge potential:
Data analytics will find major use in the upstream oil & gas sector as these tools can improve the drilling process, enhance reservoir modeling & simulation, manage seismic data, and efficiently monitor the reservoir production operations. For example, in 2020, French start-up company Malliance launched its own cloud-based production optimization solution called oilfield.ai for reservoir modeling and simulation operations. The solution will integrate the capabilities of AI analytics, geoscience, and geophysics.
- North America: Vast potential for fresh shale exploration
U.S. oil & gas analytics market share grows:
The U.S. industry outlook will be positively affected by the presence of large reserves of shale gas and crude oil. For instance, as per the EIA, the proved reserves of crude oil jumped to 367 million barrels in 2019. Moreover, the large-scale exploration of new shale reserves and the growing use of data analytics to increase the production and drilling operations will accelerate the adoption of oil & gas analytics.
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Cloud analytical services gain momentum:
Cloud analytical services will hold a dominant share of North America market by 2027 as these solutions offer swift data recovery, flexibility in data management, and access to unlimited data storage. Use of this software in oil & gas exploration and production activities will help businesses scale up their data storage and analytical capabilities, thereby boosting the adoption of these services among clients.
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