U.S. Oil and Gas Analytics Market to Hit $2 Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., November 12, 2019 (Newswire.com) - The U.S. Oil and Gas Analytics Market is anticipated to exceed USD 2 billion by 2025, as reported in the latest study by Global Market Insights, Inc. Growing adoption of IoT and Big data platforms along with rising demand for analysis of large data repositories will foster the demand for advanced analytical tools.
The U.S. oil and gas analytics industry is set to grow on account of increasing adoption of data gathering devices and growing awareness toward the importance of data. The increasing requirements of production optimization and risk assessment platforms in the current unpredictable industry scenario will stimulate demand for advanced AI and analytical tools. The industry players are focusing on managing their respective O&M cost that has been significantly improved by using new data analytics software.
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The abundant availability of proven O&G reserves accompanied by the focus on the exploration of unconventional reserves will positively influence business growth. As per the U.S. Department of Energy, in 2019, the proven gas reserves surged by 85%, which was over 450 Tcf. In addition, the growing need for production optimization coupled with the ongoing deployment of IoT and IIoT across drilling and production assets will complement the industry landscape.
Some major findings of the U.S. oil and gas analytics market report include:
- Growing upstream oil and gas investment is driving the business growth
- Rapid deployment of data gathering tools including IIoT, IoT and sensors are facilitating the need for smart analytical platforms
- Robust investment toward infrastructure including pipelines, refineries and storage terminals will stimulate the product demand
- Growing stringency in cybersecurity regulations will demand more agile analytical software
- Major players operating in the U.S. oil and gas analytics market are Microsoft Corporation, Accenture, IBM, Cognizant and others
- Companies are seeking strategic collaborations with technology providers for product innovation to gain a competitive edge
Surging O&G infrastructure spending will significantly increase the adoption of analytics across various divisions. Rising volumes of oil and gas supplies have instigated the need for additional infrastructure requirements across the U.S. with Northeast and Southwest regions contributing over 19% and 36% of the total infrastructure investments. As per API, in 2017, the gathering & processing and refining divisions accounted for about 4.9 billion and USD 5.2 billion respectively.
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:
The need for additional crude oil networks to facilitate the transport of increased supplies from West Texas to refineries along with the requirement of gas pipelines to transport the incremental capacity will continue to expand investments across the industry. In addition, the ongoing concentration of LNG export terminals along with the robust construction of oil tank farms will complement the business landscape.
The technological advancement has enabled the companies to generate real-time information from production platforms and reservoirs that have helped them to make early predictions regarding equipment failures. The requirement of data analytics has further escalated with improvements in cloud computing capabilities, enhanced network security, cost-saving and unlimited storage.
The U.S. oil and gas analytics market has witnessed a shift from on-premise applications to hosted owing to key benefits including easy data sharing & integration, automatic system updates and reduced cost. The on-premise deployments require high maintenance with associated upgrading costs while the chances of hardware deterioration and permanent data loss have further restricted their adoption. However, enhanced network security and easy collaborations have facilitated the demand for hosted applications.
Ongoing business collaborations to attain a leading position in the industry is a key growth initiative followed by the companies. Continuous spending toward technology innovations will bring advanced analytical solutions that will complement the industry landscape. The companies are following mergers & acquisitions to gain technological excellence coupled with continuous spending in research and development will continue to bring innovations in the industry.
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Partial Table of Contents (ToC) of the report:
U.S. Oil & Gas Analytics Market Statistics, By Deployment
1.1 U.S. market share by deployment, 2018 & 2025
1.2.1 U.S. market from on-premise, 2014 - 2025
1.3.1 U.S. market from hosted, 2014 - 2025
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Oil And Gas Analytics Market Growth Projections 2024: The upstream oil and gas analytics industry share is expected to witness the highest growth, with increasing offshore drilling further complimenting revenue generation. It helps to obtain real-time data at minimum cost which may favor industry growth in the coming years.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Tags: Asset Performance, Equipment Maintenance Management, Exploration and Drilling, Field Surveillance and Monitoring, Oil and Gas Analytics Market, Production Planning and Forecasting, Workforce Management