FEATURED COMPANIES
- Baker Hughes
- CGG
- Geosteering Technologies
- HXR Drilling Services
- Ikon Science Ltd.
- Itasca Consulting Group
The Increasing Demand Among Oil & Gas Industry to Enhance the Performance is Driving the Growth of Geomechanics Software & Services Market
Globally, the geomechanics software & services market is expected to grow with a CAGR of 15.7% during the forecast period from 2020 to 2028. The market is driven by the growing demand among the oil & gas industry to enhance the performance of the drilling, reduce non productive time, and optimize wellbore contact. Due to the uncertain prices of the oil & gas commodities and increasing competition, the oil & gas companies are looking for more advance ways to reduce the cost of operation and gain operational efficiency. This is augmenting the demand of geomechanics software and services among the organizations to provide advance tools and service for optimizing the operational performance.
The geomechanics software and services enables organization to analyze the subsurface pressure, optimize refinement of fluids, and casing of fracture design. Furthermore, the solutions allow the geoscientists and engineers to enhance the operational safety, increase drilling efficiency and complete the design. These are the major factors that are augmenting the demand for geomechanics software and solutions among the organizations. However, the lack of skilled professionals in the oil & gas industry is acting as a major inhibitor for the growth of the market.
Services is Estimated to Grow Significantly During the Forecast Period
The geomechanics software & services market is categorized based on the component into software and services. The software segment accounted for more than 65% share in the revenue in 2019. The growth of the market is attributed to the wide-scale adoption of the standalone software solution among the oil & gas industry. Furthermore, the growing demand among the oil & gas industry for real-time analytics is also accelerating the adoption of the software solutions. On the other hand, services are estimated to grow significantly during the forecast period. The growing demand of third party service provider is driving the services market.
North America is Leading the Geomechanics Software & Services Market
North America led the global geomechanics software & services market in 2019 with a market share of more than 35%. The growth of the market is driven by the growing shale gas exploration activities in the region. Furthermore, the growing adoption of the advance technologies among the oil & gas industry is further accelerating the market growth. Additionally, the presence of the major market player in the region is also fostering the market growth.
The major vendors in the geomechanics software & services market are CGG, Baker Hughes, Geosteering Technologies, Ikon Science Ltd., HXR Drilling Services, Itasca Consulting Group, Schlumberger Limited, Landmark Solutions (Halliburton), and Rockfield Global Technologies.
Historical & Forecast Period
This research report presents the analysis of each segment from 2018 to 2028 considering 2019 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020 to 2028.
Key questions answered in this report
Unique data points of this report
Globally, the geomechanics software & services market is expected to grow with a CAGR of 15.7% during the forecast period from 2020 to 2028. The market is driven by the growing demand among the oil & gas industry to enhance the performance of the drilling, reduce non productive time, and optimize wellbore contact. Due to the uncertain prices of the oil & gas commodities and increasing competition, the oil & gas companies are looking for more advance ways to reduce the cost of operation and gain operational efficiency. This is augmenting the demand of geomechanics software and services among the organizations to provide advance tools and service for optimizing the operational performance.
The geomechanics software and services enables organization to analyze the subsurface pressure, optimize refinement of fluids, and casing of fracture design. Furthermore, the solutions allow the geoscientists and engineers to enhance the operational safety, increase drilling efficiency and complete the design. These are the major factors that are augmenting the demand for geomechanics software and solutions among the organizations. However, the lack of skilled professionals in the oil & gas industry is acting as a major inhibitor for the growth of the market.
Services is Estimated to Grow Significantly During the Forecast Period
The geomechanics software & services market is categorized based on the component into software and services. The software segment accounted for more than 65% share in the revenue in 2019. The growth of the market is attributed to the wide-scale adoption of the standalone software solution among the oil & gas industry. Furthermore, the growing demand among the oil & gas industry for real-time analytics is also accelerating the adoption of the software solutions. On the other hand, services are estimated to grow significantly during the forecast period. The growing demand of third party service provider is driving the services market.
North America is Leading the Geomechanics Software & Services Market
North America led the global geomechanics software & services market in 2019 with a market share of more than 35%. The growth of the market is driven by the growing shale gas exploration activities in the region. Furthermore, the growing adoption of the advance technologies among the oil & gas industry is further accelerating the market growth. Additionally, the presence of the major market player in the region is also fostering the market growth.
The major vendors in the geomechanics software & services market are CGG, Baker Hughes, Geosteering Technologies, Ikon Science Ltd., HXR Drilling Services, Itasca Consulting Group, Schlumberger Limited, Landmark Solutions (Halliburton), and Rockfield Global Technologies.
Historical & Forecast Period
This research report presents the analysis of each segment from 2018 to 2028 considering 2019 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020 to 2028.
Key questions answered in this report
- What was the market size of geomechanics software & services in 2019 and forecast up to 2028?
- Which is the largest regional market for geomechanics software & services?
- What are the major trends followed in geomechanics software & services market across different regions?
- Who are the key companies in the geomechanics software & services market?
- What are the key strategies adopted by the leading geomechanics software & services companies in market?
Unique data points of this report
- Statistics on geomechanics software & services and spending worldwide
- Recent trends across different regions in terms of adoption of geomechanics software & services across applications
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2019 (actual) and 2028 (forecast)
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Baker Hughes
- CGG
- Geosteering Technologies
- HXR Drilling Services
- Ikon Science Ltd.
- Itasca Consulting Group
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Geomechanics Software & Service (GSS) Market, By Component
Chapter 5 Global Geomechanics Software & Service (GSS) Market, by Solution
Chapter 6 Global Geomechanics Software & Service (GSS) Market, by Application
Chapter 7 North America Geomechanics Software & Service (GSS) Market Analysis, 2018 – 2028 (US$ Mn)
Chapter 8 Europe Geomechanics Software & Service (GSS) Market Analysis, 2018 – 2028 (US$ Mn)
Chapter 9 Asia Pacific Geomechanics Software & Service (GSS) Market Analysis, 2018 – 2028 (US$ Mn)
Chapter 10 Rest of the World (RoW) Geomechanics Software & Service (GSS) Market Analysis, 2018 – 2028 (US$ Mn)
Chapter 11 Company Profiles
Note: Product cover images may vary from those shown
- CGG
- Baker Hughes
- Geosteering Technologies
- Ikon Science Ltd.
- HXR Drilling Services
- Itasca Consulting Group
- Schlumberger Limited
- Landmark Solutions (Halliburton)
- Rockfield Global Technologies.
Note: Product cover images may vary from those shown
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