U.S. Oil and Gas Analytics Market size to exceed $2bn by 2025
Published Date: November 8, 2019 Authors: Ankit Gupta, Ilika Singh
U.S. Oil and Gas Analytics Market size is expected to surpass USD 2 Billion by 2025, as reported in the latest study by Global Market Insights, Inc.
Growing deployment of data gathering tools and devices along with rising awareness regarding importance of data will drive the U.S. oil and gas analytics industry growth. Growing need for risk assessment and production optimization in the current volatile oil price environment will complement the business landscape. The companies are focusing toward limiting their respective operational and maintenance cost that have significantly swayed their analytical spending.
Growing investment toward oil and gas infrastructure is set to boost the adoption of analytical solutions
Growing infrastructure investments across the U.S. will significantly boost adoption of analytics across several divisions. The increasing volumes of hydrocarbons has facilitated the requirement for additional infrastructure where Southwest and Northeast regions have witnessed maximum spending accounting to over 36% and 19% of the total investments across the U.S. As per the 2017, API report, “U.S. oil and gas infrastructure investment”, the refining and gathering & processing divisions accounted to over USD 5.2 billion and 4.9 billion respectively.
Requirement of additional oil pipeline network to transport the incremental supplies of oil from West Texas to refineries along with growing investment toward gas transportation capacity addition will continue to drive the investments in analytics. Furthermore, robust development of oil tank farms along with concentration of LNG export terminals across the region will positively enhance the business outlook.
Surging upstream investment is set to accelerate the industry growth
Robust spending toward upstream operations on account of recovering oil prices will foster the U.S. oil and gas analytics market outlook. The companies are taking leverage of predictive analytics and advanced AI and machine learning platforms to optimize their daily production and drilling operations. In addition, their adoption for planning, forecasting and asset management have further resulted in significant operational gains.
Browse key industry insights spread across 115 pages with 88 market data tables & 27 figures & charts from the report, “U.S. Oil and Gas Analytics Market Share 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 (Surface and Lease Equipment, Gathering & Processing [Gas Gathering Lines, Oil Gathering Lines, Compressors, Processing Plants, Fractionation Facilities], Oil, Gas & NGL Pipelines [Oil Lines, NGL Lines, Gas Lines, Oil Line Pumps, NGL Line Pumps, Gas Line Compressors], Oil & Gas Storage [Oil Storage, Gas Storage], Refining & Oil Products Transport [Refining, Oil Product Pipeline, Oil Product Pipeline Pumps, Rail Transport], Export terminal [LNG, NGL]), Downstream [Commodity Trading, Demand Forecasting, Pricing, Refining]), Industry Analysis Report, Price Trends, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025”in detail along with the table of contents:
Growing data repositories will facilitate the adoption of advanced analytical platforms
The oil & gas operators are focusing toward transforming its entire value chain by integrating advanced data gathering devices coupled with surging deployment of IoT and IIoT creating large data libraries. In addition, requirement of real time information by market speculators and traders to maximize returns and profits in the volatile price environment will facilitate the adoption of advanced analytical tools.
The technology development has enabled the operators to generate real time information from reservoirs and production platforms to predict the chances of failure of equipment and hence reduce the downtime. The demand for data analysis has further increased with improved network security and flexible cloud computing capabilities providing unlimited storage and cost savings.
Increasing demand for hosted applications set to accelerate the U.S. oil and gas analytics industry demand
Ongoing shift from on-premise to hosted applications owing to reduced cost, easy data sharing and integration and automatic system updates will propel the business growth. The on-premise platforms have high upgradation and maintenance cost along with chances of permanent data loss and hardware deterioration have further limited their adoption. However, easy collaborations and enhanced network security have stimulated the demand for hosted platforms.
Key players functioning across the U.S. oil and gas analytics market include Tableau Software, SAP SE, Microsoft Corporation, Oracle, Teradata, Hitachi, Cognizant, Accenture, Capgemini, Cisco Systems, Inc., IBM, TIBCO Software, SAS Institute, Enverus and Hewlett Packard Enterprise Company. Prevailing industry collaborations to gain a leading edge over its competitors is a key growth strategy adopted by the companies. Continuous investment in technology and introduction of innovative analytical tools will augment the business landscape.