Oil & Gas Analytics Market Size, By Deployment (On-premise, Hosted), By Service (Professional, Cloud, Integration), By Application (Upstream {Exploration and Drilling, Field Surveillance and Monitoring, Production Planning and Forecasting, Equipment Maint

Oil & Gas Analytics Market Size, By Deployment (On-premise, Hosted), By Service (Professional, Cloud, Integration), By Application (Upstream {Exploration and Drilling, Field Surveillance and Monitoring, Production Planning and Forecasting, Equipment Maintenance Management, Asset Performance, Workforce Management}, Midstream {Pipeline SCADA, Fleet, Storage Optimization}, Downstream {Commodity Trading, Demand Forecasting, Pricing, Refining}), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The oil & gas analytics market is set to witness robust growth through 2030 owing to an increase in energy-efficient technologies to reduce dependence on hydrocarbons. Moreover, global digitalization and rising climate consciousness are expected to drive market growth through the analysis time period.

Notably, industry participants have been implementing profitable strategies to tap into emerging trends in the sector, which has contributed to the expansion of the oil & gas analytics market. For instance, in June 2022, Raisa Energy LLC, an oil & gas exploration and production company, finished the first Oil and Gas Master Trust Securitization Program in the industry and was awarded an “A” rating by Fitch Ratings, Inc. This securitized a diversified portfolio and royalty interests for Raisa in the U.S.

The oil & gas analytics market has been bifurcated in terms of service, deployment, application, and regions covered. On the basis of application, the market has been divided into upstream, midstream, and downstream.

Under upstream, the market has been further divided into exploration & drilling analytics, production planning & forecasting analytics, asset performance analytics, equipment maintenance management analytics, workforce management analytics, and field surveillance & monitoring analytics. The exploration & drilling analytics segment was valued at more than USD 800 million in 2021.

The field surveillance and monitoring analytics segment is likely to grow at a rate of over 22.0% by 2030. In 2021, the asset performance analytics segment surpassed USD 200 million in revenue, and the equipment maintenance management analytics segment attained a valuation of about USD 300 million. The workforce management analytics market was valued at more than USD 300 billion in 2021.

Under midstream, the market has been divided into fleet, storage optimization, and pipeline SCADA. Among these, the fleet segment is anticipated to exceed a valuation of USD 1.5 billion by 2030. In 2021, the storage optimization segment was worth nearly USD 200 million while the pipeline SCADA segment was valued at about USD 600 million.

The downstream market is set to grow at a rate of roughly 24.0% up to 2030. Under downstream, the oil & gas analytics market has also been branched into demand forecasting, refining, pricing, and commodity trading. The demand forecasting segment and the refining segment are anticipated to reach over USD 3.0 billion in revenue by 2030.

The pricing segment is foreseen to register a growth rate of roughly 25.0% through the review timeframe. In 2021, the commodity trading segment was valued at approximately USD 300 million and is slated to exhibit steady growth over 2022-2030.

On the basis of service, the market has been bifurcated into professional, integration, and cloud. Out of these, while the professional segment is poised to garner a revenue of about USD 17.0 billion by 2030, the integration market is projected to exceed a valuation of USD 5.0 billion by the end of the study timespan.

On the regional front, the Asia Pacific oil & gas analytics market was valued at over USD 1.0 billion, and the Latin America oil & gas analytics sector was worth above USD 300 million in 2021. Meanwhile, the Middle East & Africa industry is estimated to progress at a rate of more than 25.0% through 2030.