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 2019 to 2027. The market is driven by the growing demand in the oil & gas industry to enhance the performance of the drilling, reduce nonproductive 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 advanced ways to reduce the cost of operation and gain operational efficiency. This is augmenting the demand for geomechanics software and services among organizations to provide advanced tools and services for optimizing operational performance.
The geomechanics software and services enable the 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 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 organizations. However, the lack of skilled professionals in the oil & gas industry is a major inhibitor to the market's growth.
Market Synopsis
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 2018. The growth of the market is attributed to the wide-scale adoption of the standalone software solution in the oil & gas industry. Furthermore, the growing demand in the oil & gas industry for real-time analytics is also accelerating the adoption of software solutions. On the other hand, services are estimated to grow significantly during the forecast period. In addition, the growing demand for third-party service providers is driving the services market.
North America is Leading the Geomechanics Software & Services Market
North America led the global geomechanics software & services market in 2018 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 advanced technologies in the oil & gas industry further accelerates the market growth. Additionally, the presence of the major market player in the region is also fostering market growth.
The major geomechanics software & services market vendors 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 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The geomechanics software & services market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global geomechanics software & services market based on component, solution type, application, and geography.
Frequently Asked Questions
The market for Geomechanics Software And Services is expected to reach US$ XX Bn in 2028.
The Geomechanics Software And Services market is expected to see significant CAGR growth over the coming years, at 15.7%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Baker Hughes, CGG, Geosteering Technologies, HXR Drilling Services, IKON Science Ltd., Itasca Consulting Group, Landmark Solutions (Halliburton), Schlumberger Limited are some of the major players in the global market.
