Selbyville, Delaware, June 28, 2022 (GLOBE NEWSWIRE) --
Oil & Gas Analytics Market is anticipated to value USD 33 billion by 2030, according to latest market study by Global Market Insights Inc. Growing exploration and production activities to cater the increasing demand for energy providing substantial growth opportunity for analytical services.
Rising investments in digitalization by the petroleum industry to increase workforce efficiency and reduce cost will stimulate the market scenario. AI and ML are becoming prevalent in natural gas processing and petroleum refining as these tools offer real-time insights and demand forecast. In addition, growing competition in the market and demand for oil & gas to bolster the penetration of analytics across the sector.
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The midstream segment is expected to witness a sizeable growth during the forecast period owing to the growing need for analytics in the transportation of oil and natural gas. The increasing demand for the monitoring equipment to enable precise approach to maintenance is set to boost the market growth. Pipeline monitoring also enhances asset utilization, reduces accidents, minimizes maintenance cost and manages risk in asset management. Additionally, the growing pipeline transportation coupled with the soaring need for accurate and real-time data is projected encourage the demand for SCADA and other analytics software.
The oil & gas analytics industry from production planning and forecasting is likely to grow at a CAGR of 25% from 2022 to 2030. The growing demand for effective monitoring devices to increase the overall efficiency and reduce operational hazards, which will positively influence the market expansion. Reduced response time delays and improved productivity are amongst the various features offered by oil & gas analytics. Moreover, the increasing necessity for machine learning and artificial intelligence from decision makers to effectively plan for production is further fostering the penetration of analytics software in the E&P activities.
The North American oil & gas analytics market will foresee multifold growth in the coming years due to the increasing exploration of shale gas in the U.S. Analytics provides geospatial data in real-time, which helps producers to make decisions toward the exploration and production activities. Increasing number of refineries along with the capacity expansion in the region is set to spur the requirement for demand forecasting software. Furthermore, there has been satisfactory rise in the drilling activities, which has considerably increased the demand for data management tools. These parameters are poised to increase the penetration of digital tools in the industry.
Some of the key findings of the global oil & gas analytics market report include:
- Implementation of oil & gas analytics will develop production efficiency and provide real-time data at lower cost.
- Increasing demand for petroleum products together with the rise in the construction of oil & gas refineries will sway the industry growth.
- Heavy investments in the R&D to come up with optimal extraction methods will accelerate the demand for analytics.
- The use of predictive analytics offers augmented maintenance as it monitors the present condition of an asset to determine maintenance needs.
- The key participants operating in the global oil & gas analytics market include Microsoft Corporation, Deloitte, SAP, Oracle, Tableau Software, Inc., Teradata, IBM, TIBCO Software, Inc., Cognizant, Cisco Systems, Inc., SAS Institute, Hitachi, Ltd., Hewlett Packard Enterprise Development LP, and Capgemini among others.
- The ongoing infrastructure development in the O&G industry combined with inclination toward the use of analytics will drive the business scenario.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Oil & gas analytics industry 3600 synopsis, 2018 - 2030
2.1.1 Business trends
2.1.2 Deployment trends
2.1.3 Application trends
2.1.4 Service trends
2.1.5 Regional trends
Chapter 3 Oil & Gas Analytics Industry Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Impact of Russia – Ukraine war on the industry
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 North America & Europe
3.6.1.1.1 Increasing exploration of unconventional wells
3.6.1.1.2 Shift toward exploration of mature oil fields
3.6.1.2 Asia Pacific
3.6.1.2.1 Growing demand for oil and gas
3.6.2 Industry pitfalls & challenges
3.6.2.1 Cyber security threats
3.7 Growth potential analysis
3.8 Porter's Analysis
3.9 Competitive landscape, 2022
3.10 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/oil-and-gas-analytics-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
