Global Oil and Gas Process Simulation Software Market By Component (Software, Services), Operation Type (Off-Shore, On-Shore, Heavy Oil, Unconventional), Application (Upstream, Midstream, Oil & Gas Processing, Cryogenic Processes, Refining, Petrochemicals, Green Engineering), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Oil and Gas Process Simulation Software Market
Global oil and gas process simulation software market is expected to register a steady CAGR of 4.98% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the higher adoption of innovative and advanced technologies resulting in higher efficiency of operations.
Market Definition: Global Oil and Gas Process Simulation Software Market
Process simulation software is a type of software service in which the production method is virtually created to pick out any flaws or drawbacks in the manufacturing method of certain components. The application of this software in the production/processing of oil & gas simply mean the application of this software in the oil & gas industry which results in higher efficiency in the production cycle as well as providing enhanced safety to the working environment.
- Increasing adoption of automation systems resulting in growth of simulation software services because of adoption of Industry 4.0; this factor is expected to drive the growth of the market
- Better understanding of the product requirements, structuring of chemicals with the usage of these processes; this factor is expected to drive the growth of the market
- Higher efficiency and effectiveness of the operational cycle minimizing the chances of any faults and resulting in reduced cost of production are factors driving the growth of the market
- High cost associated with the software service is expected to restrain the growth of the market
- Complications associated with the interpretation of simulated processing to real life operations; this factor is expected to restrain the growth of the market
Segmentation: Global Oil and Gas Process Simulation Software Market
By Operation Type
- Heavy Oil
- Flow Assurance
- Fluid Properties
- Production Facilities
- Equipment Design & Analysis
- Gathering Systems
- Pipeline Design and Analysis & Pipeline Equipment
- Pipeline Integrity
- Flow Dynamics
- Flow Assurance (Metering & Economics)
- Network Analysis & Optimization
- Oil & Gas Processing
- Oil & Gas Separation
- Sulfur Recovery
- CO2 Freezing
- Cryogenic Processes
- Crude Oil Distillation
- Heavy Oil Processing
- Green Engineering
- HSE Systems
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In February 2018, Tieto announced that they had agreed to acquire Petrostreamz. This acquisition is expected to expand the solution capabilities for the upstream division of oil & gas industry.
- In September 2016, Honeywell announced the launch of a new version of process modelling software for the oil & gas, refining, petrochemical, chemical and power industries. The product termed as “UniSim Design Suite Release 450”, with the newest version focused on features such as safety, heat-exchangers, flow-assurance and sub-sea operations and refining support.
Competitive Analysis: Global Oil and Gas Process Simulation Software Market
Global oil and gas process simulation software market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of oil and gas process simulation software market for global, Europe, North America, Asia-Pacific and South America.
Major Market Competitors/Players: Global Oil and Gas Process Simulation Software Market
Few of the major competitors currently working in the oil and gas process simulation software market are AVEVA Group plc; Chemstations Inc.; Bryan Research & Engineering, LLC; KBC; Honeywell; Aspen Technology, Inc.; Kongsberg Group; Schneider Electric; Process Systems Enterprise; GSE Systems; ProSim; Virtual Materials Group Inc.; Tieto; ANSYS, Inc.; Siemens; HEXAGON; Dassault Systèmes and PTC Altair Engineering, Inc.
Research Methodology: Global Oil and Gas Process Simulation Software Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved