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According to the latest research, the global Oil and Gas Engineering Software market size was valued at USD 2842.8 million in 2022 and is expected to expand at a CAGR of 10.75% during the forecast period, reaching USD 5246.0 million by 2028.
Oil and gas companies need engineering software to develop and deplete mineral deposits. Oil and gas engineering software is used after exploration has been performed and before production begins in order to best plan how to recover hydrocarbons at optimal cost and highest level of safety. This type of software is used by drilling, production, or reservoir engineers to estimate and simulate extraction processes. By using it, engineers help oil and gas decision makers to prioritize and implement production strategies.
Oil and gas engineering software delivers a mix of features that can also be found in geology, production, or exploration software. It is therefore important for this type of software to exchange information with all these solutions.
Market Challenges
The research and development of oil gas engineering software is different from the general software. It is difficult to develop, complicated in system design, high in technical threshold, expensive in hardware conditions, short in compound R&D talents, and requires high reliability, which leads to long R&D cycle and slow R&D iteration speed. It is estimated that the R&D cycle of general large-scale industrial software takes 3-5 years, and it takes about 10 years to be recognized by the market. In addition, the R&D investment of Oil and Gas Engineering Software is very high, which constitutes a high industry barrier, and it is difficult for Oil and Gas Engineering Software giants to be surpassed in a short time. Another fact that has to be admitted is that the successful experience of Oil and Gas Engineering Software is difficult to replicate, and it is not that the successful process of a certain software giant can be replicated with sufficient R&D funds. How to break the existing solidification pattern of software, survive and rush out in the fierce market competition, requires not only excessive R&D strength and sufficient funds, but also a fleeting market opportunity that comes only once in a decade and a little luck.
The quantitative degree of production gathering and transportation stage is different from that of exploration and development stage. Production, gathering and transportation are all definite quantities, while exploration and development are mostly qualitative and full of uncertainty, not to mention the quantitative expression of information requirements. Although the professional software is developed in the exploration and development stage, it seems that the degree of digitalization is very high, but the professional barrier to data is also the highest. In recent years, various software vendors have been making platforms, trying to break through barriers between professions, and at the same time, they have built a high wall with other companies. There has been a consensus on informatization, digitalization and big data, but at the implementation level, data is in charge of different administrative leaders, and it is more difficult to break the management boundary than technology.
Region Overview:
From 2023-2028, North America is estimated to witness robust growth prospects.
Company Overview:
Schlumberger is one of the major players operating in the Oil and Gas Engineering Software market, holding a share of 8.49% in 2022.
Schlumberger is a technology company that unlocks access to energy for the benefit of all. By combining deep domain knowledge and data science expertise with advanced AI and digital solutions for energy, Schlumberger's people are working with customers around the world to optimize performance and sustainability in individual projects, full assets, entire basins, and at global-enterprise level.
AspenTech is a global leader in asset optimization software helping the world’s leading industrial companies run their operations more safely, efficiently and reliably – enabling innovation while reducing waste and impact on the environment. AspenTech software accelerates and maximizes value gained from digital transformation initiatives with a holistic approach to the asset lifecycle and supply chain.
By introducing effective AI modeling to traditional principles of process engineering, AspenTech delivers a faster and more accurate analysis of efficiency and performance boundaries. The real-time data and actionable insights delivered by AspenTech's software help customers push the boundaries of what’s possible.
Segmentation Overview:
Among different product types, On-Premise segment is anticipated to contribute the largest market share in 2028.
Application Overview:
By application, the Upstream segment occupied the biggest share from 2018 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Oil and Gas Engineering Software industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Oil and Gas Engineering Software. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Oil and Gas Engineering Software Market Report Include:
Market Size Estimates: Oil and Gas Engineering Software market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Oil and Gas Engineering Software market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Oil and Gas Engineering Software market
Segment Market Analysis: Oil and Gas Engineering Software market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Oil and Gas Engineering Software market situations and prospects in major and top regions and countries
Oil and Gas Engineering Software Market
Oil and Gas Engineering Software Industry Chain: Oil and Gas Engineering Software market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Oil and Gas Engineering Software Industry News, Policies by regions
Oil and Gas Engineering Software Industry Porters Five Forces Analysis
Key players in the global Oil and Gas Engineering Software market are covered in Chapter 2:
Quorum
Aspen Technology
Schlumberger
Pegasus Vertex
Oracle
LMKR
ProjecTools
AVEVA
IGNITETECH(Gensym)
Elsevier
Bentley Systems
SAP
Golden Software
In Chapter 6 and Chapter 9, on the basis of types, the Oil and Gas Engineering Software market from 2018 to 2028 is primarily split into:
Cloud Based
On Premise
In Chapter 7 and Chapter 10, on the basis of applications, the Oil and Gas Engineering Software market from 2018 to 2028 covers:
Upstream
Downstream
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Oil and Gas Engineering Software market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Oil and Gas Engineering Software industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Oil and Gas Engineering Software market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Oil and Gas Engineering Software industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Oil and Gas Engineering Software market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Oil and Gas Engineering Software market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Oil and Gas Engineering Software market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
Oil and gas companies need engineering software to develop and deplete mineral deposits. Oil and gas engineering software is used after exploration has been performed and before production begins in order to best plan how to recover hydrocarbons at optimal cost and highest level of safety. This type of software is used by drilling, production, or reservoir engineers to estimate and simulate extraction processes. By using it, engineers help oil and gas decision makers to prioritize and implement production strategies.
