Exploration & Production Software Market – Explores New Growth Opportunities By 2025

The global exploration and production software market was worth US$3,693.9 mn in 2016 and is expected to reach US$14,149.6 mn by the end of 2025 as the market expands at a CAGR of 16.3% between 2017 and 2025. Out of the various types of software, the production software segment is poised to make a mark on the global market. During the forecast period, this segment is expected to surge at a CAGR of 18.7%. Geographically,

The increased growth of the global oil & gas industry has led to growing demand for exploration and production (E&P) software. New oil and gas exploration activities, along with heavy investments in refineries and pipelines in the Americas, Asia Pacific, and the Middle East & Africa are the major factors driving the market’s growth. The market is also driven by the increasing exploration level of unconventional gas resources worldwide.

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In recent years, the depletion of conventional gas sources (found in sandstone and requiring traditional methods for extraction) has resulted in a shift from conventional gas to unconventional sources. This is reducing the dependency of the global oil & gas industry on conventional gas sources. This emerging trend has shifted its focus toward unconventional gas sources, which require the use of latest software and technologies for the extraction of gas through horizontal drilling.

This is also helping the oil & gas industry reduce its carbon footprint.  Moreover, the growing rise in technological advancements has driven the usage of usage of oilfield equipment including E&P software across the globe. The market’s growth is currently restricted by the fluctuating oil & gas prices worldwide.

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Pragati Pathrotkar

As one of the lead news writers on cmfenews, Pragati’s specialization lies in the science and technology domains. Her passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Pragati’s take on the impact of digital technologies across the science, technology, and business domains gives her writing a fresh and modern outlook.

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