Global Oil and Gas Engineering Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Oil and Gas Engineering Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

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 Overview:

The latest research study on the global Oil and Gas Engineering Software market finds that the global Oil and Gas Engineering Software market reached a value of USD 2842.8 million in 2022. It’s expected that the market will achieve USD 5246.0 million by 2028, exhibiting a CAGR of 10.75% during the forecast period.

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.

Key Companies in the global Oil and Gas Engineering Software market covered in Chapter 3:

SAP
Pegasus Vertex
ProjecTools
Golden Software
IGNITETECH(Gensym)
Schlumberger
AVEVA
Quorum
Bentley Systems
Aspen Technology
LMKR
Elsevier
Oracle

In Chapter 4 and Chapter 14.2, on the basis of types, the Oil and Gas Engineering Software market from 2018 to 2029 is primarily split into:

Cloud Based
On Premise

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Oil and Gas Engineering Software market from 2018 to 2029 covers:

Upstream
Downstream

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)