Oil and gas engineering software delivers a mix of features that can also be found in geology, production, or exploration software. It is therefore important for this type of software to exchange information with all these solutions.
Market Challenges
The research and development of oil gas engineering software is different from the general software. It is difficult to develop, complicated in system design, high in technical threshold, expensive in hardware conditions, short in compound R&D talents, and requires high reliability, which leads to long R&D cycle and slow R&D iteration speed. It is estimated that the R&D cycle of general large-scale industrial software takes 3-5 years, and it takes about 10 years to be recognized by the market. In addition, the R&D investment of Oil and Gas Engineering Software is very high, which constitutes a high industry barrier, and it is difficult for Oil and Gas Engineering Software giants to be surpassed in a short time. Another fact that has to be admitted is that the successful experience of Oil and Gas Engineering Software is difficult to replicate, and it is not that the successful process of a certain software giant can be replicated with sufficient R&D funds. How to break the existing solidification pattern of software, survive and rush out in the fierce market competition, requires not only excessive R&D strength and sufficient funds, but also a fleeting market opportunity that comes only once in a decade and a little luck.
The quantitative degree of production gathering and transportation stage is different from that of exploration and development stage. Production, gathering and transportation are all definite quantities, while exploration and development are mostly qualitative and full of uncertainty, not to mention the quantitative expression of information requirements. Although the professional software is developed in the exploration and development stage, it seems that the degree of digitalization is very high, but the professional barrier to data is also the highest. In recent years, various software vendors have been making platforms, trying to break through barriers between professions, and at the same time, they have built a high wall with other companies. There has been a consensus on informatization, digitalization and big data, but at the implementation level, data is in charge of different administrative leaders, and it is more difficult to break the management boundary than technology.
Region Overview:
From 2023-2028, North America is estimated to witness robust growth prospects.
Company Overview:
Schlumberger is one of the major players operating in the Oil and Gas Engineering Software market, holding a share of 8.49% in 2022.
Schlumberger is a technology company that unlocks access to energy for the benefit of all. By combining deep domain knowledge and data science expertise with advanced AI and digital solutions for energy, Schlumberger's people are working with customers around the world to optimize performance and sustainability in individual projects, full assets, entire basins, and at global-enterprise level.
AspenTech is a global leader in asset optimization software helping the world’s leading industrial companies run their operations more safely, efficiently and reliably – enabling innovation while reducing waste and impact on the environment. AspenTech software accelerates and maximizes value gained from digital transformation initiatives with a holistic approach to the asset lifecycle and supply chain.
By introducing effective AI modeling to traditional principles of process engineering, AspenTech delivers a faster and more accurate analysis of efficiency and performance boundaries. The real-time data and actionable insights delivered by AspenTech's software help customers push the boundaries of what’s possible.
Segmentation Overview:
Among different product types, On-Premise segment is anticipated to contribute the largest market share in 2028.
Application Overview:
By application, the Upstream segment occupied the biggest share from 2018 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Oil and Gas Engineering Software industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Oil and Gas Engineering Software. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Oil and Gas Engineering Software Market Report Include:
Market Size Estimates: Oil and Gas Engineering Software market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Oil and Gas Engineering Software market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Oil and Gas Engineering Software market
Segment Market Analysis: Oil and Gas Engineering Software market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Oil and Gas Engineering Software market situations and prospects in major and top regions and countries
Oil and Gas Engineering Software Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Oil and Gas Engineering Software Industry Chain: Oil and Gas Engineering Software market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Oil and Gas Engineering Software Industry News, Policies by regions
Oil and Gas Engineering Software Industry Porters Five Forces Analysis
Key players in the global Oil and Gas Engineering Software market are covered in Chapter 2:
Quorum
Aspen Technology
Schlumberger
Pegasus Vertex
Oracle
LMKR
ProjecTools
AVEVA
IGNITETECH(Gensym)
Elsevier
Bentley Systems
SAP
Golden Software
In Chapter 6 and Chapter 9, on the basis of types, the Oil and Gas Engineering Software market from 2018 to 2028 is primarily split into:
Cloud Based
On Premise
In Chapter 7 and Chapter 10, on the basis of applications, the Oil and Gas Engineering Software market from 2018 to 2028 covers:
Upstream
Downstream
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Oil and Gas Engineering Software market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Oil and Gas Engineering Software industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Oil and Gas Engineering Software market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Oil and Gas Engineering Software industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Oil and Gas Engineering Software market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Oil and Gas Engineering Software market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Oil and Gas Engineering Software market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
