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Oil and gas analytics market in Europe size is expected to expand exponentially by 2027. With growing adoption of advanced computing and oilfield project management solutions to reduce the overall costs, the Oil and gas analytics market in Europe is predicted to grow significantly in the coming years.
Soaring CAPEX across the oil & gas industry, along with the increasing focus on digitalizing the production operation to enhance labor productivity will further boost product deployment. The presence of several stringent government HSE regulations to enhance safer oilfield operations is anticipated to augment the business expansion in the coming years.
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Soaring demand for on-premise oilfield analytics
The on-premise deployment of oil and gas analytics (or oilfield analytics) is expected to increase in the coming years owing to rising necessity of optimizing reservoir and production processes to enhance yields.
This will further be driven by the growing emphasis on introducing advanced solutions for effective oil and gas project management, along with growing requirements to reduce the overall production costs. Rising awareness about the importance of real-time data computing in smooth operations is complementing the on-premise acquisition of oilfield analytics.
Increasing applications in upstream oil & gas sector
Real-time data analytics plays a crucial role in the upstream oil & gas sector to optimize the drilling process, improve reservoir modeling & simulation, manage seismic data, and enhance reservoir production operations. With this, the rising adoption of oilfield analytics among oil & gas companies is leading to increasing launches of new solutions.
For instance, in 2020, a French start-up company, Malliance, introduced its new oilfield.ai, a cloud-based production optimization solution for reservoir modeling and simulation operations. The product is lashed with geophysics, geoscience & AI-based analytics, which complements its ability in field identification and reservoir management.
Rising adoption of cloud computing solutions
Cloud computing solutions are witnessing higher adoption in the oil & gas industry owing to their ability to reduce latency & downtime and render faster & highly accurate results. As these services do not require heavy infrastructure deployment, their cost-effectivity further complements their adoption in the oil & gas industry. Owing to this, there has been a growing acceptance of cloud-based big data and business intelligence analytics for efficient process optimization across oil & gas companies.
Escalating E&P activities in Norway
Norway is becoming one of the emerging markets for oil and gas analytics solutions across Europe owing to soaring E&P activities. For instance, in 2021, Equinor and Aker BP, two leading energy companies in Norway announced to develop four oil & gas fields, which worth around USD 1.69 billion. The companies are expecting to produce over 58.2 million barrels of oil from the two fields, which is equivalent to a field's lifetime.
Rapid industrialization, automotive penetration, and extensive consumption by oil & gas majors are expected to positively impact industry dynamics in the coming years.
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Table of Contents (ToC) of the report:
Chapter 5. Oil and gas analytics market in Europe, By Service (USD)
5.1. Oil and gas analytics market in Europe share, by service, 2020 & 2027
5.2. Professional
5.2.1. Market estimates and forecast, 2017 – 2027
5.2.2. Market estimates and forecast, by country, 2021 – 2027
5.3. Cloud
5.3.1. Market estimates and forecast, 2017 – 2027
5.3.2. Oil and gas analytics market in Europe estimates and forecast, by country, 2021 – 2027
5.4. Integration
5.4.1. Market estimates and forecast, 2017 – 2027
5.4.2. Market estimates and forecast, by country, 2021 – 2027
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