Process Simulation Software in Oil and Gas Market – Snapshot
Process simulation software is a software or tool that provides designing and modeling capabilities to oil & gas plants, pipelines, and other major equipment. These designing tools help project managers, site engineers, as well as site laborers to clearly understand the product/operation in a virtualized environment which eventually helps them in designing the plant, pipeline, etc. as per requirement. The software helps oil and gas companies to minimize the risk of error and optimize total cost of production.
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The global process simulation software in oil and gas market was valued at US$927.7 Mn in 2018. It is anticipated to expand at a CAGR of 4.3% during the forecast period.
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Software segment is expected to dominate the market throughout the forecast period. Growing implementation of process simulation software at oil and gas facilities to efficiently design and analyze each process during exploration and production of oil and gas is a crucial factor which is boosting the growth of the process simulation software in oil and gas market globally. Oil and gas industry is witnessing tremendous transformation due to industry 4.0. Oil and gas companies are therefore realigning investment by focusing on operational efficiencies and by investing in latest technologies. One such prominent technology is virtual reality/augmented reality. This factor is expected to provide new opportunities for the growth of the market during the forecast period. In terms of application, the upstream, oil & gas processing, and refinery segments constituted a prominent share in the market. Modeling solutions help engineers and contractors to efficiently model and design any kind of infrastructure in minimal time and cost, which reduces the overall time of the project. Midstream, petrochemicals, and green engineering application segments are anticipated to expand at a substantial growth rate during the forecast period. The use of HSE system at oil and gas plants can reduce accidents and increase efficiency.
The global process simulation software in oil and gas market is primarily driven by increasing drilling activities globally and rising overall IT expenditure by oil and gas companies. Furthermore, rising adoption of cloud-based solutions is also driving the growth of the process simulation software in oil and gas market around the globe. Cloud-based solutions help oil and gas companies in increasing the life span, uptime, and reliability of their plant infrastructure, which eventually increases return on investment (ROI).
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Growing investment in AR/ VR based 3D simulation tools/solution is one of the major factors which is likely to create new opportunities for the growth of the process simulation software in oil and gas market during the forecast period. Oil and gas companies are expected to increasingly use AR/VR to fix and maintain equipment at oil and gas facilities, train engineers and other staff, and efficiently visualize underground assets and pipelines to avoid any type of breaks during digging.
The adoption rate of process simulation software in oil & gas market in developed regions such as Europe and North America are estimated to increase substantially in the next few years. In terms of revenue, North America accounts for the largest share in the global process simulation software in oil and gas market. Growing digitalization and rapid technology adoption are the major trends contributing to the growth of the process simulation software in oil & gas market in the region. Asia Pacific is anticipated to witness lucrative growth in the process simulation software in oil and gas market during the forecast period. The Asia Pacific market in the short run is largely driven by increasing drilling activity in China. In the long run, countries such as India, Indonesia, Australia, Vietnam, and Malaysia are expected to drive the market.
The global process simulation software in oil & gas market includes different players such as Aspen Technology, Inc., Honeywell Process Solutions, KBC (Yokogawa), AVEVA Group Plc, Process System Enterprise, Ltd., Chemstations, Inc., Kongsberg Gruppen, GSE Systems, Inc., Virtual Material Group Inc. (Schlumberger), ProSim, EQ-Comp, Schneider Electric SE, and Bryan Research & Engineering, LLC.
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