Home / Press Release / The Geomechanics Software And Services Market Is Driven By The Growing Demand For Seismic And Geophysical Understanding Among Oil & Gas Industry

The Geomechanics Software And Services Market Is Driven By The Growing Demand For Seismic And Geophysical Understanding Among Oil & Gas Industry

According to a new market research report published by Credence Research “Global Geomechanics Software & Services Market (Component (Software [Standalone, Integrated], Service [Integration & Implementation, Consulting, Support & Maintenance]); Solution (Oil & Gas Solution [Reservoir Characterization, Reservoir Simulation, Drilling, Production], Mining [Subsidence Prediction, Mine DeWatering Pore Pressure Analysis, Excavation Design and Analysis, Slope Stability, Others], Civil Construction [Rock Mechanics, Slope Stability, Tunnel Design and Support Analysis, Soil and Rock Structure Interaction, Others], Nuclear Waste Disposable [Rock Characterization, Acoustic Emission Monitoring, Geomechanical Modeling, Ultrasonic Surverys, Others]); Application (Oil & Gas, Mining, Civil Construction, Nuclear Waste Disposable)) Market – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the geomechanics software & services market is set to grow with a CAGR of 15.7% during the forecast period.

Market Insights

The market is driven by the rapid digitalization among the oil & gas industry across the globe. The oil & gas industry is swiftly moving towards the advance technologies to better understand their reservoir resources, improve safety and health and enhance operational efficiency at the oil fields. The rising consensus among the oil & gas industry that the industry is on the cusp of the new digital era is one of the primary factor driving the market growth. Several macroeconomic factors such as disruption, demand and supply, advancement in technology along with evolving demands of customer are also encouraging the companies to shift towards digital business models.

The growing demand for the seismic and geophysical imaging across the oil & gas industry, minefield and civil construction sector is also acting as a major driver for the growth of the market. The companies are shifting towards the geomechanics images to optimize the exploration activities among the oil & gas industry. Furthermore, the rising pressure on the companies to reduce the cost of operation is also forcing the adoption of the geomechanics software and services among the companies.

The geomechanics software & services market is segmented based on the applications into oil & gas, mining, civil construction, and nuclear waste disposable. The oil & gas sector accounted for more than 50% share in the overall geomechanics software & services revenue in 2018. The growth of the market is credited to the wide scale adoption among the oil & gas industry. On the other hand, nuclear waste disposable market is estimated to grow significantly during the forecast period. The rising need among the government authorities and companies to deal with the nuclear waste is further accelerating the market growth.

Asia Pacific's geomechanics software & services market is anticipated to grow considerably at a CAGR of over 20.5% over the forecast period. The market is driven by the increasing adoption of the new technologies and solution for the exploration activities among the oil & gas players. The increasing digitalization among the oil & gas companies and supportive government policies to promote digitalization are also augmenting the market growth in the region.    

The prominent vendors of 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.

Browse the full report at https://www.credenceresearch.com/report/geomechanics-software-and-services-market

The Global Geomechanics Software & Services Market is Segmented into:

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Million
Segmentation

 By Component Segment (2017–2027; US$ Bn)

 By Solution Segment (2017–2027; US$ Bn)

 By Application Segment (2017–2027; US$ Bn)

 By Geography Segment (2017–2027; US$ Bn)

*Complete segmentation list is on report page

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