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.
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.
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.
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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).
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.
To further support market analysis and help build deep understanding of growth dynamics, the report provides the following analyses – macro-economic factors analysis, Porter’s Five Forces Analysis, technology roadmap, value chain analysis, market attractiveness analysis, application mapping, and competition matrix providing matrix of competitive positioning of key players as per select parameters.
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Global Process Simulation Software in Oil and Gas Market: Research Methodology
The market sizing methodology adopted involved a multi-pronged approach, ultimately resulting in data being triangulated from all models/approaches. Primary focus has been on analyzing information as retrieved through the primary approach which required interaction with industry experts. These included professionals across companies involved at various stages of the ecosystem/supply chain.
Data heads such as technology adoption and penetration trends, total number of oil and gas companies globally, adoption rate of process simulation software in oil and gas industry, pricing analysis, capital expenditure trends, technology hurdles, and outlookwere some of the key parameters modelled based on inputs received. These were simultaneously also verified against information collected through different secondary sources. Major sources include company annual reports, analyst briefings, technology white papers, industry magazines/publications, expert blogs, and paid secondary databases. Apart from data aggregated from these models, the data is also verified from the data available in- house repository and expert panel opinion.
