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Global Oil and Gas Analysis Market – Snapshot
The use of oil and gas analysis is gaining importance to automate processes and guide decisions regarding various activities associated with the exploration, development and production of oil and natural gas. With each passing day, the exploration and production of new hydrocarbon reserves becomes more risky, both technologically and economically. This continually generates large volumes of data associated with every aspect of the labor, materials, and machinery used throughout the process, beginning with the study of potential drilling sites in conventional and unconventional oil and gas reserves. The oil and gas industry is always looking for better and innovative ways to interpret, integrate and exploit these analyzes, especially collected during exploration, to make accurate business decisions. Smarter use of ever-growing data sets helps oil and gas companies improve recovery rates, minimize human safety and environmental concerns, and dramatically reduce drilling expenses.
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In recent years, the emergence of big data and the development of mechanisms to exploit this data have greatly transformed the analytical market for oil and gas. The growing adoption of the Internet of Things (IoT) and sensors has increasingly added to oil and gas analytics capabilities to guide decisions. Big data analytics such as Royal Dutch Shell, BP, Total, ExxonMobil and Chevron are increasingly being used by large oil and gas companies to optimize various workflows including oil and gas refining, transportation and retail distribution. Oil and gas analysis has held a crux among data scientists and petroleum technical professionals, including engineers. At times, this has led to exciting technological advances in oil and gas exploration and production. Additionally, witnessing the possibility of potential rewards, several major technology players such as Amazon, IBM and Microsoft are offering innovative offerings to drive analytics-based decisions.
Global Oil and Gas Analysis Market – Overview
The oil and gas analysis instrument is used to obtain actionable judgment to improve upstream, downstream and midstream business processes. This is done using big data analysis to provide real-time analysis for accurate decision making, improve productivity, reduce financial risk, and find the main cause of lost production.
The report presents facts and figures relevant to the global oil and gas analysis market in chronological order. With an analysis of past and current growth trends, analysts present satisfactory predictions regarding the market growth prospects. Thus, users of the report are given accurate predictions of the global oil and gas analysis market that can be used to design cutting-edge business strategies for the future. Using standard analytical tools such as SWOT analysis and Porter’s Five Forces analysis, the market study presents useful information on the market strengths, weaknesses, opportunities and threats indices from 2017 to 2025.
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Global Oil and Gas Analysis Market: Drivers and Constraints
Falling crude oil prices combined with high exploration and production costs for conventional and unconventional resources is driving the global market for oil and gas analysis. The use of analytical tools is effective to obtain real-time data at a reduced cost and to improve production efficiency from 6% to 8%. The growing demand for midstream infrastructure will also increase the growth of this market in the coming years. Additionally, increasing data volume in the oil and gas industry will further drive the growth of the oil and gas analytics market between 2017 and 2025.
The abundance of unconventional resources in the US is further supporting market growth. In 2016, a US company Cobalt discovered a natural gas well in Block 20 offshore Angola and recent exploration of the well by Sonangol is expected to produce 2 million barrels of oil per day for the next three years.
The expansion of oil and gas refineries to meet the growing demand for petroleum products is expected to drive growth in the oil and gas analysis market. For example, in 2016, ExxonMobil announced that it will expand the refining capacity of the Beaumont refinery to 40,000 barrels by 2018.
Stringent government regulations to improve safety during oil and gas operations will further fuel market growth. Increasing investments in digital technology by oil and gas companies to increase workforce productivity and reduce costs will drive the growth of the global oil and gas analytics market for years to come.
Global Oil and Gas Analysis Market: Regional Insights
North America is the largest market for oil and gas analysis. In this region, the US contributes significantly to the growth of this market due to the increasing exploration of unconventional resources. However, Asia Pacific is expected to emerge as an important market for oil and gas analysis. The growing number of refineries in India, combined with the growing capacity of existing refineries, is driving the growth of the regional market. Europe represents a significant share of the global oil and gas analysis market. The increasing adoption of digital technology to optimize oil and gas operations will drive the oil and gas analysis market in this region.
Main companies mentioned in the report
Some of the leading companies in the global oil and gas analysis market are Accenture, Drillinginfo Inc., Tableau Software, Capgemini, Deloitte, SAP SE, IBM, Hewlett Packard Enterprise Development LP, Cognizant, Oracle, Hitachi Ltd., Cisco Systems Inc., Microsoft, TIBCO Software Inc. and SAS Institute Inc.
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